{"question": "What would be the average net operating loss carryforward in 2018 and 2019 if the value in 2019 is decreased by $50,000?", "answer": ["6081.5"], "context": "NOTE 13. INCOME TAXES We calculate our provision for federal and state income taxes based on current tax law. U.S. federal tax reform (Tax Act) was enacted on December 22, 2017, and has several key provisions impacting the accounting for and reporting of income taxes. The most significant provision reduced the U.S. corporate statutory tax rate from 35% to 21% beginning on January 1, 2018. We remeasured the applicable deferred tax assets and liabilities based on the rates at which they are expected to reverse. As a result, the gross deferred tax assets and liabilities were adjusted which resulted in an expense for income taxes of $7.1 million which was fully offset by a corresponding change to our valuation allowance in 2017. The Tax Act contains several base broadening provisions that became effective on January 1, 2018, that did not have a material impact on 2018 and 2019 earnings. Deferred tax asset (liability) is comprised of the following (in thousands): We have determined it is more likely than not that our deferred tax assets will not be realized. Accordingly, we have provided a valuation allowance for deferred tax assets.
December 31
20192018
Net operating loss carryforwards$7,672$4,541
Stock options and warrants420214
Property138299
Intangible assets6694
Capitalized expenses5486
Other210164
Operating right-of-use lease assets(667)
Operating right-of-use lease liabilities794
Net deferred tax assets8,6875,398
Less: Valuation allowance(8,687)(5,398)
Deferred tax asset (liability)$ -$ -
"} {"question": "What would be the percentage change in net operating loss carryforward in 2018 and 2019 if the value in 2019 is increased by $500,000?", "answer": ["79.96"], "context": "NOTE 13. INCOME TAXES We calculate our provision for federal and state income taxes based on current tax law. U.S. federal tax reform (Tax Act) was enacted on December 22, 2017, and has several key provisions impacting the accounting for and reporting of income taxes. The most significant provision reduced the U.S. corporate statutory tax rate from 35% to 21% beginning on January 1, 2018. We remeasured the applicable deferred tax assets and liabilities based on the rates at which they are expected to reverse. As a result, the gross deferred tax assets and liabilities were adjusted which resulted in an expense for income taxes of $7.1 million which was fully offset by a corresponding change to our valuation allowance in 2017. The Tax Act contains several base broadening provisions that became effective on January 1, 2018, that did not have a material impact on 2018 and 2019 earnings. Deferred tax asset (liability) is comprised of the following (in thousands): We have determined it is more likely than not that our deferred tax assets will not be realized. Accordingly, we have provided a valuation allowance for deferred tax assets.
December 31
20192018
Net operating loss carryforwards$7,672$4,541
Stock options and warrants420214
Property138299
Intangible assets6694
Capitalized expenses5486
Other210164
Operating right-of-use lease assets(667)
Operating right-of-use lease liabilities794
Net deferred tax assets8,6875,398
Less: Valuation allowance(8,687)(5,398)
Deferred tax asset (liability)$ -$ -
"} {"question": "What would be the percentage change in the stock options and warrants between 2018 and 2019 if the amount in 2019 is increased by 10%?", "answer": ["115.89"], "context": "NOTE 13. INCOME TAXES We calculate our provision for federal and state income taxes based on current tax law. U.S. federal tax reform (Tax Act) was enacted on December 22, 2017, and has several key provisions impacting the accounting for and reporting of income taxes. The most significant provision reduced the U.S. corporate statutory tax rate from 35% to 21% beginning on January 1, 2018. We remeasured the applicable deferred tax assets and liabilities based on the rates at which they are expected to reverse. As a result, the gross deferred tax assets and liabilities were adjusted which resulted in an expense for income taxes of $7.1 million which was fully offset by a corresponding change to our valuation allowance in 2017. The Tax Act contains several base broadening provisions that became effective on January 1, 2018, that did not have a material impact on 2018 and 2019 earnings. Deferred tax asset (liability) is comprised of the following (in thousands): We have determined it is more likely than not that our deferred tax assets will not be realized. Accordingly, we have provided a valuation allowance for deferred tax assets.
December 31
20192018
Net operating loss carryforwards$7,672$4,541
Stock options and warrants420214
Property138299
Intangible assets6694
Capitalized expenses5486
Other210164
Operating right-of-use lease assets(667)
Operating right-of-use lease liabilities794
Net deferred tax assets8,6875,398
Less: Valuation allowance(8,687)(5,398)
Deferred tax asset (liability)$ -$ -
"} {"question": "What is the profit margin for the fourth quarter of 2019 if fourth quarter revenue was 105,000?", "answer": ["21.31"], "context": "Revenues. Revenues increased by 9% to RMB105.8 billion for the fourth quarter of 2019 on a quarter-on-quarter basis. Revenues from VAS increased by 3% to RMB52,308 million for the fourth quarter of 2019. Online games revenues grew by 6% to RMB30,286 million. The increase was primarily due to revenue contributions from domestic smart phone titles such as Peacekeeper Elite, as well as revenues contributed from Supercell commencing in the fourth quarter of 2019, partly offset by the decrease in revenues from PC client games. Social networks revenues were RMB22,022 million, broadly stable compared to the third quarter of 2019. Revenues from FinTech and Business Services increased by 12% to RMB29,920 million for the fourth quarter of 2019. The increase mainly reflected the growth of commercial payment, social payment and cloud services. Revenues from Online Advertising increased by 10% to RMB20,225 million for the fourth quarter of 2019. Social and others advertising revenues grew by 11% to RMB16,274 million. The increase was primarily driven by greater revenues from our mobile advertising network and Weixin Moments, benefitting from the positive seasonality of eCommerce promotional activities in the fourth quarter. Media advertising revenues increased by 8% to RMB3,951 million. The increase mainly reflected greater advertising revenues from our media platforms including Tencent Video, Tencent News and TME. Cost of revenues. Cost of revenues increased by 9% to RMB59,659 million for the fourth quarter of 2019 on a quarter-onquarter basis. The increase was primarily driven by greater channel costs, costs of FinTech services and content costs. As a percentage of revenues, cost of revenues was 56% for the fourth quarter of 2019, broadly stable compared to the third quarter of 2019. Cost of revenues for VAS increased by 7% to RMB26,120 million for the fourth quarter of 2019. The increase was primarily due to greater content costs for live broadcast services and major eSport events, as well as higher channel and content costs for smart phone games, including the channel costs attributable to Supercell. Cost of revenues for FinTech and Business Services increased by 11% to RMB21,520 million for the fourth quarter of 2019. The increase mainly reflected greater costs from increased volume of payment activities and greater scale of cloud services. Cost of revenues for Online Advertising decreased by 2% to RMB9,241 million for the fourth quarter of 2019. The decrease was primarily driven by lower content costs for our advertising-funded long form video service, partly offset by traffic acquisition costs due to revenue growth from our advertising network. Selling and marketing expenses. Selling and marketing expenses increased by 17% to RMB6,712 million for the fourth quarter of 2019 on a quarter-on-quarter basis. The increase mainly reflected seasonally greater marketing spending on smart phone games and digital content services, as well as expenses attributable to Supercell. General and administrative expenses. General and administrative expenses increased by 18% to RMB16,002 million for the fourth quarter of 2019 on a quarter-on-quarter basis. The increase was mainly due to greater R&D expenses and staff costs, including expenses attributable to Supercell. Share of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,328 million for the fourth quarter of 2019, compared to share of profit of RMB234 million for the third quarter of 2019. The movement mainly reflected certain associates booking non-cash fair value changes to their investment portfolios. Profit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 6% to RMB21,582 million for the fourth quarter of 2019 on a quarter-on-quarter basis. Non-IFRS profit attributable to equity holders of the Company increased by 4% to RMB25,484 million.
Unaudited
Three months ended
31 December30 September
20192019
(RMB in millions)
Revenues105,76797,236
Cost of revenues(59,659)(54,757)
Gross profit46,10842,479
Interest income1,5801,674
Other gains, net3,630932
Selling and marketing expenses(6,712)(5,722)
General and administrative expenses(16,002)(13,536)
Operating profit28,60425,827
Finance costs, net(2,767)(1,747)
Share of (loss)/profit of associates and joint ventures(1,328)234
Profit before income tax24,50924,314
Income tax expense(2,137)(3,338)
Profit for the period22,37220,976
Attributable to:
Equity holders of the Company21,58220,382
Non-controlling interests790594
22,37220,976
Non-IFRS profit attributable to equity holders of the Company25,48424,412
"} {"question": "What is the profit margin for the third quarter of 2019 if third quarter revenue was 98,000?", "answer": ["21.4"], "context": "Revenues. Revenues increased by 9% to RMB105.8 billion for the fourth quarter of 2019 on a quarter-on-quarter basis. Revenues from VAS increased by 3% to RMB52,308 million for the fourth quarter of 2019. Online games revenues grew by 6% to RMB30,286 million. The increase was primarily due to revenue contributions from domestic smart phone titles such as Peacekeeper Elite, as well as revenues contributed from Supercell commencing in the fourth quarter of 2019, partly offset by the decrease in revenues from PC client games. Social networks revenues were RMB22,022 million, broadly stable compared to the third quarter of 2019. Revenues from FinTech and Business Services increased by 12% to RMB29,920 million for the fourth quarter of 2019. The increase mainly reflected the growth of commercial payment, social payment and cloud services. Revenues from Online Advertising increased by 10% to RMB20,225 million for the fourth quarter of 2019. Social and others advertising revenues grew by 11% to RMB16,274 million. The increase was primarily driven by greater revenues from our mobile advertising network and Weixin Moments, benefitting from the positive seasonality of eCommerce promotional activities in the fourth quarter. Media advertising revenues increased by 8% to RMB3,951 million. The increase mainly reflected greater advertising revenues from our media platforms including Tencent Video, Tencent News and TME. Cost of revenues. Cost of revenues increased by 9% to RMB59,659 million for the fourth quarter of 2019 on a quarter-onquarter basis. The increase was primarily driven by greater channel costs, costs of FinTech services and content costs. As a percentage of revenues, cost of revenues was 56% for the fourth quarter of 2019, broadly stable compared to the third quarter of 2019. Cost of revenues for VAS increased by 7% to RMB26,120 million for the fourth quarter of 2019. The increase was primarily due to greater content costs for live broadcast services and major eSport events, as well as higher channel and content costs for smart phone games, including the channel costs attributable to Supercell. Cost of revenues for FinTech and Business Services increased by 11% to RMB21,520 million for the fourth quarter of 2019. The increase mainly reflected greater costs from increased volume of payment activities and greater scale of cloud services. Cost of revenues for Online Advertising decreased by 2% to RMB9,241 million for the fourth quarter of 2019. The decrease was primarily driven by lower content costs for our advertising-funded long form video service, partly offset by traffic acquisition costs due to revenue growth from our advertising network. Selling and marketing expenses. Selling and marketing expenses increased by 17% to RMB6,712 million for the fourth quarter of 2019 on a quarter-on-quarter basis. The increase mainly reflected seasonally greater marketing spending on smart phone games and digital content services, as well as expenses attributable to Supercell. General and administrative expenses. General and administrative expenses increased by 18% to RMB16,002 million for the fourth quarter of 2019 on a quarter-on-quarter basis. The increase was mainly due to greater R&D expenses and staff costs, including expenses attributable to Supercell. Share of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,328 million for the fourth quarter of 2019, compared to share of profit of RMB234 million for the third quarter of 2019. The movement mainly reflected certain associates booking non-cash fair value changes to their investment portfolios. Profit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 6% to RMB21,582 million for the fourth quarter of 2019 on a quarter-on-quarter basis. Non-IFRS profit attributable to equity holders of the Company increased by 4% to RMB25,484 million.
Unaudited
Three months ended
31 December30 September
20192019
(RMB in millions)
Revenues105,76797,236
Cost of revenues(59,659)(54,757)
Gross profit46,10842,479
Interest income1,5801,674
Other gains, net3,630932
Selling and marketing expenses(6,712)(5,722)
General and administrative expenses(16,002)(13,536)
Operating profit28,60425,827
Finance costs, net(2,767)(1,747)
Share of (loss)/profit of associates and joint ventures(1,328)234
Profit before income tax24,50924,314
Income tax expense(2,137)(3,338)
Profit for the period22,37220,976
Attributable to:
Equity holders of the Company21,58220,382
Non-controlling interests790594
22,37220,976
Non-IFRS profit attributable to equity holders of the Company25,48424,412
"} {"question": "How much is the profits attributable to non-controlling interests if profits attributable to equity holders of the company made up 97% of the fourth quarter profits?", "answer": ["671.16"], "context": "Revenues. Revenues increased by 9% to RMB105.8 billion for the fourth quarter of 2019 on a quarter-on-quarter basis. Revenues from VAS increased by 3% to RMB52,308 million for the fourth quarter of 2019. Online games revenues grew by 6% to RMB30,286 million. The increase was primarily due to revenue contributions from domestic smart phone titles such as Peacekeeper Elite, as well as revenues contributed from Supercell commencing in the fourth quarter of 2019, partly offset by the decrease in revenues from PC client games. Social networks revenues were RMB22,022 million, broadly stable compared to the third quarter of 2019. Revenues from FinTech and Business Services increased by 12% to RMB29,920 million for the fourth quarter of 2019. The increase mainly reflected the growth of commercial payment, social payment and cloud services. Revenues from Online Advertising increased by 10% to RMB20,225 million for the fourth quarter of 2019. Social and others advertising revenues grew by 11% to RMB16,274 million. The increase was primarily driven by greater revenues from our mobile advertising network and Weixin Moments, benefitting from the positive seasonality of eCommerce promotional activities in the fourth quarter. Media advertising revenues increased by 8% to RMB3,951 million. The increase mainly reflected greater advertising revenues from our media platforms including Tencent Video, Tencent News and TME. Cost of revenues. Cost of revenues increased by 9% to RMB59,659 million for the fourth quarter of 2019 on a quarter-onquarter basis. The increase was primarily driven by greater channel costs, costs of FinTech services and content costs. As a percentage of revenues, cost of revenues was 56% for the fourth quarter of 2019, broadly stable compared to the third quarter of 2019. Cost of revenues for VAS increased by 7% to RMB26,120 million for the fourth quarter of 2019. The increase was primarily due to greater content costs for live broadcast services and major eSport events, as well as higher channel and content costs for smart phone games, including the channel costs attributable to Supercell. Cost of revenues for FinTech and Business Services increased by 11% to RMB21,520 million for the fourth quarter of 2019. The increase mainly reflected greater costs from increased volume of payment activities and greater scale of cloud services. Cost of revenues for Online Advertising decreased by 2% to RMB9,241 million for the fourth quarter of 2019. The decrease was primarily driven by lower content costs for our advertising-funded long form video service, partly offset by traffic acquisition costs due to revenue growth from our advertising network. Selling and marketing expenses. Selling and marketing expenses increased by 17% to RMB6,712 million for the fourth quarter of 2019 on a quarter-on-quarter basis. The increase mainly reflected seasonally greater marketing spending on smart phone games and digital content services, as well as expenses attributable to Supercell. General and administrative expenses. General and administrative expenses increased by 18% to RMB16,002 million for the fourth quarter of 2019 on a quarter-on-quarter basis. The increase was mainly due to greater R&D expenses and staff costs, including expenses attributable to Supercell. Share of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,328 million for the fourth quarter of 2019, compared to share of profit of RMB234 million for the third quarter of 2019. The movement mainly reflected certain associates booking non-cash fair value changes to their investment portfolios. Profit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 6% to RMB21,582 million for the fourth quarter of 2019 on a quarter-on-quarter basis. Non-IFRS profit attributable to equity holders of the Company increased by 4% to RMB25,484 million.
Unaudited
Three months ended
31 December30 September
20192019
(RMB in millions)
Revenues105,76797,236
Cost of revenues(59,659)(54,757)
Gross profit46,10842,479
Interest income1,5801,674
Other gains, net3,630932
Selling and marketing expenses(6,712)(5,722)
General and administrative expenses(16,002)(13,536)
Operating profit28,60425,827
Finance costs, net(2,767)(1,747)
Share of (loss)/profit of associates and joint ventures(1,328)234
Profit before income tax24,50924,314
Income tax expense(2,137)(3,338)
Profit for the period22,37220,976
Attributable to:
Equity holders of the Company21,58220,382
Non-controlling interests790594
22,37220,976
Non-IFRS profit attributable to equity holders of the Company25,48424,412
"} {"question": "What percentage of the total stock based compensation is spent on the cost of sales if the amount spent on cost of sales is tripled?", "answer": ["2.65"], "context": "The following table summarizes stock-based compensation expense in the Company’s consolidated statements of operations: For the year ended September 30, 2019, the Company granted 33,000 nonvested shares to certain key employees, 55,000 nonvested shares to certain officers including 35,000 shares granted to the Chief Executive Officer, and 20,000 nonvested shares to its non-employee directors. For the year ended September 30, 2018, the Company granted 12,000 nonvested shares to certain key employees, 40,000 nonvested shares to certain officers including 30,000 to its Chief Executive Officer and 20,000 nonvested shares to its non-employee directors. The Company measures the fair value of nonvested stock awards based upon the market price of its common stock as of the date of grant. The Company used the Black-Scholes option-pricing model to value stock options. The Black-Scholes model requires the use of a number of assumptions including volatility of the Company’s stock price, the weighted average risk-free interest rate and the weighted average expected life of the options, at the time of grant. The expected dividend yield is equal to the divided per share declared, divided by the closing share price on the date the options were granted. All equity compensation awards granted for the years ended September 30, 2019 and September 30, 2018 were nonvested stock awards.
Years Ended
September 30, 2019September 30, 2018
(Amounts in thousands)
Cost of sales$7$5
Engineering and development4932
Selling, general and administrative736654
Total$792$691
"} {"question": "What is the percentage increase in the stock based compensation expense on cost of sales if the expense for the year ended September 30 2018 increased by 1 thousand?", "answer": ["16.67"], "context": "The following table summarizes stock-based compensation expense in the Company’s consolidated statements of operations: For the year ended September 30, 2019, the Company granted 33,000 nonvested shares to certain key employees, 55,000 nonvested shares to certain officers including 35,000 shares granted to the Chief Executive Officer, and 20,000 nonvested shares to its non-employee directors. For the year ended September 30, 2018, the Company granted 12,000 nonvested shares to certain key employees, 40,000 nonvested shares to certain officers including 30,000 to its Chief Executive Officer and 20,000 nonvested shares to its non-employee directors. The Company measures the fair value of nonvested stock awards based upon the market price of its common stock as of the date of grant. The Company used the Black-Scholes option-pricing model to value stock options. The Black-Scholes model requires the use of a number of assumptions including volatility of the Company’s stock price, the weighted average risk-free interest rate and the weighted average expected life of the options, at the time of grant. The expected dividend yield is equal to the divided per share declared, divided by the closing share price on the date the options were granted. All equity compensation awards granted for the years ended September 30, 2019 and September 30, 2018 were nonvested stock awards.
Years Ended
September 30, 2019September 30, 2018
(Amounts in thousands)
Cost of sales$7$5
Engineering and development4932
Selling, general and administrative736654
Total$792$691
"} {"question": "What is the total stock based compensation expense on non-cost of sales related activities if the expense on selling, general and administrative activities increased by 5 thousand?", "answer": ["790"], "context": "The following table summarizes stock-based compensation expense in the Company’s consolidated statements of operations: For the year ended September 30, 2019, the Company granted 33,000 nonvested shares to certain key employees, 55,000 nonvested shares to certain officers including 35,000 shares granted to the Chief Executive Officer, and 20,000 nonvested shares to its non-employee directors. For the year ended September 30, 2018, the Company granted 12,000 nonvested shares to certain key employees, 40,000 nonvested shares to certain officers including 30,000 to its Chief Executive Officer and 20,000 nonvested shares to its non-employee directors. The Company measures the fair value of nonvested stock awards based upon the market price of its common stock as of the date of grant. The Company used the Black-Scholes option-pricing model to value stock options. The Black-Scholes model requires the use of a number of assumptions including volatility of the Company’s stock price, the weighted average risk-free interest rate and the weighted average expected life of the options, at the time of grant. The expected dividend yield is equal to the divided per share declared, divided by the closing share price on the date the options were granted. All equity compensation awards granted for the years ended September 30, 2019 and September 30, 2018 were nonvested stock awards.
Years Ended
September 30, 2019September 30, 2018
(Amounts in thousands)
Cost of sales$7$5
Engineering and development4932
Selling, general and administrative736654
Total$792$691
"} {"question": "If the trade payables in 2019 increased to 12,000, what will be the average?", "answer": ["11632.95"], "context": "A.6.1 Capital structure The increase in short-term debt and current maturities of long-term debt was due mainly to reclassifications of long-term euro and U. S. dollar instruments totaling € 3.9 billion from longterm debt. This was partly offset by € 3.3 billion resulting from the repayment of U. S. dollar instruments. The decrease in current income tax liabilities was driven mainly by the reversal of income tax provisions outside Germany and tax payments in the context of the carve-out activities related to Siemens Healthineers. Long-term debt increased due primarily to the issuance of euro instruments totaling € 6.5 billion and currency translation effects for bonds issued in the U. S. dollar. This was partly offset by the above-mentioned reclassifications of euro and U. S. dollar instruments. The increase in provisions for pensions and similar obligations was due mainly to a lower discount rate. This effect was partly offset by a positive return on plan assets, among other factors. The main factors for the increase in total equity attributable to shareholders of Siemens AG were € 5.2 billion in net income attributable to shareholders of Siemens AG; the re-issuance of treasury shares of € 1.6 billion; and positive other comprehensive income, net of income taxes of € 0.4 billion, resulting mainly from positive currency translation effects of € 1.8 billion, partly offset by negative effects from remeasurements of defined benefit plans of € 1.1 billion. This increase was partly offset by dividend payments of € 3.1 billion (for fiscal 2018) and the repurchase of 13,532,557 treasury shares at an average cost per share of € 99.78, totaling € 1.4 billion (including incidental transaction charges).
Sep 30,
(in millions of €)20192018% Change
Short-term debt and current maturities of long-term debt6,0345,05719 %
Trade payables11,40910,7166 %
Other current financial liabilities1,7431,48517 %
Contract liabilities16,45214,46414 %
Current provisions3,6823,931(6) %
Current income tax liabilities2,3783,102(23) %
Other current liabilities9,0239,118(1) %
Liabilities associated with assets classified as held for disposal2154 %
Total current liabilities50,72347,8746 %
Long-term debt30,41427,12012 %
Provisions for pensions and similar obligations9,8967,68429 %
Deferred tax liabilities1,3051,09219 %
Provisions3,7144,216(12) %
Other financial liabilities98668544 %
Other liabilities2,2262,1981 %
Total non-current liabilities48,54142,99513 %
Total liabilities99,26590,8699 %
Debt ratio66 %65 %
Total equity attributable to shareholders of Siemens AG48,12545,4746 %
Equity ratio34 %35 %
Non-controlling interests2,8582,57311 %
Total liabilities and equity150,248138,9158 %
"} {"question": "If the total current liabilities in 2019 decreases by 5%, what is the increase / (decrease) in total current liabilities from 2018 to 2019?", "answer": ["312.85"], "context": "A.6.1 Capital structure The increase in short-term debt and current maturities of long-term debt was due mainly to reclassifications of long-term euro and U. S. dollar instruments totaling € 3.9 billion from longterm debt. This was partly offset by € 3.3 billion resulting from the repayment of U. S. dollar instruments. The decrease in current income tax liabilities was driven mainly by the reversal of income tax provisions outside Germany and tax payments in the context of the carve-out activities related to Siemens Healthineers. Long-term debt increased due primarily to the issuance of euro instruments totaling € 6.5 billion and currency translation effects for bonds issued in the U. S. dollar. This was partly offset by the above-mentioned reclassifications of euro and U. S. dollar instruments. The increase in provisions for pensions and similar obligations was due mainly to a lower discount rate. This effect was partly offset by a positive return on plan assets, among other factors. The main factors for the increase in total equity attributable to shareholders of Siemens AG were € 5.2 billion in net income attributable to shareholders of Siemens AG; the re-issuance of treasury shares of € 1.6 billion; and positive other comprehensive income, net of income taxes of € 0.4 billion, resulting mainly from positive currency translation effects of € 1.8 billion, partly offset by negative effects from remeasurements of defined benefit plans of € 1.1 billion. This increase was partly offset by dividend payments of € 3.1 billion (for fiscal 2018) and the repurchase of 13,532,557 treasury shares at an average cost per share of € 99.78, totaling € 1.4 billion (including incidental transaction charges).
Sep 30,
(in millions of €)20192018% Change
Short-term debt and current maturities of long-term debt6,0345,05719 %
Trade payables11,40910,7166 %
Other current financial liabilities1,7431,48517 %
Contract liabilities16,45214,46414 %
Current provisions3,6823,931(6) %
Current income tax liabilities2,3783,102(23) %
Other current liabilities9,0239,118(1) %
Liabilities associated with assets classified as held for disposal2154 %
Total current liabilities50,72347,8746 %
Long-term debt30,41427,12012 %
Provisions for pensions and similar obligations9,8967,68429 %
Deferred tax liabilities1,3051,09219 %
Provisions3,7144,216(12) %
Other financial liabilities98668544 %
Other liabilities2,2262,1981 %
Total non-current liabilities48,54142,99513 %
Total liabilities99,26590,8699 %
Debt ratio66 %65 %
Total equity attributable to shareholders of Siemens AG48,12545,4746 %
Equity ratio34 %35 %
Non-controlling interests2,8582,57311 %
Total liabilities and equity150,248138,9158 %
"} {"question": "If total liabilities and equity increases to 160,000 what will be the revised increase / (decrease)?", "answer": ["15.18"], "context": "A.6.1 Capital structure The increase in short-term debt and current maturities of long-term debt was due mainly to reclassifications of long-term euro and U. S. dollar instruments totaling € 3.9 billion from longterm debt. This was partly offset by € 3.3 billion resulting from the repayment of U. S. dollar instruments. The decrease in current income tax liabilities was driven mainly by the reversal of income tax provisions outside Germany and tax payments in the context of the carve-out activities related to Siemens Healthineers. Long-term debt increased due primarily to the issuance of euro instruments totaling € 6.5 billion and currency translation effects for bonds issued in the U. S. dollar. This was partly offset by the above-mentioned reclassifications of euro and U. S. dollar instruments. The increase in provisions for pensions and similar obligations was due mainly to a lower discount rate. This effect was partly offset by a positive return on plan assets, among other factors. The main factors for the increase in total equity attributable to shareholders of Siemens AG were € 5.2 billion in net income attributable to shareholders of Siemens AG; the re-issuance of treasury shares of € 1.6 billion; and positive other comprehensive income, net of income taxes of € 0.4 billion, resulting mainly from positive currency translation effects of € 1.8 billion, partly offset by negative effects from remeasurements of defined benefit plans of € 1.1 billion. This increase was partly offset by dividend payments of € 3.1 billion (for fiscal 2018) and the repurchase of 13,532,557 treasury shares at an average cost per share of € 99.78, totaling € 1.4 billion (including incidental transaction charges).
Sep 30,
(in millions of €)20192018% Change
Short-term debt and current maturities of long-term debt6,0345,05719 %
Trade payables11,40910,7166 %
Other current financial liabilities1,7431,48517 %
Contract liabilities16,45214,46414 %
Current provisions3,6823,931(6) %
Current income tax liabilities2,3783,102(23) %
Other current liabilities9,0239,118(1) %
Liabilities associated with assets classified as held for disposal2154 %
Total current liabilities50,72347,8746 %
Long-term debt30,41427,12012 %
Provisions for pensions and similar obligations9,8967,68429 %
Deferred tax liabilities1,3051,09219 %
Provisions3,7144,216(12) %
Other financial liabilities98668544 %
Other liabilities2,2262,1981 %
Total non-current liabilities48,54142,99513 %
Total liabilities99,26590,8699 %
Debt ratio66 %65 %
Total equity attributable to shareholders of Siemens AG48,12545,4746 %
Equity ratio34 %35 %
Non-controlling interests2,8582,57311 %
Total liabilities and equity150,248138,9158 %
"} {"question": "In what year would the number of RSUs and cash-based awards outstanding at the end of the year be larger if the number in 2019 was 14,346 thousand instead?", "answer": ["2018"], "context": "Restricted Share Units The following table illustrates the number and WASP on date of award, and movements in, restricted share units (“RSUs”) and cash-based awards granted under the 2015 LTIP: RSUs and cash-based awards have a vesting period between two to five years, with no award vesting within the first 12 months of the grant.
Year-ended 31 March 2019Year-ended 31 March 2018
NumberWASPNumberWASP
Restricted share units000’s£ pence000’s£ pence
Outstanding at the start of the year14,840316.0915,350215.92
Awarded8,749478.446,337453.14
Forfeited(1,421)426.11(1,421)284.15
Released(6,822)309.77(5,426)218.49
Outstanding at the end of the year15,346401.2714,840316.09
"} {"question": "What would the change in the number of RSUs and cash-based awards outstanding at the end of the year in 2019 from 2018 be if the amount in 2019 was 15,340 thousand instead?", "answer": ["500"], "context": "Restricted Share Units The following table illustrates the number and WASP on date of award, and movements in, restricted share units (“RSUs”) and cash-based awards granted under the 2015 LTIP: RSUs and cash-based awards have a vesting period between two to five years, with no award vesting within the first 12 months of the grant.
Year-ended 31 March 2019Year-ended 31 March 2018
NumberWASPNumberWASP
Restricted share units000’s£ pence000’s£ pence
Outstanding at the start of the year14,840316.0915,350215.92
Awarded8,749478.446,337453.14
Forfeited(1,421)426.11(1,421)284.15
Released(6,822)309.77(5,426)218.49
Outstanding at the end of the year15,346401.2714,840316.09
"} {"question": "What would the percentage change in the number of RSUs and cash-based awards outstanding at the end of the year in 2019 from 2018 be if the amount in 2019 was 15,340 thousand instead?", "answer": ["3.37"], "context": "Restricted Share Units The following table illustrates the number and WASP on date of award, and movements in, restricted share units (“RSUs”) and cash-based awards granted under the 2015 LTIP: RSUs and cash-based awards have a vesting period between two to five years, with no award vesting within the first 12 months of the grant.
Year-ended 31 March 2019Year-ended 31 March 2018
NumberWASPNumberWASP
Restricted share units000’s£ pence000’s£ pence
Outstanding at the start of the year14,840316.0915,350215.92
Awarded8,749478.446,337453.14
Forfeited(1,421)426.11(1,421)284.15
Released(6,822)309.77(5,426)218.49
Outstanding at the end of the year15,346401.2714,840316.09
"} {"question": "What would be the average operating revenue if operating revenue for FY19 is 232.4 million?", "answer": ["231.6"], "context": "Financials 1. EBITDA is a non-IFRS term, defined as earnings before interest, tax, depreciation and amortisation, and excluding net foreign exchange gains (losses). 2. NPATA is a non-IFRS term, defined as net profit after tax, excluding tax-effected amortisation of acquired intangibles. This is used to determine EPSa as disclosed here and in the audited Remuneration Report. 3. Underlying EBITDA, underlying NPAT and underlying NPATA exclude separately disclosed items, which represent the transaction and other restructuring costs associated with the Sigma acquisition (2018: Enoro acquisition) and the exiting of a premises lease in the Americas. Further details of the separately disclosed items are outlined in Note 4 to the Financial Report. Operating revenue for FY19 was $231.3 million, $0.5 million up on FY18. With Sigma contributing $5.0 million of revenue in June (the first month since acquisition), revenues for the remainder of Hansen excluding Sigma were $4.5 million lower. This decline was a result of lower non-recurring revenues, due primarily to both lower one-off licence fees and reduced project work following the large body of work completed in the first half of FY18 associated with implementing Power of Choice in Australia. Conversely, recurring revenues grew to represent 63% of total operating revenue. Underlying EBITDA for the year was $55.8 million, 7.0% down on the $60.0 million in FY18. This resulted in an underlying EBITDA margin decline to 24.1% from 26.0% in FY18. Sigma only contributed a modest $0.1 million of EBITDA in June, which we do not see as representative of the business going forward. Excluding Sigma, the underlying EBITDA margin was 24.6%. This reduced margin was the direct result of the lower non-recurring revenue, as we were able to maintain operating expenses at the same level as FY18, even after the investment in the Vietnam Development Centre.
A$ MillionFY19FY18Variance %
Operating revenue231.3230.80.2%
Underlying EBITDA 1, 355.860.0(7.0%)
Underlying NPAT 324.029.5(18.7%)
Underlying NPATA 2, 333.738.7(12.9%)
Basic EPS based on underlying NPATA (cents) 217.119.8(13.6%)
"} {"question": "What would be the difference between EBITDA and NPAT for FY18 if EBITDA for FY18 is now equal to that of FY19?", "answer": ["26.3"], "context": "Financials 1. EBITDA is a non-IFRS term, defined as earnings before interest, tax, depreciation and amortisation, and excluding net foreign exchange gains (losses). 2. NPATA is a non-IFRS term, defined as net profit after tax, excluding tax-effected amortisation of acquired intangibles. This is used to determine EPSa as disclosed here and in the audited Remuneration Report. 3. Underlying EBITDA, underlying NPAT and underlying NPATA exclude separately disclosed items, which represent the transaction and other restructuring costs associated with the Sigma acquisition (2018: Enoro acquisition) and the exiting of a premises lease in the Americas. Further details of the separately disclosed items are outlined in Note 4 to the Financial Report. Operating revenue for FY19 was $231.3 million, $0.5 million up on FY18. With Sigma contributing $5.0 million of revenue in June (the first month since acquisition), revenues for the remainder of Hansen excluding Sigma were $4.5 million lower. This decline was a result of lower non-recurring revenues, due primarily to both lower one-off licence fees and reduced project work following the large body of work completed in the first half of FY18 associated with implementing Power of Choice in Australia. Conversely, recurring revenues grew to represent 63% of total operating revenue. Underlying EBITDA for the year was $55.8 million, 7.0% down on the $60.0 million in FY18. This resulted in an underlying EBITDA margin decline to 24.1% from 26.0% in FY18. Sigma only contributed a modest $0.1 million of EBITDA in June, which we do not see as representative of the business going forward. Excluding Sigma, the underlying EBITDA margin was 24.6%. This reduced margin was the direct result of the lower non-recurring revenue, as we were able to maintain operating expenses at the same level as FY18, even after the investment in the Vietnam Development Centre.
A$ MillionFY19FY18Variance %
Operating revenue231.3230.80.2%
Underlying EBITDA 1, 355.860.0(7.0%)
Underlying NPAT 324.029.5(18.7%)
Underlying NPATA 2, 333.738.7(12.9%)
Basic EPS based on underlying NPATA (cents) 217.119.8(13.6%)
"} {"question": "What would be the average basic EPS if basic EPS for FY19 is 30% higher?", "answer": ["21.02"], "context": "Financials 1. EBITDA is a non-IFRS term, defined as earnings before interest, tax, depreciation and amortisation, and excluding net foreign exchange gains (losses). 2. NPATA is a non-IFRS term, defined as net profit after tax, excluding tax-effected amortisation of acquired intangibles. This is used to determine EPSa as disclosed here and in the audited Remuneration Report. 3. Underlying EBITDA, underlying NPAT and underlying NPATA exclude separately disclosed items, which represent the transaction and other restructuring costs associated with the Sigma acquisition (2018: Enoro acquisition) and the exiting of a premises lease in the Americas. Further details of the separately disclosed items are outlined in Note 4 to the Financial Report. Operating revenue for FY19 was $231.3 million, $0.5 million up on FY18. With Sigma contributing $5.0 million of revenue in June (the first month since acquisition), revenues for the remainder of Hansen excluding Sigma were $4.5 million lower. This decline was a result of lower non-recurring revenues, due primarily to both lower one-off licence fees and reduced project work following the large body of work completed in the first half of FY18 associated with implementing Power of Choice in Australia. Conversely, recurring revenues grew to represent 63% of total operating revenue. Underlying EBITDA for the year was $55.8 million, 7.0% down on the $60.0 million in FY18. This resulted in an underlying EBITDA margin decline to 24.1% from 26.0% in FY18. Sigma only contributed a modest $0.1 million of EBITDA in June, which we do not see as representative of the business going forward. Excluding Sigma, the underlying EBITDA margin was 24.6%. This reduced margin was the direct result of the lower non-recurring revenue, as we were able to maintain operating expenses at the same level as FY18, even after the investment in the Vietnam Development Centre.
A$ MillionFY19FY18Variance %
Operating revenue231.3230.80.2%
Underlying EBITDA 1, 355.860.0(7.0%)
Underlying NPAT 324.029.5(18.7%)
Underlying NPATA 2, 333.738.7(12.9%)
Basic EPS based on underlying NPATA (cents) 217.119.8(13.6%)
"} {"question": "In which year would Profit for the year be larger if the amount in 2019 was 167.7 million instead?", "answer": ["2018"], "context": "Consolidated statement of comprehensive income For the year ended 31 March 2019 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.
20192018 (Restated)1
Note£m£m
Profit for the year197.7171.1
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Exchange differences on translation of foreign operations(0.1)0.2
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations240.2–
Other comprehensive income for the year, net of tax0.10.2
Total comprehensive income for the year attributable to equity holders of the parent197.8171.3
"} {"question": "What would the change in profit for the year in 2019 from 2018 be if the amount in 2019 was 197.1 million instead?", "answer": ["26"], "context": "Consolidated statement of comprehensive income For the year ended 31 March 2019 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.
20192018 (Restated)1
Note£m£m
Profit for the year197.7171.1
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Exchange differences on translation of foreign operations(0.1)0.2
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations240.2–
Other comprehensive income for the year, net of tax0.10.2
Total comprehensive income for the year attributable to equity holders of the parent197.8171.3
"} {"question": "What would the percentage change in profit for the year in 2019 from 2018 be if the amount in 2019 was 197.1 million instead?", "answer": ["15.2"], "context": "Consolidated statement of comprehensive income For the year ended 31 March 2019 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.
20192018 (Restated)1
Note£m£m
Profit for the year197.7171.1
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Exchange differences on translation of foreign operations(0.1)0.2
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations240.2–
Other comprehensive income for the year, net of tax0.10.2
Total comprehensive income for the year attributable to equity holders of the parent197.8171.3
"} {"question": "What was the difference in the balance at the end of the year compared to the start of the year for warranty reserve in fiscal year 2017 if the balance at the end of the year was $7,000 thousand instead?", "answer": ["5108"], "context": "Valuation and Qualifying Accounts Following is our schedule of valuation and qualifying accounts for the last three years (in thousands): (1) Amounts under “Other” represent the reserves and valuation allowance assumed in acquisition of LoJack. The warranty reserve is included in the Other Current Liabilities in the consolidated balance sheets. (2) Amount under “Other” represents the valuation allowance previously netted against deferred tax assets of foreign net deferred tax assets not recorded on the balance sheet, which were disclosed narratively in the fiscal 2018 Form 10-K (see Note 12). Deferred tax assets and valuation allowances were grossed up by $15.1 million.
Charged
(credited)
Balance atto costsBalance at
beginningandend of
of yearexpensesDeductionsOtheryear
Allowance for doubtful accounts:
Fiscal 2017622541(201)-962
Fiscal 2018962685(461)-1,186
Fiscal 20191,1861,230(660)1,756
Warranty reserve:
Fiscal 2017 (1)1,8921,305(2,562)5,8836,518
Fiscal 20186,5181,331(2,115)-5,734
Fiscal 20195,7341,126(5,462)1,398
Deferred tax assets valuation allowance:
Fiscal 2017 (1)1,6181,391-3,5786,587
Fiscal 2018 (2)6,587-(4,835)15,09216,844
Fiscal 201916,844799(6,714)-10,929
"} {"question": "What was the change in the balance at the beginning of the year for allowance for doubtful accounts between fiscal year 2018 and 2019 if the balance at the start of 2018 was $2,000 thousand instead?", "answer": ["814"], "context": "Valuation and Qualifying Accounts Following is our schedule of valuation and qualifying accounts for the last three years (in thousands): (1) Amounts under “Other” represent the reserves and valuation allowance assumed in acquisition of LoJack. The warranty reserve is included in the Other Current Liabilities in the consolidated balance sheets. (2) Amount under “Other” represents the valuation allowance previously netted against deferred tax assets of foreign net deferred tax assets not recorded on the balance sheet, which were disclosed narratively in the fiscal 2018 Form 10-K (see Note 12). Deferred tax assets and valuation allowances were grossed up by $15.1 million.
Charged
(credited)
Balance atto costsBalance at
beginningandend of
of yearexpensesDeductionsOtheryear
Allowance for doubtful accounts:
Fiscal 2017622541(201)-962
Fiscal 2018962685(461)-1,186
Fiscal 20191,1861,230(660)1,756
Warranty reserve:
Fiscal 2017 (1)1,8921,305(2,562)5,8836,518
Fiscal 20186,5181,331(2,115)-5,734
Fiscal 20195,7341,126(5,462)1,398
Deferred tax assets valuation allowance:
Fiscal 2017 (1)1,6181,391-3,5786,587
Fiscal 2018 (2)6,587-(4,835)15,09216,844
Fiscal 201916,844799(6,714)-10,929
"} {"question": "What was the change in Other from Deferred tax assets valuation allowance between Fiscal 2017 and 2018 if Other in 2017 was $10,000 thousand instead?", "answer": ["5092"], "context": "Valuation and Qualifying Accounts Following is our schedule of valuation and qualifying accounts for the last three years (in thousands): (1) Amounts under “Other” represent the reserves and valuation allowance assumed in acquisition of LoJack. The warranty reserve is included in the Other Current Liabilities in the consolidated balance sheets. (2) Amount under “Other” represents the valuation allowance previously netted against deferred tax assets of foreign net deferred tax assets not recorded on the balance sheet, which were disclosed narratively in the fiscal 2018 Form 10-K (see Note 12). Deferred tax assets and valuation allowances were grossed up by $15.1 million.
Charged
(credited)
Balance atto costsBalance at
beginningandend of
of yearexpensesDeductionsOtheryear
Allowance for doubtful accounts:
Fiscal 2017622541(201)-962
Fiscal 2018962685(461)-1,186
Fiscal 20191,1861,230(660)1,756
Warranty reserve:
Fiscal 2017 (1)1,8921,305(2,562)5,8836,518
Fiscal 20186,5181,331(2,115)-5,734
Fiscal 20195,7341,126(5,462)1,398
Deferred tax assets valuation allowance:
Fiscal 2017 (1)1,6181,391-3,5786,587
Fiscal 2018 (2)6,587-(4,835)15,09216,844
Fiscal 201916,844799(6,714)-10,929
"} {"question": "What would be the change in Accounts receivable between 2018 and 2019 if accounts receivable in 2018 were $80,000 thousand instead?", "answer": ["32"], "context": "Note 4. Accounts Receivable, Net The components of accounts receivable, net are as follows (in thousands): For the years ended December 31, 2019, 2018 and 2017, we recorded a provision for doubtful accounts of $1.2 million, $0.1 million and $0.5 million, respectively. For the year ended December 31, 2019, we recorded a reduction to the reserve for product returns of $0.1 million. For the years ended December 31, 2018 and 2017, we recorded a $0.3 million and $2.1 million reserve for product returns in our hardware and other revenue, respectively. Historically, we have not experienced write-offs for uncollectible accounts or sales returns that have differed significantly from our estimates.
December 31,
20192018
Accounts receivable$80,032$52,850
Allowance for doubtful accounts(2,584)(1,425)
Allowance for product returns(1,075)(1,915)
Accounts receivable, net$76,373$49,510
"} {"question": "How many years would net accounts receivable exceed $50,000 thousand if net accounts receivable in 2018 was $55,000 thousand instead?", "answer": ["2"], "context": "Note 4. Accounts Receivable, Net The components of accounts receivable, net are as follows (in thousands): For the years ended December 31, 2019, 2018 and 2017, we recorded a provision for doubtful accounts of $1.2 million, $0.1 million and $0.5 million, respectively. For the year ended December 31, 2019, we recorded a reduction to the reserve for product returns of $0.1 million. For the years ended December 31, 2018 and 2017, we recorded a $0.3 million and $2.1 million reserve for product returns in our hardware and other revenue, respectively. Historically, we have not experienced write-offs for uncollectible accounts or sales returns that have differed significantly from our estimates.
December 31,
20192018
Accounts receivable$80,032$52,850
Allowance for doubtful accounts(2,584)(1,425)
Allowance for product returns(1,075)(1,915)
Accounts receivable, net$76,373$49,510
"} {"question": "What would be the percentage change in allowance for product returns between 2018 and 2019 if the allowance for product returns in 2019 were -$2,000 thousand instead?", "answer": ["4.44"], "context": "Note 4. Accounts Receivable, Net The components of accounts receivable, net are as follows (in thousands): For the years ended December 31, 2019, 2018 and 2017, we recorded a provision for doubtful accounts of $1.2 million, $0.1 million and $0.5 million, respectively. For the year ended December 31, 2019, we recorded a reduction to the reserve for product returns of $0.1 million. For the years ended December 31, 2018 and 2017, we recorded a $0.3 million and $2.1 million reserve for product returns in our hardware and other revenue, respectively. Historically, we have not experienced write-offs for uncollectible accounts or sales returns that have differed significantly from our estimates.
December 31,
20192018
Accounts receivable$80,032$52,850
Allowance for doubtful accounts(2,584)(1,425)
Allowance for product returns(1,075)(1,915)
Accounts receivable, net$76,373$49,510
"} {"question": "What would be the difference in Others, Allowances between the CFO and Company Secretary if the value of the CFO is 200.00 instead?", "answer": ["82.71"], "context": "C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD Note: For more information, please refer to the Corporate Governance Report.
Particulars of RemunerationKey Managerial Personnel
Ramakrishnan V Chief Financial OfficerRajendra Moholkar Company SecretaryTotal
1. Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 196172.0621.6693.72
(b) Value of perquisites u/s 17(2) of the Income-tax Act, 196143.541.2044.74
(c) Profits in lieu of salary under Section 17(3) of the Income-tax Act, 1961---
2. Stock Option---
3. Sweat Equity---
4. Commission---
as % of profit---
5. Others, Allowances297.47117.29414.76
Total413.07140.15553.22
"} {"question": "Which key managerial personnel would have the highest total remuneration if the remuneration of the Company secretary was 500.00 instead?", "answer": ["Rajendra Moholkar Company Secretary"], "context": "C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD Note: For more information, please refer to the Corporate Governance Report.
Particulars of RemunerationKey Managerial Personnel
Ramakrishnan V Chief Financial OfficerRajendra Moholkar Company SecretaryTotal
1. Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 196172.0621.6693.72
(b) Value of perquisites u/s 17(2) of the Income-tax Act, 196143.541.2044.74
(c) Profits in lieu of salary under Section 17(3) of the Income-tax Act, 1961---
2. Stock Option---
3. Sweat Equity---
4. Commission---
as % of profit---
5. Others, Allowances297.47117.29414.76
Total413.07140.15553.22
"} {"question": "What would be the difference in total gross salary of the CFO and Company Secretary if the company secretary had a gross salary of 30.0 instead? ", "answer": ["85.6"], "context": "C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD Note: For more information, please refer to the Corporate Governance Report.
Particulars of RemunerationKey Managerial Personnel
Ramakrishnan V Chief Financial OfficerRajendra Moholkar Company SecretaryTotal
1. Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 196172.0621.6693.72
(b) Value of perquisites u/s 17(2) of the Income-tax Act, 196143.541.2044.74
(c) Profits in lieu of salary under Section 17(3) of the Income-tax Act, 1961---
2. Stock Option---
3. Sweat Equity---
4. Commission---
as % of profit---
5. Others, Allowances297.47117.29414.76
Total413.07140.15553.22
"} {"question": "How many streams of revenue are there under operating revenue, if there is no pay television revenue?", "answer": ["6"], "context": "Operating Revenue Notes: (1) Includes revenues from subscription (prepaid/postpaid), interconnect, outbound and inbound roaming, wholesale revenue from MVNOs (Mobile Virtual Network Operators) and mobile content services such as music and video. (2) Includes equipment sales related to ICT services. (3) Mainly from provisions of digital marketing and advertising services and regional premium OTT video. (4) Includes energy reselling fees. As at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over the next 5 years. As at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over the next 5 years. Service contracts with consumers typically range from a month to 2 years, and contracts with enterprises typically range from 1 to 3 years.
Group
20192018
S$ MilS$ Mil
Mobile service (1)5,395.75,737.3
Sale of equipment2,876.72,414.5
Handset operating lease income140.525.2
Mobile8,412.98,177.0
Data and Internet3,340.93,435.7
Business solutions604.1560.7
Cyber security548.7527.1
Other managed services1,880.81,920.0
Infocomm Technology (“ICT”) (2)3,033.63,007.8
Digital businesses (3)1,245.31,113.1
Fixed voice899.01,084.3
Pay television372.7369.4
Others (4)67.380.7
Operating revenue17,371.717,268.0
Operating revenue17,371.717,268.0
Other income224.7258.8
Interest and investment income (see Note 10)38.145.5
Total17,634.517,572.3
"} {"question": "How much revenue does the largest 2 sources of revenue streams bring in for Singtel in 2019, if the revenue generated from Digital Businesses is S$4,000.0 Mil?", "answer": ["12412.9"], "context": "Operating Revenue Notes: (1) Includes revenues from subscription (prepaid/postpaid), interconnect, outbound and inbound roaming, wholesale revenue from MVNOs (Mobile Virtual Network Operators) and mobile content services such as music and video. (2) Includes equipment sales related to ICT services. (3) Mainly from provisions of digital marketing and advertising services and regional premium OTT video. (4) Includes energy reselling fees. As at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over the next 5 years. As at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over the next 5 years. Service contracts with consumers typically range from a month to 2 years, and contracts with enterprises typically range from 1 to 3 years.
Group
20192018
S$ MilS$ Mil
Mobile service (1)5,395.75,737.3
Sale of equipment2,876.72,414.5
Handset operating lease income140.525.2
Mobile8,412.98,177.0
Data and Internet3,340.93,435.7
Business solutions604.1560.7
Cyber security548.7527.1
Other managed services1,880.81,920.0
Infocomm Technology (“ICT”) (2)3,033.63,007.8
Digital businesses (3)1,245.31,113.1
Fixed voice899.01,084.3
Pay television372.7369.4
Others (4)67.380.7
Operating revenue17,371.717,268.0
Operating revenue17,371.717,268.0
Other income224.7258.8
Interest and investment income (see Note 10)38.145.5
Total17,634.517,572.3
"} {"question": "What is the average revenue under \"Other income\" across the 2 years, if Other Income in 2019 was S$200.0Mil?", "answer": ["229.4"], "context": "Operating Revenue Notes: (1) Includes revenues from subscription (prepaid/postpaid), interconnect, outbound and inbound roaming, wholesale revenue from MVNOs (Mobile Virtual Network Operators) and mobile content services such as music and video. (2) Includes equipment sales related to ICT services. (3) Mainly from provisions of digital marketing and advertising services and regional premium OTT video. (4) Includes energy reselling fees. As at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over the next 5 years. As at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over the next 5 years. Service contracts with consumers typically range from a month to 2 years, and contracts with enterprises typically range from 1 to 3 years.
Group
20192018
S$ MilS$ Mil
Mobile service (1)5,395.75,737.3
Sale of equipment2,876.72,414.5
Handset operating lease income140.525.2
Mobile8,412.98,177.0
Data and Internet3,340.93,435.7
Business solutions604.1560.7
Cyber security548.7527.1
Other managed services1,880.81,920.0
Infocomm Technology (“ICT”) (2)3,033.63,007.8
Digital businesses (3)1,245.31,113.1
Fixed voice899.01,084.3
Pay television372.7369.4
Others (4)67.380.7
Operating revenue17,371.717,268.0
Operating revenue17,371.717,268.0
Other income224.7258.8
Interest and investment income (see Note 10)38.145.5
Total17,634.517,572.3
"} {"question": "If Risk-free interest rate in 2019 was 2.5%, what would be the change from 2018 to 2019?", "answer": ["0.3"], "context": "Share Options The Company estimates the fair value of employee share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of share options for service-based awards utilizing the “Simplified Method,” as it does not have sufficient historical share option exercise information on which to base its estimate. The Simplified Method is based on the average of the vesting tranches and the contractual life of each grant. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the share option. Since there was no public market for the Company’s ordinary shares prior to the IPO and as its shares have been publicly traded for a limited time, the Company determined the expected volatility for options granted based on an analysis of reported data for a peer group of companies that issue options with substantially similar terms. The expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares. The fair value of the Company’s ordinary shares at the time of each share option grant is based on the closing market value of its ordinary shares on the grant date. The fair value of each share option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions: The weighted-average per share fair value of share options granted to employees during the years ended March 31, 2019, 2018 and 2017 was $16.48, $11.12 and $8.65 per share, respectively.
Year ended March 31,
201920182017
Expected term (in years)6.16.16.1
Risk-free interest rate2.7%2.2%2.1%
Expected volatility41.5%39.8%41.0%
Expected dividend yield—%—%—%
Estimated grant date fair value per ordinary share$37.15$26.52$20.22
"} {"question": "If Expected volatility in 2019 was 40.0%, what would be the average between 2017-2019?", "answer": ["40.27"], "context": "Share Options The Company estimates the fair value of employee share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of share options for service-based awards utilizing the “Simplified Method,” as it does not have sufficient historical share option exercise information on which to base its estimate. The Simplified Method is based on the average of the vesting tranches and the contractual life of each grant. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the share option. Since there was no public market for the Company’s ordinary shares prior to the IPO and as its shares have been publicly traded for a limited time, the Company determined the expected volatility for options granted based on an analysis of reported data for a peer group of companies that issue options with substantially similar terms. The expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares. The fair value of the Company’s ordinary shares at the time of each share option grant is based on the closing market value of its ordinary shares on the grant date. The fair value of each share option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions: The weighted-average per share fair value of share options granted to employees during the years ended March 31, 2019, 2018 and 2017 was $16.48, $11.12 and $8.65 per share, respectively.
Year ended March 31,
201920182017
Expected term (in years)6.16.16.1
Risk-free interest rate2.7%2.2%2.1%
Expected volatility41.5%39.8%41.0%
Expected dividend yield—%—%—%
Estimated grant date fair value per ordinary share$37.15$26.52$20.22
"} {"question": "If Estimated grant date fair value per ordinary share in 2019 was 28.15, in which year would it be less than 30.0?", "answer": ["2019", "2018", "2017"], "context": "Share Options The Company estimates the fair value of employee share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of share options for service-based awards utilizing the “Simplified Method,” as it does not have sufficient historical share option exercise information on which to base its estimate. The Simplified Method is based on the average of the vesting tranches and the contractual life of each grant. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the share option. Since there was no public market for the Company’s ordinary shares prior to the IPO and as its shares have been publicly traded for a limited time, the Company determined the expected volatility for options granted based on an analysis of reported data for a peer group of companies that issue options with substantially similar terms. The expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares. The fair value of the Company’s ordinary shares at the time of each share option grant is based on the closing market value of its ordinary shares on the grant date. The fair value of each share option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions: The weighted-average per share fair value of share options granted to employees during the years ended March 31, 2019, 2018 and 2017 was $16.48, $11.12 and $8.65 per share, respectively.
Year ended March 31,
201920182017
Expected term (in years)6.16.16.1
Risk-free interest rate2.7%2.2%2.1%
Expected volatility41.5%39.8%41.0%
Expected dividend yield—%—%—%
Estimated grant date fair value per ordinary share$37.15$26.52$20.22
"} {"question": "How many years did Foreign currency hedges reported in Other current assets exceed $500 thousand if Foreign currency hedges reported in Other current assets in 2018 was $600 thousand instead?", "answer": ["2"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 13 — Derivatives Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. We selectively use derivative financial instruments including foreign currency forward contracts and interest rate swaps to manage our exposure to these risks. The use of derivative financial instruments exposes the Company to credit risk, which relates to the risk of nonperformance by a counterparty to the derivative contracts. We manage our credit risk by entering into derivative contracts with only highly rated financial institutions and by using netting agreements. The effective portion of derivative gains and losses are recorded in accumulated other comprehensive loss until the hedged transaction affects earnings upon settlement, at which time they are reclassified to cost of goods sold or net sales. If it is probable that an anticipated hedged transaction will not occur by the end of the originally specified time period, we reclassify the gains or losses related to that hedge from accumulated other comprehensive loss to other income (expense). We assess hedge effectiveness qualitatively by verifying that the critical terms of the hedging instrument and the forecasted transaction continue to match, and that there have been no adverse developments that have increased the risk that the counterparty will default. No recognition of ineffectiveness was recorded in our Consolidated Statement of Earnings for the twelve months ended December 31, 2019. Foreign Currency Hedges We use forward contracts to mitigate currency risk related to a portion of our forecasted foreign currency revenues and costs. The currency forward contracts are designed as cash flow hedges and are recorded in the Consolidated Balance Sheets at fair value. We continue to monitor the Company’s overall currency exposure and may elect to add cash flow hedges in the future. At December 31, 2019, we had a net unrealized gain of $655 in accumulated other comprehensive loss, of which $595 is expected to be reclassified to income within the next 12 months. The notional amount of foreign currency forward contracts outstanding was $8,011 at December 31, 2019. Interest Rate Swaps We use interest rate swaps to convert a portion of our revolving credit facility's outstanding balance from a variable rate of interest to a fixed rate. As of December 31, 2019, we have agreements to fix interest rates on $50,000 of long-term debt through February 2024. The difference to be paid or received under the terms of the swap agreements will be recognized as an adjustment to interest expense when settled. These swaps are treated as cash flow hedges and consequently, the changes in fair value are recorded in other comprehensive loss. The estimated net amount of the existing gains or losses that are reported in accumulated other comprehensive loss that are expected to be reclassified into earnings within the next twelve months is approximately $82. The location and fair values of derivative instruments designated as hedging instruments in the Consolidated Balance Sheets as of December 31, 2019, are shown in the following table: The Company has elected to net its foreign currency derivative assets and liabilities in the balance sheet in accordance with ASC 210-20 (Balance Sheet, Offsetting). On a gross basis, there were foreign currency derivative assets of $648 and foreign currency derivative liabilities of $68 at December 31, 2019.
As of December 31,
20192018
Interest rate swaps reported in Other current assets$82$576
Interest rate swaps reported in Other assets$—$369
Interest rate swaps reported in Other long-term obligations$(78)$—
Foreign currency hedges reported in Other current assets$580$393
"} {"question": "What would be the change in the Interest rate swaps reported in Other current assets between 2018 and 2019 if the Interest rate swaps reported in Other current assets in 2019 was $600 thousand instead?", "answer": ["24"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 13 — Derivatives Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. We selectively use derivative financial instruments including foreign currency forward contracts and interest rate swaps to manage our exposure to these risks. The use of derivative financial instruments exposes the Company to credit risk, which relates to the risk of nonperformance by a counterparty to the derivative contracts. We manage our credit risk by entering into derivative contracts with only highly rated financial institutions and by using netting agreements. The effective portion of derivative gains and losses are recorded in accumulated other comprehensive loss until the hedged transaction affects earnings upon settlement, at which time they are reclassified to cost of goods sold or net sales. If it is probable that an anticipated hedged transaction will not occur by the end of the originally specified time period, we reclassify the gains or losses related to that hedge from accumulated other comprehensive loss to other income (expense). We assess hedge effectiveness qualitatively by verifying that the critical terms of the hedging instrument and the forecasted transaction continue to match, and that there have been no adverse developments that have increased the risk that the counterparty will default. No recognition of ineffectiveness was recorded in our Consolidated Statement of Earnings for the twelve months ended December 31, 2019. Foreign Currency Hedges We use forward contracts to mitigate currency risk related to a portion of our forecasted foreign currency revenues and costs. The currency forward contracts are designed as cash flow hedges and are recorded in the Consolidated Balance Sheets at fair value. We continue to monitor the Company’s overall currency exposure and may elect to add cash flow hedges in the future. At December 31, 2019, we had a net unrealized gain of $655 in accumulated other comprehensive loss, of which $595 is expected to be reclassified to income within the next 12 months. The notional amount of foreign currency forward contracts outstanding was $8,011 at December 31, 2019. Interest Rate Swaps We use interest rate swaps to convert a portion of our revolving credit facility's outstanding balance from a variable rate of interest to a fixed rate. As of December 31, 2019, we have agreements to fix interest rates on $50,000 of long-term debt through February 2024. The difference to be paid or received under the terms of the swap agreements will be recognized as an adjustment to interest expense when settled. These swaps are treated as cash flow hedges and consequently, the changes in fair value are recorded in other comprehensive loss. The estimated net amount of the existing gains or losses that are reported in accumulated other comprehensive loss that are expected to be reclassified into earnings within the next twelve months is approximately $82. The location and fair values of derivative instruments designated as hedging instruments in the Consolidated Balance Sheets as of December 31, 2019, are shown in the following table: The Company has elected to net its foreign currency derivative assets and liabilities in the balance sheet in accordance with ASC 210-20 (Balance Sheet, Offsetting). On a gross basis, there were foreign currency derivative assets of $648 and foreign currency derivative liabilities of $68 at December 31, 2019.
As of December 31,
20192018
Interest rate swaps reported in Other current assets$82$576
Interest rate swaps reported in Other assets$—$369
Interest rate swaps reported in Other long-term obligations$(78)$—
Foreign currency hedges reported in Other current assets$580$393
"} {"question": "What would be the percentage change in Foreign currency hedges reported in Other current assets between 2018 and 2019 if Foreign currency hedges reported in Other current assets in 2019 was $500 thousand instead?", "answer": ["27.23"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 13 — Derivatives Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. We selectively use derivative financial instruments including foreign currency forward contracts and interest rate swaps to manage our exposure to these risks. The use of derivative financial instruments exposes the Company to credit risk, which relates to the risk of nonperformance by a counterparty to the derivative contracts. We manage our credit risk by entering into derivative contracts with only highly rated financial institutions and by using netting agreements. The effective portion of derivative gains and losses are recorded in accumulated other comprehensive loss until the hedged transaction affects earnings upon settlement, at which time they are reclassified to cost of goods sold or net sales. If it is probable that an anticipated hedged transaction will not occur by the end of the originally specified time period, we reclassify the gains or losses related to that hedge from accumulated other comprehensive loss to other income (expense). We assess hedge effectiveness qualitatively by verifying that the critical terms of the hedging instrument and the forecasted transaction continue to match, and that there have been no adverse developments that have increased the risk that the counterparty will default. No recognition of ineffectiveness was recorded in our Consolidated Statement of Earnings for the twelve months ended December 31, 2019. Foreign Currency Hedges We use forward contracts to mitigate currency risk related to a portion of our forecasted foreign currency revenues and costs. The currency forward contracts are designed as cash flow hedges and are recorded in the Consolidated Balance Sheets at fair value. We continue to monitor the Company’s overall currency exposure and may elect to add cash flow hedges in the future. At December 31, 2019, we had a net unrealized gain of $655 in accumulated other comprehensive loss, of which $595 is expected to be reclassified to income within the next 12 months. The notional amount of foreign currency forward contracts outstanding was $8,011 at December 31, 2019. Interest Rate Swaps We use interest rate swaps to convert a portion of our revolving credit facility's outstanding balance from a variable rate of interest to a fixed rate. As of December 31, 2019, we have agreements to fix interest rates on $50,000 of long-term debt through February 2024. The difference to be paid or received under the terms of the swap agreements will be recognized as an adjustment to interest expense when settled. These swaps are treated as cash flow hedges and consequently, the changes in fair value are recorded in other comprehensive loss. The estimated net amount of the existing gains or losses that are reported in accumulated other comprehensive loss that are expected to be reclassified into earnings within the next twelve months is approximately $82. The location and fair values of derivative instruments designated as hedging instruments in the Consolidated Balance Sheets as of December 31, 2019, are shown in the following table: The Company has elected to net its foreign currency derivative assets and liabilities in the balance sheet in accordance with ASC 210-20 (Balance Sheet, Offsetting). On a gross basis, there were foreign currency derivative assets of $648 and foreign currency derivative liabilities of $68 at December 31, 2019.
As of December 31,
20192018
Interest rate swaps reported in Other current assets$82$576
Interest rate swaps reported in Other assets$—$369
Interest rate swaps reported in Other long-term obligations$(78)$—
Foreign currency hedges reported in Other current assets$580$393
"} {"question": "What was the sum of operating lease in fiscal years 2020-2022 if the operating lease in 2022 was $900 million instead?", "answer": ["2682.6"], "context": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) As of December 31, 2019, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating and finance lease liabilities as of December 31, 2019 were as follows: (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
Fiscal YearOperating Lease (1)Finance Lease (1)
2020$904.3$8.0
2021878.35.3
2022845.54.3
2023810.33.0
2024766.42.1
Thereafter6,140.145.4
Total lease payments10,344.968.1
Less amounts representing interest(3,340.0)(37.4)
Total lease liability7,004.930.7
Less current portion of lease liability494.56.7
Non-current lease liability$6,510.4$24.0
"} {"question": "What was the change in finance leases between 2020 and 2021 if the finance lease in 2021 was $7.0 million instead?", "answer": ["-1"], "context": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) As of December 31, 2019, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating and finance lease liabilities as of December 31, 2019 were as follows: (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
Fiscal YearOperating Lease (1)Finance Lease (1)
2020$904.3$8.0
2021878.35.3
2022845.54.3
2023810.33.0
2024766.42.1
Thereafter6,140.145.4
Total lease payments10,344.968.1
Less amounts representing interest(3,340.0)(37.4)
Total lease liability7,004.930.7
Less current portion of lease liability494.56.7
Non-current lease liability$6,510.4$24.0
"} {"question": "What is non-current lease liability as a percentage of Total lease liability if total lease liability was $9,000 million instead?", "answer": ["72.34"], "context": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) As of December 31, 2019, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating and finance lease liabilities as of December 31, 2019 were as follows: (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
Fiscal YearOperating Lease (1)Finance Lease (1)
2020$904.3$8.0
2021878.35.3
2022845.54.3
2023810.33.0
2024766.42.1
Thereafter6,140.145.4
Total lease payments10,344.968.1
Less amounts representing interest(3,340.0)(37.4)
Total lease liability7,004.930.7
Less current portion of lease liability494.56.7
Non-current lease liability$6,510.4$24.0
"} {"question": "If the acquisation of the company was S$150.3 million, all else constant, What is the value of 1 USD to SGD at time of calculation?", "answer": ["1.42"], "context": "Acquisition of Fagerdala On October 2, 2017, the Company acquired Fagerdala Singapore Pte Ltd., a manufacturer and fabricator of polyethylene foam based in Singapore, to join its Product Care division. We acquired 100% of Fagerdala shares for estimated consideration of S$144.7 million, or $106.2 million, net of cash acquired of $13.3 million, inclusive of purchase price adjustments which were finalized in the third quarter of 2018. We acquired Fagerdala to leverage its manufacturing footprint in Asia, experience in foam manufacturing and fabrication and commercial organization to expand our presence across multiple industries utilizing fulfillment to distribute goods. The following table summarizes the consideration transferred to acquire Fagerdala and the final allocation of the purchase price among the assets acquired and liabilities assumed. price among the assets acquired and liabilities assumed.
Preliminary AllocationMeasurement PeriodFinal Allocation
(In millions)As of October 2, 2017AdjustmentsAs of December 31, 2018
Total consideration transferred$ 106.6$ (0.4)$ 106.2
Assets:
Cash and cash equivalents13.3—13.3
Trade receivables, net22.4—22.4
Inventories, net10.00.110.1
Prepaid expenses and other current assets8.4—8.4
Property and equipment, net23.3—23.3
Identifiable intangible assets, net41.40.742.1
Goodwill39.3(1.5)37.8
Total assets$ 158.1$ (0.7)$ 157.4
Liabilities:
Short-term borrowings14.0—14.0
Accounts payable6.9—6.9
Other current liabilities15.1(0.1)15.0
Long-term debt, less current portion3.8—3.8
Non-current deferred taxes11.7(0.2)11.5
Total liabilities$ 51.5$ (0.3)$ 51.2
"} {"question": "If total liabilities and assets As of December 31, 2018 were adjusted to 52.0(in millions) and 158.2(in millions) respectively, What is the asset to liability ratio As of December 31, 2018? ", "answer": ["32.87"], "context": "Acquisition of Fagerdala On October 2, 2017, the Company acquired Fagerdala Singapore Pte Ltd., a manufacturer and fabricator of polyethylene foam based in Singapore, to join its Product Care division. We acquired 100% of Fagerdala shares for estimated consideration of S$144.7 million, or $106.2 million, net of cash acquired of $13.3 million, inclusive of purchase price adjustments which were finalized in the third quarter of 2018. We acquired Fagerdala to leverage its manufacturing footprint in Asia, experience in foam manufacturing and fabrication and commercial organization to expand our presence across multiple industries utilizing fulfillment to distribute goods. The following table summarizes the consideration transferred to acquire Fagerdala and the final allocation of the purchase price among the assets acquired and liabilities assumed. price among the assets acquired and liabilities assumed.
Preliminary AllocationMeasurement PeriodFinal Allocation
(In millions)As of October 2, 2017AdjustmentsAs of December 31, 2018
Total consideration transferred$ 106.6$ (0.4)$ 106.2
Assets:
Cash and cash equivalents13.3—13.3
Trade receivables, net22.4—22.4
Inventories, net10.00.110.1
Prepaid expenses and other current assets8.4—8.4
Property and equipment, net23.3—23.3
Identifiable intangible assets, net41.40.742.1
Goodwill39.3(1.5)37.8
Total assets$ 158.1$ (0.7)$ 157.4
Liabilities:
Short-term borrowings14.0—14.0
Accounts payable6.9—6.9
Other current liabilities15.1(0.1)15.0
Long-term debt, less current portion3.8—3.8
Non-current deferred taxes11.7(0.2)11.5
Total liabilities$ 51.5$ (0.3)$ 51.2
"} {"question": "If the asset to liability ratio as of October 2, 2017 is 30%, What is the difference between the asset to liability ratio As of December 31, 2018 vs. As of October 2, 2017?", "answer": ["2.53"], "context": "Acquisition of Fagerdala On October 2, 2017, the Company acquired Fagerdala Singapore Pte Ltd., a manufacturer and fabricator of polyethylene foam based in Singapore, to join its Product Care division. We acquired 100% of Fagerdala shares for estimated consideration of S$144.7 million, or $106.2 million, net of cash acquired of $13.3 million, inclusive of purchase price adjustments which were finalized in the third quarter of 2018. We acquired Fagerdala to leverage its manufacturing footprint in Asia, experience in foam manufacturing and fabrication and commercial organization to expand our presence across multiple industries utilizing fulfillment to distribute goods. The following table summarizes the consideration transferred to acquire Fagerdala and the final allocation of the purchase price among the assets acquired and liabilities assumed. price among the assets acquired and liabilities assumed.
Preliminary AllocationMeasurement PeriodFinal Allocation
(In millions)As of October 2, 2017AdjustmentsAs of December 31, 2018
Total consideration transferred$ 106.6$ (0.4)$ 106.2
Assets:
Cash and cash equivalents13.3—13.3
Trade receivables, net22.4—22.4
Inventories, net10.00.110.1
Prepaid expenses and other current assets8.4—8.4
Property and equipment, net23.3—23.3
Identifiable intangible assets, net41.40.742.1
Goodwill39.3(1.5)37.8
Total assets$ 158.1$ (0.7)$ 157.4
Liabilities:
Short-term borrowings14.0—14.0
Accounts payable6.9—6.9
Other current liabilities15.1(0.1)15.0
Long-term debt, less current portion3.8—3.8
Non-current deferred taxes11.7(0.2)11.5
Total liabilities$ 51.5$ (0.3)$ 51.2
"} {"question": "In which year would Cash and cash equivalents be larger if the amount in 2019 was $315,833 thousand instead?", "answer": ["2019"], "context": "Additional sources of cash available to us were international currency lines of credit and bank credit facilities totaling $26.0 million as of September 28, 2019, of which $20.8 million was unused and available. These unsecured international credit facilities were used in Europe and Japan during fiscal 2018. As of September 28, 2019, we had utilized $5.2 million of the international credit facilities as guarantees in Europe. Our ratio of current assets to current liabilities increased to 4.6:1 at September 28, 2019 compared to 3.3:1 at September 29, 2018. The increase in our ratio was primarily due to lower income taxes payable, partially offset by decreases in our ratio due to lower accounts receivable and inventories. Our cash and cash equivalents, short-term investments and working capital are as follows (in thousands):
Fiscal
20192018
Cash and cash equivalents$305,833$310,495
Short-term investments120120
Working capital854,507865,664
"} {"question": "What would the change in Short-term investments in 2019 from 2018 be if the amount in 2019 was $150 thousand instead?", "answer": ["30"], "context": "Additional sources of cash available to us were international currency lines of credit and bank credit facilities totaling $26.0 million as of September 28, 2019, of which $20.8 million was unused and available. These unsecured international credit facilities were used in Europe and Japan during fiscal 2018. As of September 28, 2019, we had utilized $5.2 million of the international credit facilities as guarantees in Europe. Our ratio of current assets to current liabilities increased to 4.6:1 at September 28, 2019 compared to 3.3:1 at September 29, 2018. The increase in our ratio was primarily due to lower income taxes payable, partially offset by decreases in our ratio due to lower accounts receivable and inventories. Our cash and cash equivalents, short-term investments and working capital are as follows (in thousands):
Fiscal
20192018
Cash and cash equivalents$305,833$310,495
Short-term investments120120
Working capital854,507865,664
"} {"question": "What would the percentage change in Short-term investments in 2019 from 2018 be if the amount in 2019 was $150 thousand instead?", "answer": ["25"], "context": "Additional sources of cash available to us were international currency lines of credit and bank credit facilities totaling $26.0 million as of September 28, 2019, of which $20.8 million was unused and available. These unsecured international credit facilities were used in Europe and Japan during fiscal 2018. As of September 28, 2019, we had utilized $5.2 million of the international credit facilities as guarantees in Europe. Our ratio of current assets to current liabilities increased to 4.6:1 at September 28, 2019 compared to 3.3:1 at September 29, 2018. The increase in our ratio was primarily due to lower income taxes payable, partially offset by decreases in our ratio due to lower accounts receivable and inventories. Our cash and cash equivalents, short-term investments and working capital are as follows (in thousands):
Fiscal
20192018
Cash and cash equivalents$305,833$310,495
Short-term investments120120
Working capital854,507865,664
"} {"question": "What portion of term loan and notes, including interest have payment due more than 10 year if they took up 10% of the totals?", "answer": ["437.33"], "context": "Contractual Obligations The following table summarizes our contractual obligations as of November 29, 2019: As of November 29, 2019, our Term Loan’s carrying value was $2.25 billion. At our election, the Term Loan will bear interest at either (i) the London Interbank Offered Rate (“LIBOR”) plus a margin, based on our debt ratings, ranging from 0.500% to 1.000% or (ii) a base rate plus a margin, based on our debt ratings, ranging from 0.040% to 0.110%. Interest is payable periodically, in arrears, at the end of each interest period we elect. Based on the LIBOR rate at November 29, 2019, our estimated maximum commitment for interest payments was $23.2 million for the remaining duration of the Term Loan. As of November 29, 2019, the carrying value of our Notes payable was $1.89 billion. Interest on our Notes is payable semi-annually, in arrears on February 1 and August 1. At November 29, 2019, our maximum commitment for interest payments was $200.1 million for the remaining duration of our Notes. Our Term Loan and Revolving Credit Agreement contain similar financial covenants requiring us not to exceed a maximum leverage ratio. As of November 29, 2019, we were in compliance with this covenant. We believe this covenant will not impact our credit or cash in the coming fiscal year or restrict our ability to execute our business plan. Our senior notes do not contain any financial covenants. Under the terms of our Term Loan and Revolving Credit Agreement, we are not prohibited from paying cash dividends unless payment would trigger an event of default or if one currently exists. We do not anticipate paying any cash dividends in the foreseeable future.
(in millions)Payment Due by Period
TotalLess than 1 year1-3 years3-5 yearsMore than 5 years
Term Loan and Notes, including interest$4,373.3$3,227.0$65.0$65.0$1,016.3
Operating lease obligations, net711.588.7158.0126.9337.9
Purchase obligations2,036.5545.0935.8555.7—
Total$7,121.3$3,860.7$1,158.8$747.6$1,354.2
"} {"question": "If payment obligations due in less than a year increased by 20% without any change to total , what proportion of operating lease obligations (net) is made up of payment obligations due in less than a year?", "answer": ["0.15"], "context": "Contractual Obligations The following table summarizes our contractual obligations as of November 29, 2019: As of November 29, 2019, our Term Loan’s carrying value was $2.25 billion. At our election, the Term Loan will bear interest at either (i) the London Interbank Offered Rate (“LIBOR”) plus a margin, based on our debt ratings, ranging from 0.500% to 1.000% or (ii) a base rate plus a margin, based on our debt ratings, ranging from 0.040% to 0.110%. Interest is payable periodically, in arrears, at the end of each interest period we elect. Based on the LIBOR rate at November 29, 2019, our estimated maximum commitment for interest payments was $23.2 million for the remaining duration of the Term Loan. As of November 29, 2019, the carrying value of our Notes payable was $1.89 billion. Interest on our Notes is payable semi-annually, in arrears on February 1 and August 1. At November 29, 2019, our maximum commitment for interest payments was $200.1 million for the remaining duration of our Notes. Our Term Loan and Revolving Credit Agreement contain similar financial covenants requiring us not to exceed a maximum leverage ratio. As of November 29, 2019, we were in compliance with this covenant. We believe this covenant will not impact our credit or cash in the coming fiscal year or restrict our ability to execute our business plan. Our senior notes do not contain any financial covenants. Under the terms of our Term Loan and Revolving Credit Agreement, we are not prohibited from paying cash dividends unless payment would trigger an event of default or if one currently exists. We do not anticipate paying any cash dividends in the foreseeable future.
(in millions)Payment Due by Period
TotalLess than 1 year1-3 years3-5 yearsMore than 5 years
Term Loan and Notes, including interest$4,373.3$3,227.0$65.0$65.0$1,016.3
Operating lease obligations, net711.588.7158.0126.9337.9
Purchase obligations2,036.5545.0935.8555.7—
Total$7,121.3$3,860.7$1,158.8$747.6$1,354.2
"} {"question": "If purchase obligations with payment due period of more than 5 years has a value of $472.3 million, what proportion of total purchase obligations is made of up obligations with a maximum period of 3 years?", "answer": ["0.59"], "context": "Contractual Obligations The following table summarizes our contractual obligations as of November 29, 2019: As of November 29, 2019, our Term Loan’s carrying value was $2.25 billion. At our election, the Term Loan will bear interest at either (i) the London Interbank Offered Rate (“LIBOR”) plus a margin, based on our debt ratings, ranging from 0.500% to 1.000% or (ii) a base rate plus a margin, based on our debt ratings, ranging from 0.040% to 0.110%. Interest is payable periodically, in arrears, at the end of each interest period we elect. Based on the LIBOR rate at November 29, 2019, our estimated maximum commitment for interest payments was $23.2 million for the remaining duration of the Term Loan. As of November 29, 2019, the carrying value of our Notes payable was $1.89 billion. Interest on our Notes is payable semi-annually, in arrears on February 1 and August 1. At November 29, 2019, our maximum commitment for interest payments was $200.1 million for the remaining duration of our Notes. Our Term Loan and Revolving Credit Agreement contain similar financial covenants requiring us not to exceed a maximum leverage ratio. As of November 29, 2019, we were in compliance with this covenant. We believe this covenant will not impact our credit or cash in the coming fiscal year or restrict our ability to execute our business plan. Our senior notes do not contain any financial covenants. Under the terms of our Term Loan and Revolving Credit Agreement, we are not prohibited from paying cash dividends unless payment would trigger an event of default or if one currently exists. We do not anticipate paying any cash dividends in the foreseeable future.
(in millions)Payment Due by Period
TotalLess than 1 year1-3 years3-5 yearsMore than 5 years
Term Loan and Notes, including interest$4,373.3$3,227.0$65.0$65.0$1,016.3
Operating lease obligations, net711.588.7158.0126.9337.9
Purchase obligations2,036.5545.0935.8555.7—
Total$7,121.3$3,860.7$1,158.8$747.6$1,354.2
"} {"question": "What would be the average domestic income before income taxes in 2017 and 2018 if income in 2018 is decreased by $100,000?", "answer": ["58014"], "context": "5. Income taxes: On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the \"TCJA\"). The TCJA amended the Internal Revenue Code and reduced the corporate tax rate from a maximum of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018. The Company's net deferred tax assets represent a decrease in corporate taxes expected to be paid in the future. Under generally accepted accounting principles deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company's net deferred tax asset was determined based on the current enacted federal tax rate of 35% prior to the passage of the Act. As a result of the reduction in the corporate income tax rate from 35% to 21% and other provisions under the TCJA, the Company made reasonable estimates of the effects of the TCJA and revalued its net deferred tax asset at December 31, 2017 resulting in a reduction in the value of its net deferred tax asset of approximately $9.0 million and recorded a transition tax of $2.3 million related to its foreign operations for a total of $11.3 million, which was recorded as additional noncash income tax expense in the year ended December 31, 2017. As of December 31, 2018, the Company had collected all of the necessary data to complete its analysis of the effect of the TCJA on its underlying deferred income taxes and recorded a $0.1 million reduction in the value to its net deferred tax asset. The TCJA subjects a U.S. shareholder to current tax on global intangible low-taxed income earned by certain foreign subsidiaries. FASB Staff Q&A, Topic 740, No. 5, \"Accounting for Global Intangible Low-Taxed Income\", states that the Company is permitted to make an accounting policy election to either recognize deferred income taxes for temporary basis differences expected to reverse as global intangible low-taxed income in future years or provide for the income tax expense related to such income in the year the income tax is incurred. The Company has made an accounting policy to record these income taxes as a period cost in the year the income tax in incurred. The components of income (loss) before income taxes consist of the following (in thousands):
Years Ended December 31,
201920182017
Domestic$72,773$63,878$52,250
Foreign(20,099)(22,496)(21,132)
Total income before income taxes$52,674$41,382$31,118
"} {"question": "What would be the average domestic income before income taxes in 2018 and 2019 if the income before taxes in 2019 is doubled? ", "answer": ["104712"], "context": "5. Income taxes: On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the \"TCJA\"). The TCJA amended the Internal Revenue Code and reduced the corporate tax rate from a maximum of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018. The Company's net deferred tax assets represent a decrease in corporate taxes expected to be paid in the future. Under generally accepted accounting principles deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company's net deferred tax asset was determined based on the current enacted federal tax rate of 35% prior to the passage of the Act. As a result of the reduction in the corporate income tax rate from 35% to 21% and other provisions under the TCJA, the Company made reasonable estimates of the effects of the TCJA and revalued its net deferred tax asset at December 31, 2017 resulting in a reduction in the value of its net deferred tax asset of approximately $9.0 million and recorded a transition tax of $2.3 million related to its foreign operations for a total of $11.3 million, which was recorded as additional noncash income tax expense in the year ended December 31, 2017. As of December 31, 2018, the Company had collected all of the necessary data to complete its analysis of the effect of the TCJA on its underlying deferred income taxes and recorded a $0.1 million reduction in the value to its net deferred tax asset. The TCJA subjects a U.S. shareholder to current tax on global intangible low-taxed income earned by certain foreign subsidiaries. FASB Staff Q&A, Topic 740, No. 5, \"Accounting for Global Intangible Low-Taxed Income\", states that the Company is permitted to make an accounting policy election to either recognize deferred income taxes for temporary basis differences expected to reverse as global intangible low-taxed income in future years or provide for the income tax expense related to such income in the year the income tax is incurred. The Company has made an accounting policy to record these income taxes as a period cost in the year the income tax in incurred. The components of income (loss) before income taxes consist of the following (in thousands):
Years Ended December 31,
201920182017
Domestic$72,773$63,878$52,250
Foreign(20,099)(22,496)(21,132)
Total income before income taxes$52,674$41,382$31,118
"} {"question": "What would be the average foreign losses before income taxes in 2017 and 2018 if the loss in 2018 is decreased by 70%?", "answer": ["13940.4"], "context": "5. Income taxes: On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the \"TCJA\"). The TCJA amended the Internal Revenue Code and reduced the corporate tax rate from a maximum of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018. The Company's net deferred tax assets represent a decrease in corporate taxes expected to be paid in the future. Under generally accepted accounting principles deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company's net deferred tax asset was determined based on the current enacted federal tax rate of 35% prior to the passage of the Act. As a result of the reduction in the corporate income tax rate from 35% to 21% and other provisions under the TCJA, the Company made reasonable estimates of the effects of the TCJA and revalued its net deferred tax asset at December 31, 2017 resulting in a reduction in the value of its net deferred tax asset of approximately $9.0 million and recorded a transition tax of $2.3 million related to its foreign operations for a total of $11.3 million, which was recorded as additional noncash income tax expense in the year ended December 31, 2017. As of December 31, 2018, the Company had collected all of the necessary data to complete its analysis of the effect of the TCJA on its underlying deferred income taxes and recorded a $0.1 million reduction in the value to its net deferred tax asset. The TCJA subjects a U.S. shareholder to current tax on global intangible low-taxed income earned by certain foreign subsidiaries. FASB Staff Q&A, Topic 740, No. 5, \"Accounting for Global Intangible Low-Taxed Income\", states that the Company is permitted to make an accounting policy election to either recognize deferred income taxes for temporary basis differences expected to reverse as global intangible low-taxed income in future years or provide for the income tax expense related to such income in the year the income tax is incurred. The Company has made an accounting policy to record these income taxes as a period cost in the year the income tax in incurred. The components of income (loss) before income taxes consist of the following (in thousands):
Years Ended December 31,
201920182017
Domestic$72,773$63,878$52,250
Foreign(20,099)(22,496)(21,132)
Total income before income taxes$52,674$41,382$31,118
"} {"question": "In which Fiscal year from 2020 to 2024 would the benefit payments under the U.S Plans be the largest if the amount for Fiscal 2021 was $78 million instead?", "answer": ["Fiscal 2021"], "context": "Our common shares are not a direct investment of our pension funds; however, the pension funds may indirectly include our shares. The aggregate amount of our common shares would not be considered material relative to the total pension fund assets. Our funding policy is to make contributions in accordance with the laws and customs of the various countries in which we operate as well as to make discretionary voluntary contributions from time to time. We expect to make the minimum required contributions of $42 million and $26 million to our non-U.S. and U.S. pension plans, respectively, in fiscal 2020. We may also make voluntary contributions at our discretion. At fiscal year end 2019, benefit payments, which reflect future expected service, as appropriate, are expected to be paid as follows:
Non-U.S. PlansU.S. Plans
(in millions)
Fiscal 2020$ 82$ 77
Fiscal 20217774
Fiscal 20228174
Fiscal 20238574
Fiscal 20248674
Fiscal 2025-2029490361
"} {"question": "What is the change in Non-U.S. benefit payments expected to be paid in Fiscal 2023 from Fiscal 2022 if the amount in 2023 was $86 million instead?", "answer": ["5"], "context": "Our common shares are not a direct investment of our pension funds; however, the pension funds may indirectly include our shares. The aggregate amount of our common shares would not be considered material relative to the total pension fund assets. Our funding policy is to make contributions in accordance with the laws and customs of the various countries in which we operate as well as to make discretionary voluntary contributions from time to time. We expect to make the minimum required contributions of $42 million and $26 million to our non-U.S. and U.S. pension plans, respectively, in fiscal 2020. We may also make voluntary contributions at our discretion. At fiscal year end 2019, benefit payments, which reflect future expected service, as appropriate, are expected to be paid as follows:
Non-U.S. PlansU.S. Plans
(in millions)
Fiscal 2020$ 82$ 77
Fiscal 20217774
Fiscal 20228174
Fiscal 20238574
Fiscal 20248674
Fiscal 2025-2029490361
"} {"question": "What is the percentage change in Non-U.S. benefit payments expected to be paid in Fiscal 2023 from Fiscal 2022 if the amount in 2023 was $86 million instead?", "answer": ["6.17"], "context": "Our common shares are not a direct investment of our pension funds; however, the pension funds may indirectly include our shares. The aggregate amount of our common shares would not be considered material relative to the total pension fund assets. Our funding policy is to make contributions in accordance with the laws and customs of the various countries in which we operate as well as to make discretionary voluntary contributions from time to time. We expect to make the minimum required contributions of $42 million and $26 million to our non-U.S. and U.S. pension plans, respectively, in fiscal 2020. We may also make voluntary contributions at our discretion. At fiscal year end 2019, benefit payments, which reflect future expected service, as appropriate, are expected to be paid as follows:
Non-U.S. PlansU.S. Plans
(in millions)
Fiscal 2020$ 82$ 77
Fiscal 20217774
Fiscal 20228174
Fiscal 20238574
Fiscal 20248674
Fiscal 2025-2029490361
"} {"question": "What would be the average service revenue earned by the company in 2017 and 2018 if the revenue in 2018 is decreased by $100,000,000?", "answer": ["452684"], "context": "Year Ended December 31, 2018 Compared to the Year Ended December 31, 2017 Our management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below. (1) Includes non-cash equity-based compensation expense of $895 and $604 for 2018 and 2017, respectively. (2) Includes non-cash equity-based compensation expense of $16,813 and $12,686 for 2018 and 2017, respectively. Service Revenue. Our service revenue increased 7.2% from 2017 to 2018. Exchange rates positively impacted our increase in service revenue by approximately $4.0 million. All foreign currency comparisons herein reflect results for 2018 translated at the average foreign currency exchange rates for 2017. We increased our total service revenue by increasing the number of sales representatives selling our services, by expanding our network, by adding additional buildings to our network, by increasing our penetration into the buildings connected to our network and by gaining market share by offering our services at lower prices than our competitors. Revenue recognition standards include guidance relating to any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer and may include, but is not limited to, gross receipts taxes, Universal Service Fund fees and certain state regulatory fees. We record these taxes billed to our customers on a gross basis (as service revenue and network operations expense) in our consolidated statements of operations. The impact of these taxes including the Universal Service Fund resulted in an increase to our revenues from 2017 to 2018 of approximately $1.6 million. Our net-centric customers tend to purchase their service on a price per megabit basis. Our corporate customers tend to utilize a small portion of their allocated bandwidth on their connections and tend to purchase their service on a per connection basis. Revenues from our corporate and net-centric customers represented 64.9% and 35.1% of total service revenue, respectively, for 2018 and represented 62.3% and 37.7% of total service revenue, respectively, for 2017. Revenues from corporate customers increased 11.8% to $337.8 million for 2018 from $302.1 million for 2017 primarily due to an increase in our number of our corporate customers. Revenues from our net-centric customers decreased by 0.4% to $182.3 million for 2018 from $183.1 million for 2017 primarily due to an increase in our number of net-centric customers being offset by a decline in our average price per megabit. Our revenue from our net- centric customers has declined as a percentage of our total revenue and grew at a slower rate than our corporate customer revenue because net-centric customers purchase our services based upon a price per megabit basis and our average price per megabit declined by 25.9% from 2017 to 2018. Additionally, the net-centric market experiences a greater level of pricing pressure than the corporate market and net-centric customers who renew their service with us expect their renewed service to be at a lower price than their current price. We expect that our average price per megabit will continue to decline at similar rates which would result in our corporate revenues continuing to represent a greater portion of our total revenues and our net-centric revenues continuing to grow at a lower rate than our corporate revenues. Additionally, the impact of foreign exchange rates has a more significant impact on our net- centric revenues. Our on-net revenues increased 8.1% from 2017 to 2018. We increased the number of our on-net customer connections by 12.1% at December 31, 2018 from December 31, 2017. On-net customer connections increased at a greater rate than on-net revenues primarily due to the 5.1% decline in our on-net ARPU, primarily from a decline in ARPU for our net-centric customers. ARPU is determined by dividing revenue for the period by the average customer connections for that period. Our average price per megabit for our installed base of customers is determined by dividing the aggregate monthly recurring fixed charges for those customers by the aggregate committed data rate for the same customers. The decline in on-net ARPU is partly attributed to volume and term based pricing discounts. Additionally, on-net customers who cancel their service from our installed base of customers, in general, have an ARPU that is greater than the ARPU for our new customers due to declining prices primarily for our on-net services sold to our net-centric customers. These trends resulted in the reduction to our on-net ARPU and a 25.9% decline in our average price per megabit for our installed base of customers. Our off-net revenues increased 5.2% from 2017 to 2018. Our off-net revenues increased as we increased the number of our off-net customer connections by 10.3% at December 31, 2018 from December 31, 2017. Our off-net customer connections increased at a greater rate than our off-net revenue primarily due to the 6.8% decrease in our off-net ARPU. Network Operations Expenses. Network operations expenses include the costs of personnel associated with service delivery, network management, and customer support, network facilities costs, fiber and equipment maintenance fees, leased circuit costs, access and facilities fees paid to building owners and excise taxes billed to our customers and recorded on a gross basis. Non-cash equity-based compensation expense is included in network operations expenses consistent with the classification of the employee's salary and other compensation. Our network operations expenses, including non-cash equity-based compensation expense, increased 4.9% from 2017 to 2018 as we were connected to 11.9% more customer connections and we were connected to 170 more on-net buildings as of December 31, 2018 compared to December 31, 2017. The increase in network operations expense is primarily attributable to an increase in costs related to our network and facilities expansion activities and the increase in our off- net revenues. When we provide off-net services we also assume the cost of the associated tail circuits. Selling, General, and Administrative Expenses (“SG&A”). Our SG&A expenses, including non-cash equity- based compensation expense, increased 4.6% from 2017 to 2018. Non cash equity-based compensation expense is included in SG&A expenses consistent with the classification of the employee's salary and other compensation and was $16.8 million for 2018 and $12.7 million for 2017. SG&A expenses increased primarily from an increase in salaries and related costs required to support our expansion and increases in our sales efforts and an increase in our headcount partly offset by a $1.1 million decrease in our legal fees primarily associated with U.S. net neutrality and interconnection regulatory matters and by the $1.3 million reduction in commission expense from the impact of the new revenue accounting standard which requires us to capitalize certain commissions paid to our sales agents and sales employees. Our sales force headcount increased by 7.8% from 574 at December 31, 2017 to 619 at December 31, 2018 and our total headcount increased by 4.8% from 929 at December 31, 2017 to 974 at December 31, 2018. Depreciation and Amortization Expenses. Our depreciation and amortization expenses increased 7.0% from 2017 to 2018. The increase is primarily due to the depreciation expense associated with the increase related to newly deployed fixed assets more than offsetting the decline in depreciation expense from fully depreciated fixed assets. Gains on Equipment Transactions. We exchanged certain used network equipment and cash consideration for new network equipment resulting in gains of $1.0 million for 2018 and $3.9 million for 2017. The gains are based upon the excess of the estimated fair value of the new network equipment over the carrying amount of the returned used network equipment and the cash paid. The reduction in gains from 2017 to 2018 was due to purchasing more equipment under the exchange program in 2017 than we purchased in 2018. Interest Expense. Interest expense results from interest incurred on our $445.0 million of senior secured notes, interest incurred on our $189.2 million of senior unsecured notes, interest on our installment payment agreement and interest on our finance lease obligations. Our interest expense increased by 5.3% for 2018 from 2017 primarily due to the issuance of $70.0 million of senior secured notes in August 2018 and an increase in our finance lease obligations. Income Tax Expense. Our income tax expense was $12.7 million for 2018 and $25.2 million for 2017. The decrease in our income tax expense was primarily related to an increase in deferred income tax expense for 2017 primarily due to the impact of the Tax Cuts and Jobs Act (the \"Act\"). On December 22, 2017, the President of the United States signed into law the Act. The Act amended the Internal Revenue Code and reduced the corporate tax rate from a maximum rate of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018 and may reduce our future income taxes payable once we become a cash taxpayer in the United States. As a result of the reduction in the corporate income tax rate and other provisions under the Act, we were required to revalue our net deferred tax asset at December 31, 2017 resulting in a reduction in our net deferred tax asset of $9.0 million and we also recorded a transition tax of $2.3 million related to our foreign operations for a total income tax expense of approximately $11.3 million, which was recorded as additional noncash income tax expense in 2017. Buildings On-net. As of December 31, 2018 and 2017 we had a total of 2,676 and 2,506 on-net buildings connected to our network, respectively.
Year Ended December 31,Change
20182017Percent
(in thousands)
Service revenue$520,193$485,1757.2%
On-net revenues374,555346,4458.1%
Off-net revenues145,004137,8925.2%
Network operations expenses(1)219,526209,2784.9%
Selling, general, and administrative expenses(2)133,858127,9154.6%
Depreciation and amortization expenses81,23375,9267.0%
Gains on equipment transactions9823,862(74.6)%
Interest expense51,05648,4675.3%
Income tax expense12,71525,242(49.6)%
"} {"question": "What would be the average on-net revenue earned by the company in 2017 and 2018 if the revenue earned in 2018 is doubled?", "answer": ["547777.5"], "context": "Year Ended December 31, 2018 Compared to the Year Ended December 31, 2017 Our management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below. (1) Includes non-cash equity-based compensation expense of $895 and $604 for 2018 and 2017, respectively. (2) Includes non-cash equity-based compensation expense of $16,813 and $12,686 for 2018 and 2017, respectively. Service Revenue. Our service revenue increased 7.2% from 2017 to 2018. Exchange rates positively impacted our increase in service revenue by approximately $4.0 million. All foreign currency comparisons herein reflect results for 2018 translated at the average foreign currency exchange rates for 2017. We increased our total service revenue by increasing the number of sales representatives selling our services, by expanding our network, by adding additional buildings to our network, by increasing our penetration into the buildings connected to our network and by gaining market share by offering our services at lower prices than our competitors. Revenue recognition standards include guidance relating to any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer and may include, but is not limited to, gross receipts taxes, Universal Service Fund fees and certain state regulatory fees. We record these taxes billed to our customers on a gross basis (as service revenue and network operations expense) in our consolidated statements of operations. The impact of these taxes including the Universal Service Fund resulted in an increase to our revenues from 2017 to 2018 of approximately $1.6 million. Our net-centric customers tend to purchase their service on a price per megabit basis. Our corporate customers tend to utilize a small portion of their allocated bandwidth on their connections and tend to purchase their service on a per connection basis. Revenues from our corporate and net-centric customers represented 64.9% and 35.1% of total service revenue, respectively, for 2018 and represented 62.3% and 37.7% of total service revenue, respectively, for 2017. Revenues from corporate customers increased 11.8% to $337.8 million for 2018 from $302.1 million for 2017 primarily due to an increase in our number of our corporate customers. Revenues from our net-centric customers decreased by 0.4% to $182.3 million for 2018 from $183.1 million for 2017 primarily due to an increase in our number of net-centric customers being offset by a decline in our average price per megabit. Our revenue from our net- centric customers has declined as a percentage of our total revenue and grew at a slower rate than our corporate customer revenue because net-centric customers purchase our services based upon a price per megabit basis and our average price per megabit declined by 25.9% from 2017 to 2018. Additionally, the net-centric market experiences a greater level of pricing pressure than the corporate market and net-centric customers who renew their service with us expect their renewed service to be at a lower price than their current price. We expect that our average price per megabit will continue to decline at similar rates which would result in our corporate revenues continuing to represent a greater portion of our total revenues and our net-centric revenues continuing to grow at a lower rate than our corporate revenues. Additionally, the impact of foreign exchange rates has a more significant impact on our net- centric revenues. Our on-net revenues increased 8.1% from 2017 to 2018. We increased the number of our on-net customer connections by 12.1% at December 31, 2018 from December 31, 2017. On-net customer connections increased at a greater rate than on-net revenues primarily due to the 5.1% decline in our on-net ARPU, primarily from a decline in ARPU for our net-centric customers. ARPU is determined by dividing revenue for the period by the average customer connections for that period. Our average price per megabit for our installed base of customers is determined by dividing the aggregate monthly recurring fixed charges for those customers by the aggregate committed data rate for the same customers. The decline in on-net ARPU is partly attributed to volume and term based pricing discounts. Additionally, on-net customers who cancel their service from our installed base of customers, in general, have an ARPU that is greater than the ARPU for our new customers due to declining prices primarily for our on-net services sold to our net-centric customers. These trends resulted in the reduction to our on-net ARPU and a 25.9% decline in our average price per megabit for our installed base of customers. Our off-net revenues increased 5.2% from 2017 to 2018. Our off-net revenues increased as we increased the number of our off-net customer connections by 10.3% at December 31, 2018 from December 31, 2017. Our off-net customer connections increased at a greater rate than our off-net revenue primarily due to the 6.8% decrease in our off-net ARPU. Network Operations Expenses. Network operations expenses include the costs of personnel associated with service delivery, network management, and customer support, network facilities costs, fiber and equipment maintenance fees, leased circuit costs, access and facilities fees paid to building owners and excise taxes billed to our customers and recorded on a gross basis. Non-cash equity-based compensation expense is included in network operations expenses consistent with the classification of the employee's salary and other compensation. Our network operations expenses, including non-cash equity-based compensation expense, increased 4.9% from 2017 to 2018 as we were connected to 11.9% more customer connections and we were connected to 170 more on-net buildings as of December 31, 2018 compared to December 31, 2017. The increase in network operations expense is primarily attributable to an increase in costs related to our network and facilities expansion activities and the increase in our off- net revenues. When we provide off-net services we also assume the cost of the associated tail circuits. Selling, General, and Administrative Expenses (“SG&A”). Our SG&A expenses, including non-cash equity- based compensation expense, increased 4.6% from 2017 to 2018. Non cash equity-based compensation expense is included in SG&A expenses consistent with the classification of the employee's salary and other compensation and was $16.8 million for 2018 and $12.7 million for 2017. SG&A expenses increased primarily from an increase in salaries and related costs required to support our expansion and increases in our sales efforts and an increase in our headcount partly offset by a $1.1 million decrease in our legal fees primarily associated with U.S. net neutrality and interconnection regulatory matters and by the $1.3 million reduction in commission expense from the impact of the new revenue accounting standard which requires us to capitalize certain commissions paid to our sales agents and sales employees. Our sales force headcount increased by 7.8% from 574 at December 31, 2017 to 619 at December 31, 2018 and our total headcount increased by 4.8% from 929 at December 31, 2017 to 974 at December 31, 2018. Depreciation and Amortization Expenses. Our depreciation and amortization expenses increased 7.0% from 2017 to 2018. The increase is primarily due to the depreciation expense associated with the increase related to newly deployed fixed assets more than offsetting the decline in depreciation expense from fully depreciated fixed assets. Gains on Equipment Transactions. We exchanged certain used network equipment and cash consideration for new network equipment resulting in gains of $1.0 million for 2018 and $3.9 million for 2017. The gains are based upon the excess of the estimated fair value of the new network equipment over the carrying amount of the returned used network equipment and the cash paid. The reduction in gains from 2017 to 2018 was due to purchasing more equipment under the exchange program in 2017 than we purchased in 2018. Interest Expense. Interest expense results from interest incurred on our $445.0 million of senior secured notes, interest incurred on our $189.2 million of senior unsecured notes, interest on our installment payment agreement and interest on our finance lease obligations. Our interest expense increased by 5.3% for 2018 from 2017 primarily due to the issuance of $70.0 million of senior secured notes in August 2018 and an increase in our finance lease obligations. Income Tax Expense. Our income tax expense was $12.7 million for 2018 and $25.2 million for 2017. The decrease in our income tax expense was primarily related to an increase in deferred income tax expense for 2017 primarily due to the impact of the Tax Cuts and Jobs Act (the \"Act\"). On December 22, 2017, the President of the United States signed into law the Act. The Act amended the Internal Revenue Code and reduced the corporate tax rate from a maximum rate of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018 and may reduce our future income taxes payable once we become a cash taxpayer in the United States. As a result of the reduction in the corporate income tax rate and other provisions under the Act, we were required to revalue our net deferred tax asset at December 31, 2017 resulting in a reduction in our net deferred tax asset of $9.0 million and we also recorded a transition tax of $2.3 million related to our foreign operations for a total income tax expense of approximately $11.3 million, which was recorded as additional noncash income tax expense in 2017. Buildings On-net. As of December 31, 2018 and 2017 we had a total of 2,676 and 2,506 on-net buildings connected to our network, respectively.
Year Ended December 31,Change
20182017Percent
(in thousands)
Service revenue$520,193$485,1757.2%
On-net revenues374,555346,4458.1%
Off-net revenues145,004137,8925.2%
Network operations expenses(1)219,526209,2784.9%
Selling, general, and administrative expenses(2)133,858127,9154.6%
Depreciation and amortization expenses81,23375,9267.0%
Gains on equipment transactions9823,862(74.6)%
Interest expense51,05648,4675.3%
Income tax expense12,71525,242(49.6)%
"} {"question": "What would be the average off-net revenue earned by the company in 2017 and 2018 if the revenue earned in 2018 is decreased by 60%?", "answer": ["97946.8"], "context": "Year Ended December 31, 2018 Compared to the Year Ended December 31, 2017 Our management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below. (1) Includes non-cash equity-based compensation expense of $895 and $604 for 2018 and 2017, respectively. (2) Includes non-cash equity-based compensation expense of $16,813 and $12,686 for 2018 and 2017, respectively. Service Revenue. Our service revenue increased 7.2% from 2017 to 2018. Exchange rates positively impacted our increase in service revenue by approximately $4.0 million. All foreign currency comparisons herein reflect results for 2018 translated at the average foreign currency exchange rates for 2017. We increased our total service revenue by increasing the number of sales representatives selling our services, by expanding our network, by adding additional buildings to our network, by increasing our penetration into the buildings connected to our network and by gaining market share by offering our services at lower prices than our competitors. Revenue recognition standards include guidance relating to any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer and may include, but is not limited to, gross receipts taxes, Universal Service Fund fees and certain state regulatory fees. We record these taxes billed to our customers on a gross basis (as service revenue and network operations expense) in our consolidated statements of operations. The impact of these taxes including the Universal Service Fund resulted in an increase to our revenues from 2017 to 2018 of approximately $1.6 million. Our net-centric customers tend to purchase their service on a price per megabit basis. Our corporate customers tend to utilize a small portion of their allocated bandwidth on their connections and tend to purchase their service on a per connection basis. Revenues from our corporate and net-centric customers represented 64.9% and 35.1% of total service revenue, respectively, for 2018 and represented 62.3% and 37.7% of total service revenue, respectively, for 2017. Revenues from corporate customers increased 11.8% to $337.8 million for 2018 from $302.1 million for 2017 primarily due to an increase in our number of our corporate customers. Revenues from our net-centric customers decreased by 0.4% to $182.3 million for 2018 from $183.1 million for 2017 primarily due to an increase in our number of net-centric customers being offset by a decline in our average price per megabit. Our revenue from our net- centric customers has declined as a percentage of our total revenue and grew at a slower rate than our corporate customer revenue because net-centric customers purchase our services based upon a price per megabit basis and our average price per megabit declined by 25.9% from 2017 to 2018. Additionally, the net-centric market experiences a greater level of pricing pressure than the corporate market and net-centric customers who renew their service with us expect their renewed service to be at a lower price than their current price. We expect that our average price per megabit will continue to decline at similar rates which would result in our corporate revenues continuing to represent a greater portion of our total revenues and our net-centric revenues continuing to grow at a lower rate than our corporate revenues. Additionally, the impact of foreign exchange rates has a more significant impact on our net- centric revenues. Our on-net revenues increased 8.1% from 2017 to 2018. We increased the number of our on-net customer connections by 12.1% at December 31, 2018 from December 31, 2017. On-net customer connections increased at a greater rate than on-net revenues primarily due to the 5.1% decline in our on-net ARPU, primarily from a decline in ARPU for our net-centric customers. ARPU is determined by dividing revenue for the period by the average customer connections for that period. Our average price per megabit for our installed base of customers is determined by dividing the aggregate monthly recurring fixed charges for those customers by the aggregate committed data rate for the same customers. The decline in on-net ARPU is partly attributed to volume and term based pricing discounts. Additionally, on-net customers who cancel their service from our installed base of customers, in general, have an ARPU that is greater than the ARPU for our new customers due to declining prices primarily for our on-net services sold to our net-centric customers. These trends resulted in the reduction to our on-net ARPU and a 25.9% decline in our average price per megabit for our installed base of customers. Our off-net revenues increased 5.2% from 2017 to 2018. Our off-net revenues increased as we increased the number of our off-net customer connections by 10.3% at December 31, 2018 from December 31, 2017. Our off-net customer connections increased at a greater rate than our off-net revenue primarily due to the 6.8% decrease in our off-net ARPU. Network Operations Expenses. Network operations expenses include the costs of personnel associated with service delivery, network management, and customer support, network facilities costs, fiber and equipment maintenance fees, leased circuit costs, access and facilities fees paid to building owners and excise taxes billed to our customers and recorded on a gross basis. Non-cash equity-based compensation expense is included in network operations expenses consistent with the classification of the employee's salary and other compensation. Our network operations expenses, including non-cash equity-based compensation expense, increased 4.9% from 2017 to 2018 as we were connected to 11.9% more customer connections and we were connected to 170 more on-net buildings as of December 31, 2018 compared to December 31, 2017. The increase in network operations expense is primarily attributable to an increase in costs related to our network and facilities expansion activities and the increase in our off- net revenues. When we provide off-net services we also assume the cost of the associated tail circuits. Selling, General, and Administrative Expenses (“SG&A”). Our SG&A expenses, including non-cash equity- based compensation expense, increased 4.6% from 2017 to 2018. Non cash equity-based compensation expense is included in SG&A expenses consistent with the classification of the employee's salary and other compensation and was $16.8 million for 2018 and $12.7 million for 2017. SG&A expenses increased primarily from an increase in salaries and related costs required to support our expansion and increases in our sales efforts and an increase in our headcount partly offset by a $1.1 million decrease in our legal fees primarily associated with U.S. net neutrality and interconnection regulatory matters and by the $1.3 million reduction in commission expense from the impact of the new revenue accounting standard which requires us to capitalize certain commissions paid to our sales agents and sales employees. Our sales force headcount increased by 7.8% from 574 at December 31, 2017 to 619 at December 31, 2018 and our total headcount increased by 4.8% from 929 at December 31, 2017 to 974 at December 31, 2018. Depreciation and Amortization Expenses. Our depreciation and amortization expenses increased 7.0% from 2017 to 2018. The increase is primarily due to the depreciation expense associated with the increase related to newly deployed fixed assets more than offsetting the decline in depreciation expense from fully depreciated fixed assets. Gains on Equipment Transactions. We exchanged certain used network equipment and cash consideration for new network equipment resulting in gains of $1.0 million for 2018 and $3.9 million for 2017. The gains are based upon the excess of the estimated fair value of the new network equipment over the carrying amount of the returned used network equipment and the cash paid. The reduction in gains from 2017 to 2018 was due to purchasing more equipment under the exchange program in 2017 than we purchased in 2018. Interest Expense. Interest expense results from interest incurred on our $445.0 million of senior secured notes, interest incurred on our $189.2 million of senior unsecured notes, interest on our installment payment agreement and interest on our finance lease obligations. Our interest expense increased by 5.3% for 2018 from 2017 primarily due to the issuance of $70.0 million of senior secured notes in August 2018 and an increase in our finance lease obligations. Income Tax Expense. Our income tax expense was $12.7 million for 2018 and $25.2 million for 2017. The decrease in our income tax expense was primarily related to an increase in deferred income tax expense for 2017 primarily due to the impact of the Tax Cuts and Jobs Act (the \"Act\"). On December 22, 2017, the President of the United States signed into law the Act. The Act amended the Internal Revenue Code and reduced the corporate tax rate from a maximum rate of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018 and may reduce our future income taxes payable once we become a cash taxpayer in the United States. As a result of the reduction in the corporate income tax rate and other provisions under the Act, we were required to revalue our net deferred tax asset at December 31, 2017 resulting in a reduction in our net deferred tax asset of $9.0 million and we also recorded a transition tax of $2.3 million related to our foreign operations for a total income tax expense of approximately $11.3 million, which was recorded as additional noncash income tax expense in 2017. Buildings On-net. As of December 31, 2018 and 2017 we had a total of 2,676 and 2,506 on-net buildings connected to our network, respectively.
Year Ended December 31,Change
20182017Percent
(in thousands)
Service revenue$520,193$485,1757.2%
On-net revenues374,555346,4458.1%
Off-net revenues145,004137,8925.2%
Network operations expenses(1)219,526209,2784.9%
Selling, general, and administrative expenses(2)133,858127,9154.6%
Depreciation and amortization expenses81,23375,9267.0%
Gains on equipment transactions9823,862(74.6)%
Interest expense51,05648,4675.3%
Income tax expense12,71525,242(49.6)%
"} {"question": "What would be the change in Net cash provided by (used in) operating activities from continuing operations between 2018 and 2019 if the net cash provided in 2019 was $200,000 thousand instead?", "answer": ["48573"], "context": "Share Repurchase On December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s common stock share repurchase program and increase the authorized amount by $25.1 million increasing the authorization to repurchase shares up to a total of $50.0 million. As of December 31, 2019, a total of $50.0 million remained available for future share repurchases. We repurchased 1.7 million shares for $95.1 million and 0.4 million shares for $30.0 million in fiscal 2018 and 2017, respectively. There were no shares repurchased in fiscal 2019. CASH FLOWS A summary of our cash provided by and used in operating, investing, and financing activities is as follows (in thousands):
Years Ended December 31,
20192018
Net cash provided by (used in) operating activities from continuing operations$47,899$151,427
Net cash provided by (used in) operating activities from discontinued operations493(156)
Net cash provided by (used in) operating activities48,392151,271
Net cash provided by (used in) investing activities from continuing operations(393,847)(113,592)
Net cash provided by (used in) financing activities from continuing operations338,840(97,134)
EFFECT OF CURRENCY TRANSLATION ON CASH(1,496)(1,030)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(8,111)(60,485)
CASH AND CASH EQUIVALENTS, beginning of period354,552415,037
CASH AND CASH EQUIVALENTS, end of period346,441354,552
Less cash and cash equivalents from discontinued operations—5,251
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period$346,441$349,301
"} {"question": "What would be the change in Net cash provided by (used in) operating activities between 2018 and 2019 if the net cash provided in 2019 was $200,000 thousand instead?", "answer": ["48729"], "context": "Share Repurchase On December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s common stock share repurchase program and increase the authorized amount by $25.1 million increasing the authorization to repurchase shares up to a total of $50.0 million. As of December 31, 2019, a total of $50.0 million remained available for future share repurchases. We repurchased 1.7 million shares for $95.1 million and 0.4 million shares for $30.0 million in fiscal 2018 and 2017, respectively. There were no shares repurchased in fiscal 2019. CASH FLOWS A summary of our cash provided by and used in operating, investing, and financing activities is as follows (in thousands):
Years Ended December 31,
20192018
Net cash provided by (used in) operating activities from continuing operations$47,899$151,427
Net cash provided by (used in) operating activities from discontinued operations493(156)
Net cash provided by (used in) operating activities48,392151,271
Net cash provided by (used in) investing activities from continuing operations(393,847)(113,592)
Net cash provided by (used in) financing activities from continuing operations338,840(97,134)
EFFECT OF CURRENCY TRANSLATION ON CASH(1,496)(1,030)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(8,111)(60,485)
CASH AND CASH EQUIVALENTS, beginning of period354,552415,037
CASH AND CASH EQUIVALENTS, end of period346,441354,552
Less cash and cash equivalents from discontinued operations—5,251
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period$346,441$349,301
"} {"question": "What would be the percentage change in cash and cash equivalents from continuing operations at the end of the period between 2018 and 2019 if the cash and cash equivalents in 2019 was $500,000 thousand instead?", "answer": ["43.14"], "context": "Share Repurchase On December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s common stock share repurchase program and increase the authorized amount by $25.1 million increasing the authorization to repurchase shares up to a total of $50.0 million. As of December 31, 2019, a total of $50.0 million remained available for future share repurchases. We repurchased 1.7 million shares for $95.1 million and 0.4 million shares for $30.0 million in fiscal 2018 and 2017, respectively. There were no shares repurchased in fiscal 2019. CASH FLOWS A summary of our cash provided by and used in operating, investing, and financing activities is as follows (in thousands):
Years Ended December 31,
20192018
Net cash provided by (used in) operating activities from continuing operations$47,899$151,427
Net cash provided by (used in) operating activities from discontinued operations493(156)
Net cash provided by (used in) operating activities48,392151,271
Net cash provided by (used in) investing activities from continuing operations(393,847)(113,592)
Net cash provided by (used in) financing activities from continuing operations338,840(97,134)
EFFECT OF CURRENCY TRANSLATION ON CASH(1,496)(1,030)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(8,111)(60,485)
CASH AND CASH EQUIVALENTS, beginning of period354,552415,037
CASH AND CASH EQUIVALENTS, end of period346,441354,552
Less cash and cash equivalents from discontinued operations—5,251
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period$346,441$349,301
"} {"question": "If the Service cost increase to 34,710 in 2018, what is the revised average?", "answer": ["27876.5"], "context": "The employee pension plan mandated by the Labor Standards Act of the R.O.C. is a defined benefit plan. The pension benefits are disbursed based on the units of service years and average monthly salary prior to retirement according to the Labor Standards Act. Two units per year are awarded for the first 15 years of services while one unit per year is awarded after the completion of the 15th year and the total units will not exceed 45 units. The Company contributes an amount equivalent to 2% of the employees’ total salaries and wages on a monthly basis to the pension fund deposited with the Bank of Taiwan under the name of a pension fund supervisory committee. The pension fund is managed by the government’s designated authorities and therefore is not included in the Company’s consolidated financial statements. For the years ended December 31, 2017, 2018 and 2019, total pension expenses of NT$80 million, NT$69 million and NT$59 million, respectively, were recognized by the Company. Movements in present value of defined benefit obligation during the year:
For the years ended December 31,
20182019
$NT (In Thousands)$NT (In Thousands)
Defined benefit obligation at beginning of year$(5,671,058)$(5,620,509)
Items recognized as profit or loss:
Service cost(24,477)(21,043)
Interest cost(61,247)(51,146)
Subtotal(85,724)(72,189)
Remeasurements recognized in other comprehensive income (loss):
Arising from changes in financial assumptions(91,350)(114,976)
Experience adjustments(5,907)180,095
Subtotal(97,257)65,119
Benefits paid233,530216,510
"} {"question": "If the Service cost increase to 65,292 in 2018, what is the revised average?", "answer": ["58219"], "context": "The employee pension plan mandated by the Labor Standards Act of the R.O.C. is a defined benefit plan. The pension benefits are disbursed based on the units of service years and average monthly salary prior to retirement according to the Labor Standards Act. Two units per year are awarded for the first 15 years of services while one unit per year is awarded after the completion of the 15th year and the total units will not exceed 45 units. The Company contributes an amount equivalent to 2% of the employees’ total salaries and wages on a monthly basis to the pension fund deposited with the Bank of Taiwan under the name of a pension fund supervisory committee. The pension fund is managed by the government’s designated authorities and therefore is not included in the Company’s consolidated financial statements. For the years ended December 31, 2017, 2018 and 2019, total pension expenses of NT$80 million, NT$69 million and NT$59 million, respectively, were recognized by the Company. Movements in present value of defined benefit obligation during the year:
For the years ended December 31,
20182019
$NT (In Thousands)$NT (In Thousands)
Defined benefit obligation at beginning of year$(5,671,058)$(5,620,509)
Items recognized as profit or loss:
Service cost(24,477)(21,043)
Interest cost(61,247)(51,146)
Subtotal(85,724)(72,189)
Remeasurements recognized in other comprehensive income (loss):
Arising from changes in financial assumptions(91,350)(114,976)
Experience adjustments(5,907)180,095
Subtotal(97,257)65,119
Benefits paid233,530216,510
"} {"question": "What would be the increase/ (decrease) in Benefits paid if the value in 2018 is reduced to 222,127 thousand?", "answer": ["-11403"], "context": "The employee pension plan mandated by the Labor Standards Act of the R.O.C. is a defined benefit plan. The pension benefits are disbursed based on the units of service years and average monthly salary prior to retirement according to the Labor Standards Act. Two units per year are awarded for the first 15 years of services while one unit per year is awarded after the completion of the 15th year and the total units will not exceed 45 units. The Company contributes an amount equivalent to 2% of the employees’ total salaries and wages on a monthly basis to the pension fund deposited with the Bank of Taiwan under the name of a pension fund supervisory committee. The pension fund is managed by the government’s designated authorities and therefore is not included in the Company’s consolidated financial statements. For the years ended December 31, 2017, 2018 and 2019, total pension expenses of NT$80 million, NT$69 million and NT$59 million, respectively, were recognized by the Company. Movements in present value of defined benefit obligation during the year:
For the years ended December 31,
20182019
$NT (In Thousands)$NT (In Thousands)
Defined benefit obligation at beginning of year$(5,671,058)$(5,620,509)
Items recognized as profit or loss:
Service cost(24,477)(21,043)
Interest cost(61,247)(51,146)
Subtotal(85,724)(72,189)
Remeasurements recognized in other comprehensive income (loss):
Arising from changes in financial assumptions(91,350)(114,976)
Experience adjustments(5,907)180,095
Subtotal(97,257)65,119
Benefits paid233,530216,510
"} {"question": "What would be the change in working capital between 2018 and 2019 if working capital in 2019 was $400,000 thousand instead?", "answer": ["130143"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following selected financial data has been derived from our consolidated financial statements (in thousands, except per share data). This data should be read together with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and the consolidated financial statements and related notes included elsewhere in this annual report. The financial information below is not necessarily indicative of the results of future operations. Future results could differ materially from historical results due to many factors, including those discussed in Item 1A, Risk Factors. (1) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, includes the acquisition of Speedpay as discussed in Note 3, Acquisition, to our Notes to Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K. (2) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, reflects the application of Accounting Standards Update (“ASU”) 2016-02, Leases (codified as “ASC 842”) as discussed in Note 14, Leases, to our Notes to Consolidated Financial Statements. (3) The consolidated balance sheet and statement of operations for the year ended December 31, 2018, reflects the adoption of ASU 2014-09, Revenue from Contracts with Customers (codified as “ASC 606”), as discussed in Note 2, Revenue, to our Notes to Consolidated Financial Statements, including a cumulative adjustment of $244.0 million to retained earnings. (4) The consolidated statement of operations for the year ended December 31, 2017, reflects the Baldwin Hackett & Meeks, Inc. (“BHMI”) judgment. We recorded $46.7 million in general and administrative expense and $1.4 million in interest expense, as discussed in Note 15, Commitments and Contingencies, to our Notes to Consolidated Financial Statements. (5) The consolidated balance sheet and statement of operations for the year ended December 31, 2016, reflects the sale of Community Financial Services assets and liabilities. (6) During the year ended December 31, 2019, we borrowed $500.0 million in the form of a new senior secured term loan and drew $250.0 million on the available Revolving Credit Facility to fund the acquisition of Speedpay. During the year ended December 31, 2018, we issued $400.0 million in senior notes due August 15, 2026. We used the net proceeds of these senior notes to redeem our outstanding $300.0 million senior notes due 2020, which we originally entered in to during the year ended December 31, 2013. See Note 5, Debt, to our Notes to Consolidated Financial Statements for additional information.
December 31,
2019 (1)(2)2018 (3)20172016 (5)2015
Balance Sheet Data:
Working capital$308,426$269,857$100,039$31,625$(2,360)
Total assets3,257,5342,122,4551,861,6391,902,2951,975,788
Current portion of debt (6)34,14820,76717,78690,32389,710
Debt (long-term portion) (6)1,350,592658,602668,356656,063845,639
Stockholders’ equity1,129,9681,048,231764,597754,917654,400
"} {"question": "What would be the change in current portion of debt between 2016 and 2017 if current portion of debt in 2016 was $50,000 thousand instead?", "answer": ["40323"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following selected financial data has been derived from our consolidated financial statements (in thousands, except per share data). This data should be read together with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and the consolidated financial statements and related notes included elsewhere in this annual report. The financial information below is not necessarily indicative of the results of future operations. Future results could differ materially from historical results due to many factors, including those discussed in Item 1A, Risk Factors. (1) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, includes the acquisition of Speedpay as discussed in Note 3, Acquisition, to our Notes to Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K. (2) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, reflects the application of Accounting Standards Update (“ASU”) 2016-02, Leases (codified as “ASC 842”) as discussed in Note 14, Leases, to our Notes to Consolidated Financial Statements. (3) The consolidated balance sheet and statement of operations for the year ended December 31, 2018, reflects the adoption of ASU 2014-09, Revenue from Contracts with Customers (codified as “ASC 606”), as discussed in Note 2, Revenue, to our Notes to Consolidated Financial Statements, including a cumulative adjustment of $244.0 million to retained earnings. (4) The consolidated statement of operations for the year ended December 31, 2017, reflects the Baldwin Hackett & Meeks, Inc. (“BHMI”) judgment. We recorded $46.7 million in general and administrative expense and $1.4 million in interest expense, as discussed in Note 15, Commitments and Contingencies, to our Notes to Consolidated Financial Statements. (5) The consolidated balance sheet and statement of operations for the year ended December 31, 2016, reflects the sale of Community Financial Services assets and liabilities. (6) During the year ended December 31, 2019, we borrowed $500.0 million in the form of a new senior secured term loan and drew $250.0 million on the available Revolving Credit Facility to fund the acquisition of Speedpay. During the year ended December 31, 2018, we issued $400.0 million in senior notes due August 15, 2026. We used the net proceeds of these senior notes to redeem our outstanding $300.0 million senior notes due 2020, which we originally entered in to during the year ended December 31, 2013. See Note 5, Debt, to our Notes to Consolidated Financial Statements for additional information.
December 31,
2019 (1)(2)2018 (3)20172016 (5)2015
Balance Sheet Data:
Working capital$308,426$269,857$100,039$31,625$(2,360)
Total assets3,257,5342,122,4551,861,6391,902,2951,975,788
Current portion of debt (6)34,14820,76717,78690,32389,710
Debt (long-term portion) (6)1,350,592658,602668,356656,063845,639
Stockholders’ equity1,129,9681,048,231764,597754,917654,400
"} {"question": "What would be the change in total assets between 2018 and 2019 if total assets in 2019 was $4,000,000 thousand instead?", "answer": ["88.46"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following selected financial data has been derived from our consolidated financial statements (in thousands, except per share data). This data should be read together with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and the consolidated financial statements and related notes included elsewhere in this annual report. The financial information below is not necessarily indicative of the results of future operations. Future results could differ materially from historical results due to many factors, including those discussed in Item 1A, Risk Factors. (1) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, includes the acquisition of Speedpay as discussed in Note 3, Acquisition, to our Notes to Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K. (2) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, reflects the application of Accounting Standards Update (“ASU”) 2016-02, Leases (codified as “ASC 842”) as discussed in Note 14, Leases, to our Notes to Consolidated Financial Statements. (3) The consolidated balance sheet and statement of operations for the year ended December 31, 2018, reflects the adoption of ASU 2014-09, Revenue from Contracts with Customers (codified as “ASC 606”), as discussed in Note 2, Revenue, to our Notes to Consolidated Financial Statements, including a cumulative adjustment of $244.0 million to retained earnings. (4) The consolidated statement of operations for the year ended December 31, 2017, reflects the Baldwin Hackett & Meeks, Inc. (“BHMI”) judgment. We recorded $46.7 million in general and administrative expense and $1.4 million in interest expense, as discussed in Note 15, Commitments and Contingencies, to our Notes to Consolidated Financial Statements. (5) The consolidated balance sheet and statement of operations for the year ended December 31, 2016, reflects the sale of Community Financial Services assets and liabilities. (6) During the year ended December 31, 2019, we borrowed $500.0 million in the form of a new senior secured term loan and drew $250.0 million on the available Revolving Credit Facility to fund the acquisition of Speedpay. During the year ended December 31, 2018, we issued $400.0 million in senior notes due August 15, 2026. We used the net proceeds of these senior notes to redeem our outstanding $300.0 million senior notes due 2020, which we originally entered in to during the year ended December 31, 2013. See Note 5, Debt, to our Notes to Consolidated Financial Statements for additional information.
December 31,
2019 (1)(2)2018 (3)20172016 (5)2015
Balance Sheet Data:
Working capital$308,426$269,857$100,039$31,625$(2,360)
Total assets3,257,5342,122,4551,861,6391,902,2951,975,788
Current portion of debt (6)34,14820,76717,78690,32389,710
Debt (long-term portion) (6)1,350,592658,602668,356656,063845,639
Stockholders’ equity1,129,9681,048,231764,597754,917654,400
"} {"question": "How many years between 2017 and 2019 had ending unrecognized tax benefits of over $12,000 million, if the ending unrecognized tax benefit for 2018 was $12,500 instead?", "answer": ["2"], "context": "Uncertain Tax Positions As of June 30, 2019, 2018, and 2017, we had accrued interest expense related to uncertain tax positions of $3.4 billion, $3.0 billion, and $2.3 billion, respectively, net of income tax benefits. The provision for (benefit from) income taxes for fiscal years 2019, 2018, and 2017 included interest expense related to uncertain tax positions of $515 million, $688 million, and $399 million, respectively, net of income tax benefits. The aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows: We settled a portion of the Internal Revenue Service (“IRS”) audit for tax years 2004 to 2006 in fiscal year 2011. In February 2012, the IRS withdrew its 2011 Revenue Agents Report related to unresolved issues for tax years 2004 to 2006 and reopened the audit phase of the examination. We also settled a portion of the IRS audit for tax years 2007 to 2009 in fiscal year 2016, and a portion of the IRS audit for tax years 2010 to 2013 in fiscal year 2018. We remain under audit for tax years 2004 to 2013. We expect the IRS to begin an examination of tax years 2014 to 2017 within the next 12 months. As of June 30, 2019, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact on our consolidated financial statements when the matters are resolved. We believe our allowances for income tax contingencies are adequate. We have not received a proposed assessment for the unresolved issues and do not expect a final resolution of these issues in the next 12 months. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months. We are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2018, some of which are currently under audit by local tax authorities. The resolution of each of these audits is not expected to be material to our consolidated financial statements.
(In millions)
Year Ended June 30,201920182017
Beginning unrecognized tax benefits$ 11,961$ 11,737$ 10,164
Decreases related to settlements(316)(193)(4)
Increases for tax positions related to the current year2,1061,4451,277
Increases for tax positions related to prior years508151397
Decreases for tax positions related to prior years(1,113)(1,176)(49)
Decreases due to lapsed statutes of limitations0(3)(48)
Ending unrecognized tax benefits$ 13,146$ 11,961$ 11,737
"} {"question": "How many years between 2017 and 2019 had Increases for tax positions related to prior years that were greater than 300 million?", "answer": ["2"], "context": "Uncertain Tax Positions As of June 30, 2019, 2018, and 2017, we had accrued interest expense related to uncertain tax positions of $3.4 billion, $3.0 billion, and $2.3 billion, respectively, net of income tax benefits. The provision for (benefit from) income taxes for fiscal years 2019, 2018, and 2017 included interest expense related to uncertain tax positions of $515 million, $688 million, and $399 million, respectively, net of income tax benefits. The aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows: We settled a portion of the Internal Revenue Service (“IRS”) audit for tax years 2004 to 2006 in fiscal year 2011. In February 2012, the IRS withdrew its 2011 Revenue Agents Report related to unresolved issues for tax years 2004 to 2006 and reopened the audit phase of the examination. We also settled a portion of the IRS audit for tax years 2007 to 2009 in fiscal year 2016, and a portion of the IRS audit for tax years 2010 to 2013 in fiscal year 2018. We remain under audit for tax years 2004 to 2013. We expect the IRS to begin an examination of tax years 2014 to 2017 within the next 12 months. As of June 30, 2019, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact on our consolidated financial statements when the matters are resolved. We believe our allowances for income tax contingencies are adequate. We have not received a proposed assessment for the unresolved issues and do not expect a final resolution of these issues in the next 12 months. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months. We are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2018, some of which are currently under audit by local tax authorities. The resolution of each of these audits is not expected to be material to our consolidated financial statements.
(In millions)
Year Ended June 30,201920182017
Beginning unrecognized tax benefits$ 11,961$ 11,737$ 10,164
Decreases related to settlements(316)(193)(4)
Increases for tax positions related to the current year2,1061,4451,277
Increases for tax positions related to prior years508151397
Decreases for tax positions related to prior years(1,113)(1,176)(49)
Decreases due to lapsed statutes of limitations0(3)(48)
Ending unrecognized tax benefits$ 13,146$ 11,961$ 11,737
"} {"question": "Which of the 3 years had the highest ending unrecognized tax benefits, if the ending unrecognized tax benefits for 2019 was now $13,000?", "answer": ["2019"], "context": "Uncertain Tax Positions As of June 30, 2019, 2018, and 2017, we had accrued interest expense related to uncertain tax positions of $3.4 billion, $3.0 billion, and $2.3 billion, respectively, net of income tax benefits. The provision for (benefit from) income taxes for fiscal years 2019, 2018, and 2017 included interest expense related to uncertain tax positions of $515 million, $688 million, and $399 million, respectively, net of income tax benefits. The aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows: We settled a portion of the Internal Revenue Service (“IRS”) audit for tax years 2004 to 2006 in fiscal year 2011. In February 2012, the IRS withdrew its 2011 Revenue Agents Report related to unresolved issues for tax years 2004 to 2006 and reopened the audit phase of the examination. We also settled a portion of the IRS audit for tax years 2007 to 2009 in fiscal year 2016, and a portion of the IRS audit for tax years 2010 to 2013 in fiscal year 2018. We remain under audit for tax years 2004 to 2013. We expect the IRS to begin an examination of tax years 2014 to 2017 within the next 12 months. As of June 30, 2019, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact on our consolidated financial statements when the matters are resolved. We believe our allowances for income tax contingencies are adequate. We have not received a proposed assessment for the unresolved issues and do not expect a final resolution of these issues in the next 12 months. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months. We are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2018, some of which are currently under audit by local tax authorities. The resolution of each of these audits is not expected to be material to our consolidated financial statements.
(In millions)
Year Ended June 30,201920182017
Beginning unrecognized tax benefits$ 11,961$ 11,737$ 10,164
Decreases related to settlements(316)(193)(4)
Increases for tax positions related to the current year2,1061,4451,277
Increases for tax positions related to prior years508151397
Decreases for tax positions related to prior years(1,113)(1,176)(49)
Decreases due to lapsed statutes of limitations0(3)(48)
Ending unrecognized tax benefits$ 13,146$ 11,961$ 11,737
"} {"question": "If the Net (loss) income in Year Ended December 31, 2019 increased to -157,845 thousand, what would be the revised change between 2018 and 2019?", "answer": ["-100098"], "context": "The following table reconciles our historical consolidated EBITDA and Adjusted EBITDA to net (loss) income. (a) Foreign currency exchange loss (gain) includes the unrealized loss of $13.2 million in 2019 (2018 – gain of $21.2 million, 2017 – gain of $82.7 million, 2016 – gain of $75.0 million, and 2015 – loss of $89.2 million) on cross currency swaps. (b) In June 2016, as part of its financing initiatives, Altera canceled the construction contracts for its two UMS newbuildings. As a result, Altera accrued for potential damages resulting from the cancellations and reversed contingent liabilities previously recorded that were relating to the delivery of the UMS newbuildings. This net loss provision of $23.4 million for the year ended December 31, 2016 was reported in other loss in our consolidated statement of income. The newbuilding contracts were held in Altera's separate subsidiaries and obligations of these subsidiaries were non-recourse to Altera. (c) During the year ended December 31, 2016, the Company recorded a write-down of a cost-accounted investment of $19.0 million. This investment was subsequently sold in 2017, resulting in a gain on sale of $1.3 million. During 2017, the Company recognized an additional tax indemnification guarantee liability of $50 million related to the Teekay Nakilat finance leases. For additional information, please read \"Item 18 – Financial Statements: Note 15 – Other loss\". (d) Adjustments related to equity (loss) income is a non-GAAP financial measure and should not be considered as an alternative to equity income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjustments related to equity (loss) income exclude some, but not all, items that affect equity (loss) income, and these measures may vary among other companies. Therefore, adjustments related to equity (loss) income as presented in this Annual Report may not be comparable to similarly titled measures of other companies. Adjustments related to equity (loss) income includes depreciation and amortization, net interest expense, income tax expense (recovery), amortization of in-process revenue contracts, direct finance and salestype lease payments received in excess of revenue recognized, write-down and loss (gain) on sales of vessels, realized and unrealized loss (gain) on derivative instruments and other items, realized loss (gain) on foreign currency forward contracts, and write-down and gain on sale of equity-accounted investments, in each case related to our equity-accounted entities, on the basis of our ownership percentages of such entities.
Year Ended December 31,
20192018201720162015
Income Statement Data:(in thousands of U.S. Dollars)
Reconciliation of EBITDA and Adjusted EBITDA to Net (loss) income
Net (loss) income$(148,986)$(57,747)$(529,072)$86,664$405,460
Income tax expense (recovery)25,48219,72412,23224,468(16,767)
Depreciation and amortization290,672276,307485,829571,825509,500
Interest expense, net of interest income271,255245,601262,110278,145236,481
EBITDA438,423483,885231,099961,1021,134,674
Foreign exchange loss (gain) (a)13,574(6,140)26,4636,5482,195
Other loss (income) (b) (c)14,4752,01353,98139,013(1,566)
Write-down and loss on sale of vessels170,31053,693270,743112,24670,175
Direct finance lease payments received in excess of revenue recognized21,63611,08218,73728,34824,429
Amortization of in-process revenue contracts and other(4,131)(10,217)(13,460)(24,195)(33,226)
Realized and unrealized losses on non-designated derivative instruments13,71914,85238,85435,091102,200
Realized gains (losses) from the settlements of nondesignated derivative instruments1,532—2,047(8,646)(20,008)
Loss on deconsolidation of Altera—7,070104,788——
Adjustments related to equity (loss) income (d)282,375219,395217,866137,496136,921
Adjusted EBITDA951,913775,633951,1181,287,0031,415,794
"} {"question": "If the Income tax expense (recovery) in Year Ended December 31, 2019 increased to 34,147 thousand, what would be the revised change?", "answer": ["14423"], "context": "The following table reconciles our historical consolidated EBITDA and Adjusted EBITDA to net (loss) income. (a) Foreign currency exchange loss (gain) includes the unrealized loss of $13.2 million in 2019 (2018 – gain of $21.2 million, 2017 – gain of $82.7 million, 2016 – gain of $75.0 million, and 2015 – loss of $89.2 million) on cross currency swaps. (b) In June 2016, as part of its financing initiatives, Altera canceled the construction contracts for its two UMS newbuildings. As a result, Altera accrued for potential damages resulting from the cancellations and reversed contingent liabilities previously recorded that were relating to the delivery of the UMS newbuildings. This net loss provision of $23.4 million for the year ended December 31, 2016 was reported in other loss in our consolidated statement of income. The newbuilding contracts were held in Altera's separate subsidiaries and obligations of these subsidiaries were non-recourse to Altera. (c) During the year ended December 31, 2016, the Company recorded a write-down of a cost-accounted investment of $19.0 million. This investment was subsequently sold in 2017, resulting in a gain on sale of $1.3 million. During 2017, the Company recognized an additional tax indemnification guarantee liability of $50 million related to the Teekay Nakilat finance leases. For additional information, please read \"Item 18 – Financial Statements: Note 15 – Other loss\". (d) Adjustments related to equity (loss) income is a non-GAAP financial measure and should not be considered as an alternative to equity income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjustments related to equity (loss) income exclude some, but not all, items that affect equity (loss) income, and these measures may vary among other companies. Therefore, adjustments related to equity (loss) income as presented in this Annual Report may not be comparable to similarly titled measures of other companies. Adjustments related to equity (loss) income includes depreciation and amortization, net interest expense, income tax expense (recovery), amortization of in-process revenue contracts, direct finance and salestype lease payments received in excess of revenue recognized, write-down and loss (gain) on sales of vessels, realized and unrealized loss (gain) on derivative instruments and other items, realized loss (gain) on foreign currency forward contracts, and write-down and gain on sale of equity-accounted investments, in each case related to our equity-accounted entities, on the basis of our ownership percentages of such entities.
Year Ended December 31,
20192018201720162015
Income Statement Data:(in thousands of U.S. Dollars)
Reconciliation of EBITDA and Adjusted EBITDA to Net (loss) income
Net (loss) income$(148,986)$(57,747)$(529,072)$86,664$405,460
Income tax expense (recovery)25,48219,72412,23224,468(16,767)
Depreciation and amortization290,672276,307485,829571,825509,500
Interest expense, net of interest income271,255245,601262,110278,145236,481
EBITDA438,423483,885231,099961,1021,134,674
Foreign exchange loss (gain) (a)13,574(6,140)26,4636,5482,195
Other loss (income) (b) (c)14,4752,01353,98139,013(1,566)
Write-down and loss on sale of vessels170,31053,693270,743112,24670,175
Direct finance lease payments received in excess of revenue recognized21,63611,08218,73728,34824,429
Amortization of in-process revenue contracts and other(4,131)(10,217)(13,460)(24,195)(33,226)
Realized and unrealized losses on non-designated derivative instruments13,71914,85238,85435,091102,200
Realized gains (losses) from the settlements of nondesignated derivative instruments1,532—2,047(8,646)(20,008)
Loss on deconsolidation of Altera—7,070104,788——
Adjustments related to equity (loss) income (d)282,375219,395217,866137,496136,921
Adjusted EBITDA951,913775,633951,1181,287,0031,415,794
"} {"question": "If net (loss) income in 2016 was -100,000 thousands, in which years would have it recorded a net loss?", "answer": ["2019", "2018", "2017", "2016"], "context": "The following table reconciles our historical consolidated EBITDA and Adjusted EBITDA to net (loss) income. (a) Foreign currency exchange loss (gain) includes the unrealized loss of $13.2 million in 2019 (2018 – gain of $21.2 million, 2017 – gain of $82.7 million, 2016 – gain of $75.0 million, and 2015 – loss of $89.2 million) on cross currency swaps. (b) In June 2016, as part of its financing initiatives, Altera canceled the construction contracts for its two UMS newbuildings. As a result, Altera accrued for potential damages resulting from the cancellations and reversed contingent liabilities previously recorded that were relating to the delivery of the UMS newbuildings. This net loss provision of $23.4 million for the year ended December 31, 2016 was reported in other loss in our consolidated statement of income. The newbuilding contracts were held in Altera's separate subsidiaries and obligations of these subsidiaries were non-recourse to Altera. (c) During the year ended December 31, 2016, the Company recorded a write-down of a cost-accounted investment of $19.0 million. This investment was subsequently sold in 2017, resulting in a gain on sale of $1.3 million. During 2017, the Company recognized an additional tax indemnification guarantee liability of $50 million related to the Teekay Nakilat finance leases. For additional information, please read \"Item 18 – Financial Statements: Note 15 – Other loss\". (d) Adjustments related to equity (loss) income is a non-GAAP financial measure and should not be considered as an alternative to equity income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjustments related to equity (loss) income exclude some, but not all, items that affect equity (loss) income, and these measures may vary among other companies. Therefore, adjustments related to equity (loss) income as presented in this Annual Report may not be comparable to similarly titled measures of other companies. Adjustments related to equity (loss) income includes depreciation and amortization, net interest expense, income tax expense (recovery), amortization of in-process revenue contracts, direct finance and salestype lease payments received in excess of revenue recognized, write-down and loss (gain) on sales of vessels, realized and unrealized loss (gain) on derivative instruments and other items, realized loss (gain) on foreign currency forward contracts, and write-down and gain on sale of equity-accounted investments, in each case related to our equity-accounted entities, on the basis of our ownership percentages of such entities.
Year Ended December 31,
20192018201720162015
Income Statement Data:(in thousands of U.S. Dollars)
Reconciliation of EBITDA and Adjusted EBITDA to Net (loss) income
Net (loss) income$(148,986)$(57,747)$(529,072)$86,664$405,460
Income tax expense (recovery)25,48219,72412,23224,468(16,767)
Depreciation and amortization290,672276,307485,829571,825509,500
Interest expense, net of interest income271,255245,601262,110278,145236,481
EBITDA438,423483,885231,099961,1021,134,674
Foreign exchange loss (gain) (a)13,574(6,140)26,4636,5482,195
Other loss (income) (b) (c)14,4752,01353,98139,013(1,566)
Write-down and loss on sale of vessels170,31053,693270,743112,24670,175
Direct finance lease payments received in excess of revenue recognized21,63611,08218,73728,34824,429
Amortization of in-process revenue contracts and other(4,131)(10,217)(13,460)(24,195)(33,226)
Realized and unrealized losses on non-designated derivative instruments13,71914,85238,85435,091102,200
Realized gains (losses) from the settlements of nondesignated derivative instruments1,532—2,047(8,646)(20,008)
Loss on deconsolidation of Altera—7,070104,788——
Adjustments related to equity (loss) income (d)282,375219,395217,866137,496136,921
Adjusted EBITDA951,913775,633951,1181,287,0031,415,794
"} {"question": "If the Non deductible expenses in 2019 increased to 1.1, what would be the revised change between December 31, 2018 and 2019?", "answer": ["0.5"], "context": "The provision for income taxes differed from the provision computed by applying the Federal statutory rate to income (loss) from continuing operations before taxes due to the following: The effective income tax rate was 18.9% and (141.8)% during the years ended December 31, 2019 and December 31, 2018, respectively. The decrease in 2019 compared to statutory tax rate of 21% was primarily due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options. The effective tax rate for the year ended December 31,2018 was significantly impacted by recording a substantial increase in a valuation allowance on the entire deferred tax assets.
Year ended December 31,
20192018
Federal statutory tax rate21.0%21.0%
State taxes(4.5)4.4
Non deductible expenses(0.3)(0.6)
Tax credits4.04.6
Expired tax credit(1.3)(3.9)
Deferred tax adjustment(4.8)—
Stock based compensation1.90.8
Valuation allowance3.2(167.0)
Contingent purchase revaluation—(1.0)
Other(0.3)(0.1)
18.9%(141.8)%
"} {"question": "If the Tax credits in 2019 increased to 5.2, what would be the revised change between December 31, 2018 and 2019?", "answer": ["0.6"], "context": "The provision for income taxes differed from the provision computed by applying the Federal statutory rate to income (loss) from continuing operations before taxes due to the following: The effective income tax rate was 18.9% and (141.8)% during the years ended December 31, 2019 and December 31, 2018, respectively. The decrease in 2019 compared to statutory tax rate of 21% was primarily due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options. The effective tax rate for the year ended December 31,2018 was significantly impacted by recording a substantial increase in a valuation allowance on the entire deferred tax assets.
Year ended December 31,
20192018
Federal statutory tax rate21.0%21.0%
State taxes(4.5)4.4
Non deductible expenses(0.3)(0.6)
Tax credits4.04.6
Expired tax credit(1.3)(3.9)
Deferred tax adjustment(4.8)—
Stock based compensation1.90.8
Valuation allowance3.2(167.0)
Contingent purchase revaluation—(1.0)
Other(0.3)(0.1)
18.9%(141.8)%
"} {"question": "If the Non deductible expenses in 2019 increased to 1.1 what would be the revised average for December 31, 2018 and 2019?", "answer": ["0.85"], "context": "The provision for income taxes differed from the provision computed by applying the Federal statutory rate to income (loss) from continuing operations before taxes due to the following: The effective income tax rate was 18.9% and (141.8)% during the years ended December 31, 2019 and December 31, 2018, respectively. The decrease in 2019 compared to statutory tax rate of 21% was primarily due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options. The effective tax rate for the year ended December 31,2018 was significantly impacted by recording a substantial increase in a valuation allowance on the entire deferred tax assets.
Year ended December 31,
20192018
Federal statutory tax rate21.0%21.0%
State taxes(4.5)4.4
Non deductible expenses(0.3)(0.6)
Tax credits4.04.6
Expired tax credit(1.3)(3.9)
Deferred tax adjustment(4.8)—
Stock based compensation1.90.8
Valuation allowance3.2(167.0)
Contingent purchase revaluation—(1.0)
Other(0.3)(0.1)
18.9%(141.8)%
"} {"question": "What would be the percentage change in all other fees incurred by the company between 2018 and 2019 if all other fees incurred in 2019 is increased by 1,000?", "answer": ["50"], "context": "Fees Paid to our Independent Auditor The following table sets forth the fees billed to us by Ernst & Young LLP for services in fiscal 2019 and 2018, all of which were pre-approved by the Audit Committee. (1) In accordance with the SEC’s definitions and rules, “audit fees” are fees that were billed to Systemax by Ernst & Young LLP for the audit of our annual financial statements, to be included in the Form 10-K, and review of financial statements included in the Form 10-Qs; for the audit of our internal control over financial reporting with the objective of obtaining reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects; for the attestation of management’s report on the effectiveness of internal control over financial reporting; and for services that are normally provided by the auditor in connection with statutory and regulatory filings or engagements. (2) “Audit-related fees” are fees for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and internal control over financial reporting, including services in connection with assisting Systemax in our compliance with our obligations under Section 404 of the Sarbanes-Oxley Act and related regulations. (3) Ernst & Young LLP did not provide any professional services for tax compliance, planning or advice in 2019 or 2018. (4) Consists of fees billed for other professional services rendered to Systemax.
Fee Category2019 ($)2018 ($)
Audit fees (1)1,196,0001,257,000
Audit-related fees (2)015,000
Tax fees (3)00
All other fees (4)2,0002,000
Total1,198,0001,274,000
"} {"question": "What would be the value of the audit-related fees as a percentage of the total fees paid to the auditor in 2018 if audit-related fees is increased by 20%?", "answer": ["1.41"], "context": "Fees Paid to our Independent Auditor The following table sets forth the fees billed to us by Ernst & Young LLP for services in fiscal 2019 and 2018, all of which were pre-approved by the Audit Committee. (1) In accordance with the SEC’s definitions and rules, “audit fees” are fees that were billed to Systemax by Ernst & Young LLP for the audit of our annual financial statements, to be included in the Form 10-K, and review of financial statements included in the Form 10-Qs; for the audit of our internal control over financial reporting with the objective of obtaining reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects; for the attestation of management’s report on the effectiveness of internal control over financial reporting; and for services that are normally provided by the auditor in connection with statutory and regulatory filings or engagements. (2) “Audit-related fees” are fees for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and internal control over financial reporting, including services in connection with assisting Systemax in our compliance with our obligations under Section 404 of the Sarbanes-Oxley Act and related regulations. (3) Ernst & Young LLP did not provide any professional services for tax compliance, planning or advice in 2019 or 2018. (4) Consists of fees billed for other professional services rendered to Systemax.
Fee Category2019 ($)2018 ($)
Audit fees (1)1,196,0001,257,000
Audit-related fees (2)015,000
Tax fees (3)00
All other fees (4)2,0002,000
Total1,198,0001,274,000
"} {"question": "What would be the change in audit fees between 2018 and 2019 if audit fees in 2019 was halved and then increased by 5,000?", "answer": ["654000"], "context": "Fees Paid to our Independent Auditor The following table sets forth the fees billed to us by Ernst & Young LLP for services in fiscal 2019 and 2018, all of which were pre-approved by the Audit Committee. (1) In accordance with the SEC’s definitions and rules, “audit fees” are fees that were billed to Systemax by Ernst & Young LLP for the audit of our annual financial statements, to be included in the Form 10-K, and review of financial statements included in the Form 10-Qs; for the audit of our internal control over financial reporting with the objective of obtaining reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects; for the attestation of management’s report on the effectiveness of internal control over financial reporting; and for services that are normally provided by the auditor in connection with statutory and regulatory filings or engagements. (2) “Audit-related fees” are fees for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and internal control over financial reporting, including services in connection with assisting Systemax in our compliance with our obligations under Section 404 of the Sarbanes-Oxley Act and related regulations. (3) Ernst & Young LLP did not provide any professional services for tax compliance, planning or advice in 2019 or 2018. (4) Consists of fees billed for other professional services rendered to Systemax.
Fee Category2019 ($)2018 ($)
Audit fees (1)1,196,0001,257,000
Audit-related fees (2)015,000
Tax fees (3)00
All other fees (4)2,0002,000
Total1,198,0001,274,000
"} {"question": "What would be the total Maximum Dollar Value of shares that may yet be purchased under the Repurchase Program during October 1, 2019 through November 30, 2019 if the amount in October decreased by $1,000,000?", "answer": ["23165184"], "context": "Net Settlement of Equity Awards The majority of restricted stock units are subject to vesting. The underlying shares of common stock are issued when the restricted stock units vest. The majority of participants choose to participate in a broker-assisted automatic sales program to satisfy their applicable tax withholding requirements. We do not treat the shares sold pursuant to this automatic sales program as common stock repurchases. In the fourth quarter of 2019, we withheld 83,327 shares through net settlements (where the award holder receives the net of the shares vested, after surrendering a portion of the shares back to the Company for tax withholding) for restricted stock units that vested for some of our executive officers. The following table provides a summary of the Company’s repurchase of common stock under the Repurchase Program and shares surrendered back to the Company for tax withholding on restricted stock units that vested under our equity incentive programs in the three months ended December 31, 2019:
PeriodTotal Number of Shares RepurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as part of a Publicly Announced ProgramMaximum Dollar Value of shares that may yet be purchased under the Repurchase Program
October 1, 2019 through October 31, 2019--- -$12,544,543
November 1, 2019 through November 30, 2019274,681$4.82191,354$11,620,641
December 1, 2019 through December 31, 2019374,490$4.70374,490$9,859,153
Total shares repurchased649,171$4.75565,844$9,859,153
"} {"question": "What would be the percentage change in total Number of Shares Purchased as part of a Publicly Announced Program from November to December 2019 if the amount in December was 400,000 instead?", "answer": ["109.04"], "context": "Net Settlement of Equity Awards The majority of restricted stock units are subject to vesting. The underlying shares of common stock are issued when the restricted stock units vest. The majority of participants choose to participate in a broker-assisted automatic sales program to satisfy their applicable tax withholding requirements. We do not treat the shares sold pursuant to this automatic sales program as common stock repurchases. In the fourth quarter of 2019, we withheld 83,327 shares through net settlements (where the award holder receives the net of the shares vested, after surrendering a portion of the shares back to the Company for tax withholding) for restricted stock units that vested for some of our executive officers. The following table provides a summary of the Company’s repurchase of common stock under the Repurchase Program and shares surrendered back to the Company for tax withholding on restricted stock units that vested under our equity incentive programs in the three months ended December 31, 2019:
PeriodTotal Number of Shares RepurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as part of a Publicly Announced ProgramMaximum Dollar Value of shares that may yet be purchased under the Repurchase Program
October 1, 2019 through October 31, 2019--- -$12,544,543
November 1, 2019 through November 30, 2019274,681$4.82191,354$11,620,641
December 1, 2019 through December 31, 2019374,490$4.70374,490$9,859,153
Total shares repurchased649,171$4.75565,844$9,859,153
"} {"question": "From November 1 2019 to December 31 2019, how many months would the average price paid per share be more than $4.72 if the price paid per share in December was $4.79?", "answer": ["2"], "context": "Net Settlement of Equity Awards The majority of restricted stock units are subject to vesting. The underlying shares of common stock are issued when the restricted stock units vest. The majority of participants choose to participate in a broker-assisted automatic sales program to satisfy their applicable tax withholding requirements. We do not treat the shares sold pursuant to this automatic sales program as common stock repurchases. In the fourth quarter of 2019, we withheld 83,327 shares through net settlements (where the award holder receives the net of the shares vested, after surrendering a portion of the shares back to the Company for tax withholding) for restricted stock units that vested for some of our executive officers. The following table provides a summary of the Company’s repurchase of common stock under the Repurchase Program and shares surrendered back to the Company for tax withholding on restricted stock units that vested under our equity incentive programs in the three months ended December 31, 2019:
PeriodTotal Number of Shares RepurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as part of a Publicly Announced ProgramMaximum Dollar Value of shares that may yet be purchased under the Repurchase Program
October 1, 2019 through October 31, 2019--- -$12,544,543
November 1, 2019 through November 30, 2019274,681$4.82191,354$11,620,641
December 1, 2019 through December 31, 2019374,490$4.70374,490$9,859,153
Total shares repurchased649,171$4.75565,844$9,859,153
"} {"question": "What is the average interest and dividend income for the 3 year period from 2017 to 2019, if the interest and dividend income in 2017 was $2,100 million?", "answer": ["2358.67"], "context": "OTHER INCOME (EXPENSE), NET The components of other income (expense), net were as follows: We use derivative instruments to: manage risks related to foreign currencies, equity prices, interest rates, and credit; enhance investment returns; and facilitate portfolio diversification. Gains and losses from changes in fair values of derivatives that are not designated as hedging instruments are primarily recognized in other income (expense), net. Fiscal Year 2019 Compared with Fiscal Year 2018 Interest and dividends income increased primarily due to higher yields on fixed-income securities. Interest expense decreased primarily driven by a decrease in outstanding long-term debt due to debt maturities, offset in part by higher finance lease expense. Net recognized gains on investments decreased primarily due to lower gains on sales of equity investments. Net gains on derivatives includes gains on foreign exchange and interest rate derivatives in the current period as compared to losses in the prior period. Fiscal Year 2018 Compared with Fiscal Year 2017 Dividends and interest income increased primarily due to higher average portfolio balances and yields on fixed-income securities. Interest expense increased primarily due to higher average outstanding long-term debt and higher finance lease expense. Net recognized gains on investments decreased primarily due to higher losses on sales of fixed-income securities, offset in part by higher gains on sales of equity securities. Net losses on derivatives decreased primarily due to lower losses on equity, foreign exchange, and commodity derivatives, offset in part by losses on interest rate derivatives in the current period as compared to gains in the prior period.
(In millions)
Year Ended June 30,201920182017
Interest and dividends income$ 2,762$ 2,214$ 1,387
Interest expense(2,686)(2,733)(2,222)
Net recognized gains on investments6482,3992,583
Net gains (losses) on derivatives144(187)(510)
Net losses on foreign currency remeasurements(82)(218)(111)
Other, net(57)(59)(251)
Total$ 729$ 1,416$ 876
"} {"question": "What is the average total income for the 3 year period from 2017 to 2019, if the total income for 2017 was $1,200 million??", "answer": ["1115"], "context": "OTHER INCOME (EXPENSE), NET The components of other income (expense), net were as follows: We use derivative instruments to: manage risks related to foreign currencies, equity prices, interest rates, and credit; enhance investment returns; and facilitate portfolio diversification. Gains and losses from changes in fair values of derivatives that are not designated as hedging instruments are primarily recognized in other income (expense), net. Fiscal Year 2019 Compared with Fiscal Year 2018 Interest and dividends income increased primarily due to higher yields on fixed-income securities. Interest expense decreased primarily driven by a decrease in outstanding long-term debt due to debt maturities, offset in part by higher finance lease expense. Net recognized gains on investments decreased primarily due to lower gains on sales of equity investments. Net gains on derivatives includes gains on foreign exchange and interest rate derivatives in the current period as compared to losses in the prior period. Fiscal Year 2018 Compared with Fiscal Year 2017 Dividends and interest income increased primarily due to higher average portfolio balances and yields on fixed-income securities. Interest expense increased primarily due to higher average outstanding long-term debt and higher finance lease expense. Net recognized gains on investments decreased primarily due to higher losses on sales of fixed-income securities, offset in part by higher gains on sales of equity securities. Net losses on derivatives decreased primarily due to lower losses on equity, foreign exchange, and commodity derivatives, offset in part by losses on interest rate derivatives in the current period as compared to gains in the prior period.
(In millions)
Year Ended June 30,201920182017
Interest and dividends income$ 2,762$ 2,214$ 1,387
Interest expense(2,686)(2,733)(2,222)
Net recognized gains on investments6482,3992,583
Net gains (losses) on derivatives144(187)(510)
Net losses on foreign currency remeasurements(82)(218)(111)
Other, net(57)(59)(251)
Total$ 729$ 1,416$ 876
"} {"question": "What was the % change in interest and dividends income from 2018 to 2019, if the total interest and dividend income was $3,000 million in 2019?", "answer": ["35.5"], "context": "OTHER INCOME (EXPENSE), NET The components of other income (expense), net were as follows: We use derivative instruments to: manage risks related to foreign currencies, equity prices, interest rates, and credit; enhance investment returns; and facilitate portfolio diversification. Gains and losses from changes in fair values of derivatives that are not designated as hedging instruments are primarily recognized in other income (expense), net. Fiscal Year 2019 Compared with Fiscal Year 2018 Interest and dividends income increased primarily due to higher yields on fixed-income securities. Interest expense decreased primarily driven by a decrease in outstanding long-term debt due to debt maturities, offset in part by higher finance lease expense. Net recognized gains on investments decreased primarily due to lower gains on sales of equity investments. Net gains on derivatives includes gains on foreign exchange and interest rate derivatives in the current period as compared to losses in the prior period. Fiscal Year 2018 Compared with Fiscal Year 2017 Dividends and interest income increased primarily due to higher average portfolio balances and yields on fixed-income securities. Interest expense increased primarily due to higher average outstanding long-term debt and higher finance lease expense. Net recognized gains on investments decreased primarily due to higher losses on sales of fixed-income securities, offset in part by higher gains on sales of equity securities. Net losses on derivatives decreased primarily due to lower losses on equity, foreign exchange, and commodity derivatives, offset in part by losses on interest rate derivatives in the current period as compared to gains in the prior period.
(In millions)
Year Ended June 30,201920182017
Interest and dividends income$ 2,762$ 2,214$ 1,387
Interest expense(2,686)(2,733)(2,222)
Net recognized gains on investments6482,3992,583
Net gains (losses) on derivatives144(187)(510)
Net losses on foreign currency remeasurements(82)(218)(111)
Other, net(57)(59)(251)
Total$ 729$ 1,416$ 876
"} {"question": "If the Income from continuing operations before income taxes for Fiscal 2019 was $100 million, What would be the change in Income from continuing operations before income taxes from fiscal 2018 to fiscal 2019?", "answer": ["337"], "context": "Provision for income taxes We are a U.S.-based multinational company subject to tax in multiple U.S. and international tax jurisdictions. A substantial portion of our international earnings were generated from subsidiaries organized in Ireland and Singapore. Our results of operations would be adversely affected to the extent that our geographical mix of income becomes more weighted toward jurisdictions with higher tax rates and would be favorably affected to the extent the relative geographic mix shifts to lower tax jurisdictions. Any change in our mix of earnings is dependent upon many factors and is therefore difficult to predict. The increase in our effective tax rate in fiscal 2019 compared to fiscal 2018 was primarily due to one-time benefits from the 2017 Tax Act in fiscal 2018. In addition, increases in tax expense in fiscal 2019 are attributable to the valuation allowance on capital losses for which we cannot yet recognize a tax benefit.
Fiscal Year
(In millions, except for percentages)20192018
Income from continuing operations before income taxes$108$437
Provision for (benefit from) income taxes$92$(690)
Effective tax rate on income from continuing operations85%(158)%
"} {"question": "If the Income from continuing operations before income taxes for Fiscal 2019 was $100 million, What would be the average Income from continuing operations before income taxes for fiscal 2019 and fiscal 2018?", "answer": ["268.5"], "context": "Provision for income taxes We are a U.S.-based multinational company subject to tax in multiple U.S. and international tax jurisdictions. A substantial portion of our international earnings were generated from subsidiaries organized in Ireland and Singapore. Our results of operations would be adversely affected to the extent that our geographical mix of income becomes more weighted toward jurisdictions with higher tax rates and would be favorably affected to the extent the relative geographic mix shifts to lower tax jurisdictions. Any change in our mix of earnings is dependent upon many factors and is therefore difficult to predict. The increase in our effective tax rate in fiscal 2019 compared to fiscal 2018 was primarily due to one-time benefits from the 2017 Tax Act in fiscal 2018. In addition, increases in tax expense in fiscal 2019 are attributable to the valuation allowance on capital losses for which we cannot yet recognize a tax benefit.
Fiscal Year
(In millions, except for percentages)20192018
Income from continuing operations before income taxes$108$437
Provision for (benefit from) income taxes$92$(690)
Effective tax rate on income from continuing operations85%(158)%
"} {"question": "If the Provision for (benefit from) income taxes for fiscal 2019 was $200 million, What would be the average Provision for (benefit from) income taxes?", "answer": ["-245"], "context": "Provision for income taxes We are a U.S.-based multinational company subject to tax in multiple U.S. and international tax jurisdictions. A substantial portion of our international earnings were generated from subsidiaries organized in Ireland and Singapore. Our results of operations would be adversely affected to the extent that our geographical mix of income becomes more weighted toward jurisdictions with higher tax rates and would be favorably affected to the extent the relative geographic mix shifts to lower tax jurisdictions. Any change in our mix of earnings is dependent upon many factors and is therefore difficult to predict. The increase in our effective tax rate in fiscal 2019 compared to fiscal 2018 was primarily due to one-time benefits from the 2017 Tax Act in fiscal 2018. In addition, increases in tax expense in fiscal 2019 are attributable to the valuation allowance on capital losses for which we cannot yet recognize a tax benefit.
Fiscal Year
(In millions, except for percentages)20192018
Income from continuing operations before income taxes$108$437
Provision for (benefit from) income taxes$92$(690)
Effective tax rate on income from continuing operations85%(158)%
"} {"question": "What would be the average non-GAAP gross profit for the 3 year period from 2017 to 2019, if the non-GAAP gross profit in 2019 was 165,000 thousand instead?", "answer": ["160741.67"], "context": "Free cash flow Our non-GAAP financial measures also include free cash flow, which we define as cash provided by (used in) operating activities less the amount of property and equipment purchased. Management believes that information regarding free cash flow provides investors with an important perspective on the cash available to invest in our business and fund ongoing operations. However, our calculation of free cash flow may not be comparable to similar measures used by other companies. We believe these non-GAAP financial measures are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. We monitor the following non-GAAP financial measures:
For the year ended December 31,
(in thousands, except percentages and per share data)201920182017
Non-GAAP gross profit$168,242$163,376$153,849
Non-GAAP gross margin82.0%84.6%85.6%
Non-GAAP operating loss$(8,689)$(4,325)$(16,440)
Non-GAAP operating margin(4.2)%(2.2)%(9.1)%
Non-GAAP net loss$(9,460)$(4,548)$(16,594)
Non-GAAP net loss per share$(0.09)$(0.04)$(0.18)
Free cash flow$(3,924)$12,201$(3,418)
"} {"question": "What would be the % change in the free cash flow from 2017 to 2018, if the free cash flow in 2017 was $3,418 thousand instead?", "answer": ["256.96"], "context": "Free cash flow Our non-GAAP financial measures also include free cash flow, which we define as cash provided by (used in) operating activities less the amount of property and equipment purchased. Management believes that information regarding free cash flow provides investors with an important perspective on the cash available to invest in our business and fund ongoing operations. However, our calculation of free cash flow may not be comparable to similar measures used by other companies. We believe these non-GAAP financial measures are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. We monitor the following non-GAAP financial measures:
For the year ended December 31,
(in thousands, except percentages and per share data)201920182017
Non-GAAP gross profit$168,242$163,376$153,849
Non-GAAP gross margin82.0%84.6%85.6%
Non-GAAP operating loss$(8,689)$(4,325)$(16,440)
Non-GAAP operating margin(4.2)%(2.2)%(9.1)%
Non-GAAP net loss$(9,460)$(4,548)$(16,594)
Non-GAAP net loss per share$(0.09)$(0.04)$(0.18)
Free cash flow$(3,924)$12,201$(3,418)
"} {"question": "What would be the change in non-GAAP gross profit between 2017 and 2019, as a % of the total gross profit for 2018 if the value for 2018 was $153,849?", "answer": ["9.36"], "context": "Free cash flow Our non-GAAP financial measures also include free cash flow, which we define as cash provided by (used in) operating activities less the amount of property and equipment purchased. Management believes that information regarding free cash flow provides investors with an important perspective on the cash available to invest in our business and fund ongoing operations. However, our calculation of free cash flow may not be comparable to similar measures used by other companies. We believe these non-GAAP financial measures are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. We monitor the following non-GAAP financial measures:
For the year ended December 31,
(in thousands, except percentages and per share data)201920182017
Non-GAAP gross profit$168,242$163,376$153,849
Non-GAAP gross margin82.0%84.6%85.6%
Non-GAAP operating loss$(8,689)$(4,325)$(16,440)
Non-GAAP operating margin(4.2)%(2.2)%(9.1)%
Non-GAAP net loss$(9,460)$(4,548)$(16,594)
Non-GAAP net loss per share$(0.09)$(0.04)$(0.18)
Free cash flow$(3,924)$12,201$(3,418)
"} {"question": "If net additions in primary service units were -60,000 in 2019, what was the increase / (decrease)?", "answer": ["-4151"], "context": "CUSTOMER STATISTICS (1) Excludes adjustments related to the migration to the new customer management system implemented during the third quarter of fiscal 2018. (2) As a percentage of homes passed. During the third quarter of fiscal 2018, the Canadian broadband services segment implemented a new customer management system, replacing 22 legacy systems. While the customer management system was still in the stabilization phase, contact center congestion resulted in lower services activations during most of the fourth quarter of fiscal 2018 and the first quarter of 2019. Contact center and marketing operations had returned to normal at the end of the first quarter of 2019. Variations of each services are also explained as follows: INTERNET Fiscal 2019 Internet service customers net additions stood at 5,966 compared to 14,173 for the prior year mainly due to: • the ongoing interest in high speed offerings; • the sustained interest in bundle offers; and • the increased demand from Internet resellers; partly offset by • competitive offers in the industry; and • contact center congestion during the stabilization period of the new customer management system. VIDEO Fiscal 2019 video service customers net losses stood at 39,185 compared to 37,035 for the prior year as a result of: • highly competitive offers in the industry; • a changing video consumption environment; and • contact center congestion during the stabilization period of the new customer management system; partly offset by • customers' ongoing interest in digital advanced video services; and • customers' interest in video services bundled with fast Internet offerings. TELEPHONY Fiscal 2019 telephony service customers net losses amounted to 23,333 compared to 32,987 for the prior year mainly due to: • technical issues with telephony activations following the implementation of the new customer management system which were resolved at the end of the first quarter; • increasing wireless penetration in North America and various unlimited offers launched by wireless operators causing some customers to cancel their landline telephony services for wireless telephony services only; partly offset by • growth in the business sector; and • more telephony bundles due to additional promotional activity in the second half of fiscal 2019. DISTRIBUTION OF CUSTOMERS At August 31, 2019, 69% of the Canadian broadband services segment's customers enjoyed \"double play\" or \"triple play\" bundled services.
Net additions (losses)% of penetration(2)
Years ended
August 31,August 31,August 31,August 31,August 31,
201920192018(1)20192018
Primary service units1,810,366(56,552)(55,849)
Internet service customers788,2435,96614,17344.744.7
Video service customers649,583(39,185)(37,035)36.839.3
Telephony service customers372,540(23,333)(32,987)21.122.6
"} {"question": "If increase in internet service customers in 2019 were 10,000, what was the average increase / (decrease) in the internet service customers?", "answer": ["12086.5"], "context": "CUSTOMER STATISTICS (1) Excludes adjustments related to the migration to the new customer management system implemented during the third quarter of fiscal 2018. (2) As a percentage of homes passed. During the third quarter of fiscal 2018, the Canadian broadband services segment implemented a new customer management system, replacing 22 legacy systems. While the customer management system was still in the stabilization phase, contact center congestion resulted in lower services activations during most of the fourth quarter of fiscal 2018 and the first quarter of 2019. Contact center and marketing operations had returned to normal at the end of the first quarter of 2019. Variations of each services are also explained as follows: INTERNET Fiscal 2019 Internet service customers net additions stood at 5,966 compared to 14,173 for the prior year mainly due to: • the ongoing interest in high speed offerings; • the sustained interest in bundle offers; and • the increased demand from Internet resellers; partly offset by • competitive offers in the industry; and • contact center congestion during the stabilization period of the new customer management system. VIDEO Fiscal 2019 video service customers net losses stood at 39,185 compared to 37,035 for the prior year as a result of: • highly competitive offers in the industry; • a changing video consumption environment; and • contact center congestion during the stabilization period of the new customer management system; partly offset by • customers' ongoing interest in digital advanced video services; and • customers' interest in video services bundled with fast Internet offerings. TELEPHONY Fiscal 2019 telephony service customers net losses amounted to 23,333 compared to 32,987 for the prior year mainly due to: • technical issues with telephony activations following the implementation of the new customer management system which were resolved at the end of the first quarter; • increasing wireless penetration in North America and various unlimited offers launched by wireless operators causing some customers to cancel their landline telephony services for wireless telephony services only; partly offset by • growth in the business sector; and • more telephony bundles due to additional promotional activity in the second half of fiscal 2019. DISTRIBUTION OF CUSTOMERS At August 31, 2019, 69% of the Canadian broadband services segment's customers enjoyed \"double play\" or \"triple play\" bundled services.
Net additions (losses)% of penetration(2)
Years ended
August 31,August 31,August 31,August 31,August 31,
201920192018(1)20192018
Primary service units1,810,366(56,552)(55,849)
Internet service customers788,2435,96614,17344.744.7
Video service customers649,583(39,185)(37,035)36.839.3
Telephony service customers372,540(23,333)(32,987)21.122.6
"} {"question": "If increase in video service customers in 2019 were -40,000, what was the average increase / (decrease) in video service customers?", "answer": ["-38517.5"], "context": "CUSTOMER STATISTICS (1) Excludes adjustments related to the migration to the new customer management system implemented during the third quarter of fiscal 2018. (2) As a percentage of homes passed. During the third quarter of fiscal 2018, the Canadian broadband services segment implemented a new customer management system, replacing 22 legacy systems. While the customer management system was still in the stabilization phase, contact center congestion resulted in lower services activations during most of the fourth quarter of fiscal 2018 and the first quarter of 2019. Contact center and marketing operations had returned to normal at the end of the first quarter of 2019. Variations of each services are also explained as follows: INTERNET Fiscal 2019 Internet service customers net additions stood at 5,966 compared to 14,173 for the prior year mainly due to: • the ongoing interest in high speed offerings; • the sustained interest in bundle offers; and • the increased demand from Internet resellers; partly offset by • competitive offers in the industry; and • contact center congestion during the stabilization period of the new customer management system. VIDEO Fiscal 2019 video service customers net losses stood at 39,185 compared to 37,035 for the prior year as a result of: • highly competitive offers in the industry; • a changing video consumption environment; and • contact center congestion during the stabilization period of the new customer management system; partly offset by • customers' ongoing interest in digital advanced video services; and • customers' interest in video services bundled with fast Internet offerings. TELEPHONY Fiscal 2019 telephony service customers net losses amounted to 23,333 compared to 32,987 for the prior year mainly due to: • technical issues with telephony activations following the implementation of the new customer management system which were resolved at the end of the first quarter; • increasing wireless penetration in North America and various unlimited offers launched by wireless operators causing some customers to cancel their landline telephony services for wireless telephony services only; partly offset by • growth in the business sector; and • more telephony bundles due to additional promotional activity in the second half of fiscal 2019. DISTRIBUTION OF CUSTOMERS At August 31, 2019, 69% of the Canadian broadband services segment's customers enjoyed \"double play\" or \"triple play\" bundled services.
Net additions (losses)% of penetration(2)
Years ended
August 31,August 31,August 31,August 31,August 31,
201920192018(1)20192018
Primary service units1,810,366(56,552)(55,849)
Internet service customers788,2435,96614,17344.744.7
Video service customers649,583(39,185)(37,035)36.839.3
Telephony service customers372,540(23,333)(32,987)21.122.6
"} {"question": "Between total operating lease obligations and total purchase obligations, which would be higher if total purchase obligations was $550,000?", "answer": ["Purchase obligations"], "context": "OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS At June 30, 2019, the Company’s total off-balance sheet contractual obligations were $665,107. This balance consists of $71,633 of long-term operating leases for various facilities and equipment which expire from 2020 to 2030 and $593,474 of purchase commitments. In fiscal 2017, JHA entered a strategic services agreement with First Data® and PSCU® to provide full-service debit and credit card processing on a single platform to all existing core bank and credit union customers, as well as expand its card processing platform to financial institutions outside our core customer base. This agreement includes a purchase commitment of $555,754 over the remaining term of the contract. The remainder of the purchase commitments relate mainly to open purchase orders. The contractual obligations table below excludes $12,009 of liabilities for uncertain tax positions as we are unable to reasonably estimate the ultimate amount or timing of settlement. The operating lease obligations included on this table will be recorded on the balance sheet beginning in fiscal 2020 due to the Company’s adoption of ASU No. 2016-02, issued by the FASB in February 2016 and effective for the Company on July 1, 2019.
Contractual obligations by period as of June 30, 2019Less than 1 year1-3 years3-5 yearsMore than 5 yearsTOTAL
Operating lease obligations$15,559$25,399$19,004$11,671$71,633
Purchase obligations62,63786,875107,188336,774593,474
Total$78,196$112,274$126,192$348,445$665,107
"} {"question": "What percentage of total contractual obligations would be the total operating lease obligations if total contractual obligations was $700,000 while operating lease obligations remains the same?", "answer": ["10.23"], "context": "OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS At June 30, 2019, the Company’s total off-balance sheet contractual obligations were $665,107. This balance consists of $71,633 of long-term operating leases for various facilities and equipment which expire from 2020 to 2030 and $593,474 of purchase commitments. In fiscal 2017, JHA entered a strategic services agreement with First Data® and PSCU® to provide full-service debit and credit card processing on a single platform to all existing core bank and credit union customers, as well as expand its card processing platform to financial institutions outside our core customer base. This agreement includes a purchase commitment of $555,754 over the remaining term of the contract. The remainder of the purchase commitments relate mainly to open purchase orders. The contractual obligations table below excludes $12,009 of liabilities for uncertain tax positions as we are unable to reasonably estimate the ultimate amount or timing of settlement. The operating lease obligations included on this table will be recorded on the balance sheet beginning in fiscal 2020 due to the Company’s adoption of ASU No. 2016-02, issued by the FASB in February 2016 and effective for the Company on July 1, 2019.
Contractual obligations by period as of June 30, 2019Less than 1 year1-3 years3-5 yearsMore than 5 yearsTOTAL
Operating lease obligations$15,559$25,399$19,004$11,671$71,633
Purchase obligations62,63786,875107,188336,774593,474
Total$78,196$112,274$126,192$348,445$665,107
"} {"question": "What percentage of total contractual obligations would be the total purchase obligations if the total contractual obligations was $650,000 and the purchase obligations remains the same?", "answer": ["91.3"], "context": "OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS At June 30, 2019, the Company’s total off-balance sheet contractual obligations were $665,107. This balance consists of $71,633 of long-term operating leases for various facilities and equipment which expire from 2020 to 2030 and $593,474 of purchase commitments. In fiscal 2017, JHA entered a strategic services agreement with First Data® and PSCU® to provide full-service debit and credit card processing on a single platform to all existing core bank and credit union customers, as well as expand its card processing platform to financial institutions outside our core customer base. This agreement includes a purchase commitment of $555,754 over the remaining term of the contract. The remainder of the purchase commitments relate mainly to open purchase orders. The contractual obligations table below excludes $12,009 of liabilities for uncertain tax positions as we are unable to reasonably estimate the ultimate amount or timing of settlement. The operating lease obligations included on this table will be recorded on the balance sheet beginning in fiscal 2020 due to the Company’s adoption of ASU No. 2016-02, issued by the FASB in February 2016 and effective for the Company on July 1, 2019.
Contractual obligations by period as of June 30, 2019Less than 1 year1-3 years3-5 yearsMore than 5 yearsTOTAL
Operating lease obligations$15,559$25,399$19,004$11,671$71,633
Purchase obligations62,63786,875107,188336,774593,474
Total$78,196$112,274$126,192$348,445$665,107
"} {"question": "If State income tax expense, net of federal tax effect in 2019 was (600) thousands, in which year would it be less than (1,000) thousands?", "answer": ["2019", "2017"], "context": "For purposes of reconciling the Company’s provision for income taxes at the statutory rate and the Company’s provision (benefit) for income taxes at the effective tax rate, a notional 26% tax rate was applied as follows (in thousands): The difference between the statutory federal income tax rate and the Company’s effective tax rate in 2019, 2018 and 2017 is primarily attributable to the effect of state income taxes, difference between the U.S. and foreign tax rates, deferred tax state rate adjustment, share-based compensation, true up of deferred taxes, other non-deductible permanent items, and change in valuation allowance. In addition, the Company’s foreign subsidiaries are subject to varied applicable statutory income tax rates for the periods presented.
Year Ended December 31,
201920182017
Income tax at federal statutory rate$(10,883)$(9,811)$(6,659)
Increase (decrease) in tax resulting from:
State income tax expense, net of federal tax effect(3,657)(2,749)(421)
Nondeductible permanent items3,522(1,522)1,506
Foreign rate differential(367)552599
Tax rate change—1347,226
Adjustment to deferred taxes(1,904)30737
Change in valuation allowance22,48115,805(2,291)
Uncertain tax positions12814376
Nonqualified stock option and performance award windfall upon exercise(9,128)(1,983)—
Other233(80)(26)
Total$425$796$47
"} {"question": "If Nondeductible permanent items in 2018 was 2,000 thousands, what would be the average value from 2017-2019?", "answer": ["2342.67"], "context": "For purposes of reconciling the Company’s provision for income taxes at the statutory rate and the Company’s provision (benefit) for income taxes at the effective tax rate, a notional 26% tax rate was applied as follows (in thousands): The difference between the statutory federal income tax rate and the Company’s effective tax rate in 2019, 2018 and 2017 is primarily attributable to the effect of state income taxes, difference between the U.S. and foreign tax rates, deferred tax state rate adjustment, share-based compensation, true up of deferred taxes, other non-deductible permanent items, and change in valuation allowance. In addition, the Company’s foreign subsidiaries are subject to varied applicable statutory income tax rates for the periods presented.
Year Ended December 31,
201920182017
Income tax at federal statutory rate$(10,883)$(9,811)$(6,659)
Increase (decrease) in tax resulting from:
State income tax expense, net of federal tax effect(3,657)(2,749)(421)
Nondeductible permanent items3,522(1,522)1,506
Foreign rate differential(367)552599
Tax rate change—1347,226
Adjustment to deferred taxes(1,904)30737
Change in valuation allowance22,48115,805(2,291)
Uncertain tax positions12814376
Nonqualified stock option and performance award windfall upon exercise(9,128)(1,983)—
Other233(80)(26)
Total$425$796$47
"} {"question": "If Tax rate change in 2019 was 100 thousands, what would be the average value from 2017-2019?", "answer": ["2486.67"], "context": "For purposes of reconciling the Company’s provision for income taxes at the statutory rate and the Company’s provision (benefit) for income taxes at the effective tax rate, a notional 26% tax rate was applied as follows (in thousands): The difference between the statutory federal income tax rate and the Company’s effective tax rate in 2019, 2018 and 2017 is primarily attributable to the effect of state income taxes, difference between the U.S. and foreign tax rates, deferred tax state rate adjustment, share-based compensation, true up of deferred taxes, other non-deductible permanent items, and change in valuation allowance. In addition, the Company’s foreign subsidiaries are subject to varied applicable statutory income tax rates for the periods presented.
Year Ended December 31,
201920182017
Income tax at federal statutory rate$(10,883)$(9,811)$(6,659)
Increase (decrease) in tax resulting from:
State income tax expense, net of federal tax effect(3,657)(2,749)(421)
Nondeductible permanent items3,522(1,522)1,506
Foreign rate differential(367)552599
Tax rate change—1347,226
Adjustment to deferred taxes(1,904)30737
Change in valuation allowance22,48115,805(2,291)
Uncertain tax positions12814376
Nonqualified stock option and performance award windfall upon exercise(9,128)(1,983)—
Other233(80)(26)
Total$425$796$47
"} {"question": "What would be the change in the Projected benefit obligation at January 1 between 2018 and 2019 if the project benefit obligation in 2018 was $4,000 thousand instead?", "answer": ["595"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 6 — Retirement Plans We have a number of noncontributory defined benefit pension plans (\"pension plans\") covering approximately 3% of our active employees. Pension plans covering salaried employees provide pension benefits that are based on the employees´ years of service and compensation prior to retirement. Pension plans covering hourly employees generally provide benefits of stated amounts for each year of service. We also provide post-retirement life insurance benefits for certain retired employees. Domestic employees who were hired prior to 1982 and certain former union employees are eligible for life insurance benefits upon retirement. We fund life insurance benefits through term life insurance policies and intend to continue funding all of the premiums on a pay-as-you-go basis. We recognize the funded status of a benefit plan in our consolidated balance sheets. The funded status is measured as the difference between plan assets at fair value and the projected benefit obligation. We also recognize, as a component of other comprehensive earnings, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit/cost. The measurement dates for the pension plans for our U.S. and non-U.S. locations were December 31, 2019, and 2018. During 2017, we offered certain former vested employees in our U.S. pension plan a one-time option to receive a lump sum distribution of their benefits from pension plan assets. The pension plan made approximately $23,912 in lump sum payments to settle its obligation to these participants. These settlement payments decreased the projected benefit obligation and plan assets by $23,912, and resulted in a non-cash settlement charge of $13,476 related to unrecognized net actuarial losses that were previously included in accumulated other comprehensive loss. The measurement date of this settlement was December 31, 2017. In February 2020, the CTS Board of Directors authorized and empowered management to explore termination of our U.S. based pension plans at management's discretion, subject to certain conditions. Management has not yet made a final decision on whether to pursue a plan termination and the potential timing thereof. The measurement dates for the post-retirement life insurance plan were December 31, 2019, and 2018. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates.
Post-Retirement Life Insurance Plan
20192018
Accumulated benefit obligation$4,766$4,595
Change in projected benefit obligation:
Projected benefit obligation at January 1$4,595$5,134
Service cost12
Interest cost170156
Benefits paid(145)(157)
Actuarial loss (gain)145(540)
Projected benefit obligation at December 31$4,766$4,595
Change in plan assets:
Assets at fair value at January 1$—$—
Actual return on assets——
Company contributions145157
Benefits paid(145)(157)
Other——
Assets at fair value at December 31$—$—
Funded status (plan assets less projected benefit obligations)$(4,766)$(4,595)
"} {"question": "How many years did the Interest cost exceed $150 thousand if the interest cost in 2018 was $92 million instead?", "answer": ["1"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 6 — Retirement Plans We have a number of noncontributory defined benefit pension plans (\"pension plans\") covering approximately 3% of our active employees. Pension plans covering salaried employees provide pension benefits that are based on the employees´ years of service and compensation prior to retirement. Pension plans covering hourly employees generally provide benefits of stated amounts for each year of service. We also provide post-retirement life insurance benefits for certain retired employees. Domestic employees who were hired prior to 1982 and certain former union employees are eligible for life insurance benefits upon retirement. We fund life insurance benefits through term life insurance policies and intend to continue funding all of the premiums on a pay-as-you-go basis. We recognize the funded status of a benefit plan in our consolidated balance sheets. The funded status is measured as the difference between plan assets at fair value and the projected benefit obligation. We also recognize, as a component of other comprehensive earnings, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit/cost. The measurement dates for the pension plans for our U.S. and non-U.S. locations were December 31, 2019, and 2018. During 2017, we offered certain former vested employees in our U.S. pension plan a one-time option to receive a lump sum distribution of their benefits from pension plan assets. The pension plan made approximately $23,912 in lump sum payments to settle its obligation to these participants. These settlement payments decreased the projected benefit obligation and plan assets by $23,912, and resulted in a non-cash settlement charge of $13,476 related to unrecognized net actuarial losses that were previously included in accumulated other comprehensive loss. The measurement date of this settlement was December 31, 2017. In February 2020, the CTS Board of Directors authorized and empowered management to explore termination of our U.S. based pension plans at management's discretion, subject to certain conditions. Management has not yet made a final decision on whether to pursue a plan termination and the potential timing thereof. The measurement dates for the post-retirement life insurance plan were December 31, 2019, and 2018. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates.
Post-Retirement Life Insurance Plan
20192018
Accumulated benefit obligation$4,766$4,595
Change in projected benefit obligation:
Projected benefit obligation at January 1$4,595$5,134
Service cost12
Interest cost170156
Benefits paid(145)(157)
Actuarial loss (gain)145(540)
Projected benefit obligation at December 31$4,766$4,595
Change in plan assets:
Assets at fair value at January 1$—$—
Actual return on assets——
Company contributions145157
Benefits paid(145)(157)
Other——
Assets at fair value at December 31$—$—
Funded status (plan assets less projected benefit obligations)$(4,766)$(4,595)
"} {"question": "What would be the percentage change in company contributions between 2018 and 2019 if company contributions in 2019 was $200 thousand instead?", "answer": ["27.39"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 6 — Retirement Plans We have a number of noncontributory defined benefit pension plans (\"pension plans\") covering approximately 3% of our active employees. Pension plans covering salaried employees provide pension benefits that are based on the employees´ years of service and compensation prior to retirement. Pension plans covering hourly employees generally provide benefits of stated amounts for each year of service. We also provide post-retirement life insurance benefits for certain retired employees. Domestic employees who were hired prior to 1982 and certain former union employees are eligible for life insurance benefits upon retirement. We fund life insurance benefits through term life insurance policies and intend to continue funding all of the premiums on a pay-as-you-go basis. We recognize the funded status of a benefit plan in our consolidated balance sheets. The funded status is measured as the difference between plan assets at fair value and the projected benefit obligation. We also recognize, as a component of other comprehensive earnings, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit/cost. The measurement dates for the pension plans for our U.S. and non-U.S. locations were December 31, 2019, and 2018. During 2017, we offered certain former vested employees in our U.S. pension plan a one-time option to receive a lump sum distribution of their benefits from pension plan assets. The pension plan made approximately $23,912 in lump sum payments to settle its obligation to these participants. These settlement payments decreased the projected benefit obligation and plan assets by $23,912, and resulted in a non-cash settlement charge of $13,476 related to unrecognized net actuarial losses that were previously included in accumulated other comprehensive loss. The measurement date of this settlement was December 31, 2017. In February 2020, the CTS Board of Directors authorized and empowered management to explore termination of our U.S. based pension plans at management's discretion, subject to certain conditions. Management has not yet made a final decision on whether to pursue a plan termination and the potential timing thereof. The measurement dates for the post-retirement life insurance plan were December 31, 2019, and 2018. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates.
Post-Retirement Life Insurance Plan
20192018
Accumulated benefit obligation$4,766$4,595
Change in projected benefit obligation:
Projected benefit obligation at January 1$4,595$5,134
Service cost12
Interest cost170156
Benefits paid(145)(157)
Actuarial loss (gain)145(540)
Projected benefit obligation at December 31$4,766$4,595
Change in plan assets:
Assets at fair value at January 1$—$—
Actual return on assets——
Company contributions145157
Benefits paid(145)(157)
Other——
Assets at fair value at December 31$—$—
Funded status (plan assets less projected benefit obligations)$(4,766)$(4,595)
"} {"question": "Which year would have the largest accretion expense if the value in 2018 is $13 million instead?", "answer": ["2018"], "context": "Asset Retirement Obligations At December 31, 2019, our asset retirement obligations balance was primarily related to estimated future costs of removing equipment from leased properties and estimated future costs of properly disposing of asbestos and other hazardous materials upon remodeling or demolishing buildings. Asset retirement obligations are included in other long-term liabilities on our consolidated balance sheets. As of the Level 3 acquisition date, we recorded liabilities to reflect our fair values of Level 3’s asset retirement obligations. Our fair value estimates were determined using the discounted cash flow method. The following table provides asset retirement obligation activity: (1) The liabilities assumed during 2018 relate to purchase price adjustments during the year. The 2019, 2018 and 2017 change in estimates are offset against gross property, plant and equipment.
Years Ended December 31,
201920182017
(Dollars in millions)
Balance at beginning of year$19011595
Accretion expense11106
Liabilities assumed in acquisition of Level 3(1)—5845
Liabilities settled(14)(14)(3)
Liabilities transferred to Cyxtera——(20)
Change in estimate1021(8)
Balance at end of year$197190115
"} {"question": "What would the change in balance at end of year in 2019 from 2018 be if the value in 2019 is $200 million?", "answer": ["10"], "context": "Asset Retirement Obligations At December 31, 2019, our asset retirement obligations balance was primarily related to estimated future costs of removing equipment from leased properties and estimated future costs of properly disposing of asbestos and other hazardous materials upon remodeling or demolishing buildings. Asset retirement obligations are included in other long-term liabilities on our consolidated balance sheets. As of the Level 3 acquisition date, we recorded liabilities to reflect our fair values of Level 3’s asset retirement obligations. Our fair value estimates were determined using the discounted cash flow method. The following table provides asset retirement obligation activity: (1) The liabilities assumed during 2018 relate to purchase price adjustments during the year. The 2019, 2018 and 2017 change in estimates are offset against gross property, plant and equipment.
Years Ended December 31,
201920182017
(Dollars in millions)
Balance at beginning of year$19011595
Accretion expense11106
Liabilities assumed in acquisition of Level 3(1)—5845
Liabilities settled(14)(14)(3)
Liabilities transferred to Cyxtera——(20)
Change in estimate1021(8)
Balance at end of year$197190115
"} {"question": "What would the average accretion expense across 2017, 2018 and 2019 be if the value for 2018 is $13 million?", "answer": ["10"], "context": "Asset Retirement Obligations At December 31, 2019, our asset retirement obligations balance was primarily related to estimated future costs of removing equipment from leased properties and estimated future costs of properly disposing of asbestos and other hazardous materials upon remodeling or demolishing buildings. Asset retirement obligations are included in other long-term liabilities on our consolidated balance sheets. As of the Level 3 acquisition date, we recorded liabilities to reflect our fair values of Level 3’s asset retirement obligations. Our fair value estimates were determined using the discounted cash flow method. The following table provides asset retirement obligation activity: (1) The liabilities assumed during 2018 relate to purchase price adjustments during the year. The 2019, 2018 and 2017 change in estimates are offset against gross property, plant and equipment.
Years Ended December 31,
201920182017
(Dollars in millions)
Balance at beginning of year$19011595
Accretion expense11106
Liabilities assumed in acquisition of Level 3(1)—5845
Liabilities settled(14)(14)(3)
Liabilities transferred to Cyxtera——(20)
Change in estimate1021(8)
Balance at end of year$197190115
"} {"question": "What would the sum of non-cash, non-tax-deductible goodwill impairment charges for 2019 and 2018 be if the value for 2018 is $2.5 billion instead?", "answer": ["9"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following tables of selected consolidated financial data should be read in conjunction with, and are qualified by reference to, our consolidated financial statements and notes thereto in Item 8 of Part II and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of this report. The tables of selected financial data shown below are derived from our audited consolidated financial statements, which include the operating results, cash flows and financial condition of Level 3 beginning November 1, 2017. These historical results are not necessarily indicative of results that you can expect for any future period. The following table summarizes selected financial information from our consolidated statements of operations. (1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” in Item 7 of Part II of this report and in our preceding annual reports on Form 10-K for a discussion of unusual items affecting the results for each of the years presented. (2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively. (3) During 2019, 2018, 2017 and 2016, we incurred Level 3 acquisition-related expenses of $234 million, $393 million, $271 million and $52 million, respectively. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Acquisition of Level 3” and Note 2—Acquisition of Level 3 to our consolidated financial statements in Item 8 of Part II of this report. (4) During 2019, 2018, 2017, 2016 and 2015, we recognized an incremental $157 million, $171 million, $186 million, $201 million and $215 million, respectively, of revenue associated with the Federal Communications Commission (“FCC”) Connect America Fund Phase II support program, as compared to revenue received under the previous interstate USF program. (5) The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a re-measurement of our deferred tax assets and liabilities at the new federal corporate tax rate of 21%. The re-measurement resulted in tax expense of $92 million for 2018 and a tax benefit of approximately $1.1 billion for 2017.
Years Ended December 31,(1)
2019(2)(3)(4)2018(2)(3)(4)(5)2017(3)(4)(5)2016(3)(4)2015(4)
(Dollars in millions, except per share amounts and shares in thousands)
Operating revenue$22,40123,44317,65617,47017,900
Operating expenses25,12722,87315,64715,13715,321
Operating (loss) income$(2,726)5702,0092,3332,579
(Loss) income before income tax expense$(4,766)(1,563)5401,0201,316
Net (loss) income$(5,269)(1,733)1,389626878
Basic loss) earnings per common share$(4.92)(1.63)2.211.161.58
Diluted (loss) earnings per common share$(4.92)(1.63)2.211.161.58
Dividends declared per common share$1.002.162.162.162.16
Weighted average basic common shares outstanding1,071,4411,065,866627,808539,549554,278
Weighted average diluted common shares outstanding1,071,4411,065,866628,693540,679555,093
"} {"question": "Which year would have the lowest operating expenses if the operating expenses for 2016 is $15,337 million instead?", "answer": ["2015"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following tables of selected consolidated financial data should be read in conjunction with, and are qualified by reference to, our consolidated financial statements and notes thereto in Item 8 of Part II and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of this report. The tables of selected financial data shown below are derived from our audited consolidated financial statements, which include the operating results, cash flows and financial condition of Level 3 beginning November 1, 2017. These historical results are not necessarily indicative of results that you can expect for any future period. The following table summarizes selected financial information from our consolidated statements of operations. (1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” in Item 7 of Part II of this report and in our preceding annual reports on Form 10-K for a discussion of unusual items affecting the results for each of the years presented. (2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively. (3) During 2019, 2018, 2017 and 2016, we incurred Level 3 acquisition-related expenses of $234 million, $393 million, $271 million and $52 million, respectively. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Acquisition of Level 3” and Note 2—Acquisition of Level 3 to our consolidated financial statements in Item 8 of Part II of this report. (4) During 2019, 2018, 2017, 2016 and 2015, we recognized an incremental $157 million, $171 million, $186 million, $201 million and $215 million, respectively, of revenue associated with the Federal Communications Commission (“FCC”) Connect America Fund Phase II support program, as compared to revenue received under the previous interstate USF program. (5) The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a re-measurement of our deferred tax assets and liabilities at the new federal corporate tax rate of 21%. The re-measurement resulted in tax expense of $92 million for 2018 and a tax benefit of approximately $1.1 billion for 2017.
Years Ended December 31,(1)
2019(2)(3)(4)2018(2)(3)(4)(5)2017(3)(4)(5)2016(3)(4)2015(4)
(Dollars in millions, except per share amounts and shares in thousands)
Operating revenue$22,40123,44317,65617,47017,900
Operating expenses25,12722,87315,64715,13715,321
Operating (loss) income$(2,726)5702,0092,3332,579
(Loss) income before income tax expense$(4,766)(1,563)5401,0201,316
Net (loss) income$(5,269)(1,733)1,389626878
Basic loss) earnings per common share$(4.92)(1.63)2.211.161.58
Diluted (loss) earnings per common share$(4.92)(1.63)2.211.161.58
Dividends declared per common share$1.002.162.162.162.16
Weighted average basic common shares outstanding1,071,4411,065,866627,808539,549554,278
Weighted average diluted common shares outstanding1,071,4411,065,866628,693540,679555,093
"} {"question": "What would the average non-cash, non-tax-deductible goodwill impairment charge in 2018 and 2019 be if the value for 2018 is $2.5 billion instead?", "answer": ["4.5"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following tables of selected consolidated financial data should be read in conjunction with, and are qualified by reference to, our consolidated financial statements and notes thereto in Item 8 of Part II and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of this report. The tables of selected financial data shown below are derived from our audited consolidated financial statements, which include the operating results, cash flows and financial condition of Level 3 beginning November 1, 2017. These historical results are not necessarily indicative of results that you can expect for any future period. The following table summarizes selected financial information from our consolidated statements of operations. (1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” in Item 7 of Part II of this report and in our preceding annual reports on Form 10-K for a discussion of unusual items affecting the results for each of the years presented. (2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively. (3) During 2019, 2018, 2017 and 2016, we incurred Level 3 acquisition-related expenses of $234 million, $393 million, $271 million and $52 million, respectively. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Acquisition of Level 3” and Note 2—Acquisition of Level 3 to our consolidated financial statements in Item 8 of Part II of this report. (4) During 2019, 2018, 2017, 2016 and 2015, we recognized an incremental $157 million, $171 million, $186 million, $201 million and $215 million, respectively, of revenue associated with the Federal Communications Commission (“FCC”) Connect America Fund Phase II support program, as compared to revenue received under the previous interstate USF program. (5) The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a re-measurement of our deferred tax assets and liabilities at the new federal corporate tax rate of 21%. The re-measurement resulted in tax expense of $92 million for 2018 and a tax benefit of approximately $1.1 billion for 2017.
Years Ended December 31,(1)
2019(2)(3)(4)2018(2)(3)(4)(5)2017(3)(4)(5)2016(3)(4)2015(4)
(Dollars in millions, except per share amounts and shares in thousands)
Operating revenue$22,40123,44317,65617,47017,900
Operating expenses25,12722,87315,64715,13715,321
Operating (loss) income$(2,726)5702,0092,3332,579
(Loss) income before income tax expense$(4,766)(1,563)5401,0201,316
Net (loss) income$(5,269)(1,733)1,389626878
Basic loss) earnings per common share$(4.92)(1.63)2.211.161.58
Diluted (loss) earnings per common share$(4.92)(1.63)2.211.161.58
Dividends declared per common share$1.002.162.162.162.16
Weighted average basic common shares outstanding1,071,4411,065,866627,808539,549554,278
Weighted average diluted common shares outstanding1,071,4411,065,866628,693540,679555,093
"} {"question": "What is the total Net (loss) income between 2016 to 2019 if it is thrice that of the 2017 Net (loss) income ?", "answer": ["23.6"], "context": "5. Earnings Per Common Share Basic earnings per common share (\"EPS\") is based upon the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, or conversion of preferred stock, but only to the extent that they are considered dilutive. The following table shows the computation of basic and diluted EPS: In conjunction with the acquisition of Hawaiian Telcom in the third quarter of 2018, the Company issued 7.7 million Common Shares as a part of the acquisition consideration. In addition, the Company granted 0.1 million time-based restricted stock units to certain Hawaiian Telcom employees under the Hawaiian Telcom 2010 Equity Incentive Plan For the years ended December 31, 2019 and December 31, 2018, the Company had a net loss available to common shareholders and, as a result, all common stock equivalents were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the year ended December 31, 2017, awards under the Company’s stock-based compensation plans for common shares of 0.2 million, were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For all periods presented, preferred stock convertible into 0.9 million common shares was excluded as it was anti-dilutive.
Year Ended December 31,
(in millions, except per share amounts)201920182017
Numerator:
Net (loss) income$(66.6)$(69.8)$40.0
Preferred stock dividends10.410.410.4
Net (loss) income applicable to common shareowners - basic and diluted$(77.0)$(80.2)$29.6
Denominator:
Weighted-average common shares outstanding - basic50.446.342.2
Stock-based compensation arrangements——0.2
Weighted-average common shares outstanding - diluted50.446.342.4
Basic and diluted net (loss) earnings per common share($1.53)($1.73)$0.70
"} {"question": "What is the total basic and diluted net (loss) earnings per common share earned between 2017 to 2019 if the signs for each basic and diluted net (loss) earnings per common share earned is reversed (eg a negative sign becomes positive and vice versa)?", "answer": ["2.56"], "context": "5. Earnings Per Common Share Basic earnings per common share (\"EPS\") is based upon the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, or conversion of preferred stock, but only to the extent that they are considered dilutive. The following table shows the computation of basic and diluted EPS: In conjunction with the acquisition of Hawaiian Telcom in the third quarter of 2018, the Company issued 7.7 million Common Shares as a part of the acquisition consideration. In addition, the Company granted 0.1 million time-based restricted stock units to certain Hawaiian Telcom employees under the Hawaiian Telcom 2010 Equity Incentive Plan For the years ended December 31, 2019 and December 31, 2018, the Company had a net loss available to common shareholders and, as a result, all common stock equivalents were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the year ended December 31, 2017, awards under the Company’s stock-based compensation plans for common shares of 0.2 million, were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For all periods presented, preferred stock convertible into 0.9 million common shares was excluded as it was anti-dilutive.
Year Ended December 31,
(in millions, except per share amounts)201920182017
Numerator:
Net (loss) income$(66.6)$(69.8)$40.0
Preferred stock dividends10.410.410.4
Net (loss) income applicable to common shareowners - basic and diluted$(77.0)$(80.2)$29.6
Denominator:
Weighted-average common shares outstanding - basic50.446.342.2
Stock-based compensation arrangements——0.2
Weighted-average common shares outstanding - diluted50.446.342.4
Basic and diluted net (loss) earnings per common share($1.53)($1.73)$0.70
"} {"question": "Which year has the largest weighted-average common shares outstanding - basic, if the shares outstanding in 2019 is 20 million?", "answer": ["2018"], "context": "5. Earnings Per Common Share Basic earnings per common share (\"EPS\") is based upon the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, or conversion of preferred stock, but only to the extent that they are considered dilutive. The following table shows the computation of basic and diluted EPS: In conjunction with the acquisition of Hawaiian Telcom in the third quarter of 2018, the Company issued 7.7 million Common Shares as a part of the acquisition consideration. In addition, the Company granted 0.1 million time-based restricted stock units to certain Hawaiian Telcom employees under the Hawaiian Telcom 2010 Equity Incentive Plan For the years ended December 31, 2019 and December 31, 2018, the Company had a net loss available to common shareholders and, as a result, all common stock equivalents were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the year ended December 31, 2017, awards under the Company’s stock-based compensation plans for common shares of 0.2 million, were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For all periods presented, preferred stock convertible into 0.9 million common shares was excluded as it was anti-dilutive.
Year Ended December 31,
(in millions, except per share amounts)201920182017
Numerator:
Net (loss) income$(66.6)$(69.8)$40.0
Preferred stock dividends10.410.410.4
Net (loss) income applicable to common shareowners - basic and diluted$(77.0)$(80.2)$29.6
Denominator:
Weighted-average common shares outstanding - basic50.446.342.2
Stock-based compensation arrangements——0.2
Weighted-average common shares outstanding - diluted50.446.342.4
Basic and diluted net (loss) earnings per common share($1.53)($1.73)$0.70
"} {"question": "What would be the change in net sales between 2017 and 2019 if the net sales in 2017 was $1,000,000 thousand instead?", "answer": ["382818"], "context": "Non-GAAP Financial Measures To complement our Consolidated Statements of Operations and Cash Flows, we use non-GAAP financial measures of Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA. We believe that Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA are complements to U.S. GAAP amounts and such measures are useful to investors. The presentation of these non-GAAP measures is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity. The following table provides a reconciliation from U.S. GAAP Gross margin to non-GAAP Adjusted gross margin (amounts in thousands): (1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606. (2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from “Plant start-up costs” to “Restructuring charges” during fiscal year 2019.
Fiscal Years Ended March 31,
201920182017
Net sales (1)$1,382,818$1,200,181$757,338
Cost of sales (1)924,276860,744571,944
Gross Margin (GAAP) (1)458,542339,437185,394
Gross margin as a % of net sales33.2%28.3%24.5%
Non-GAAP adjustments:
Plant start-up costs (2)(927)929427
Stock-based compensation expense2,7561,5191,384
Adjusted gross margin (non-GAAP) (1)$460,371$341,885$187,205
Adjusted gross margin as a % of net sales33.3%28.5%24.7%
"} {"question": "How many years did cost of sales exceed $800,000 thousand if cost of sales in 2017 was $850,000 thousand instead?", "answer": ["3"], "context": "Non-GAAP Financial Measures To complement our Consolidated Statements of Operations and Cash Flows, we use non-GAAP financial measures of Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA. We believe that Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA are complements to U.S. GAAP amounts and such measures are useful to investors. The presentation of these non-GAAP measures is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity. The following table provides a reconciliation from U.S. GAAP Gross margin to non-GAAP Adjusted gross margin (amounts in thousands): (1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606. (2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from “Plant start-up costs” to “Restructuring charges” during fiscal year 2019.
Fiscal Years Ended March 31,
201920182017
Net sales (1)$1,382,818$1,200,181$757,338
Cost of sales (1)924,276860,744571,944
Gross Margin (GAAP) (1)458,542339,437185,394
Gross margin as a % of net sales33.2%28.3%24.5%
Non-GAAP adjustments:
Plant start-up costs (2)(927)929427
Stock-based compensation expense2,7561,5191,384
Adjusted gross margin (non-GAAP) (1)$460,371$341,885$187,205
Adjusted gross margin as a % of net sales33.3%28.5%24.7%
"} {"question": "What would be the percentage change in Stock-based compensation expense between 2018 and 2019 if stock-based compensation expense in 2019 was $2,000 thousand instead?", "answer": ["31.67"], "context": "Non-GAAP Financial Measures To complement our Consolidated Statements of Operations and Cash Flows, we use non-GAAP financial measures of Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA. We believe that Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA are complements to U.S. GAAP amounts and such measures are useful to investors. The presentation of these non-GAAP measures is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity. The following table provides a reconciliation from U.S. GAAP Gross margin to non-GAAP Adjusted gross margin (amounts in thousands): (1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606. (2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from “Plant start-up costs” to “Restructuring charges” during fiscal year 2019.
Fiscal Years Ended March 31,
201920182017
Net sales (1)$1,382,818$1,200,181$757,338
Cost of sales (1)924,276860,744571,944
Gross Margin (GAAP) (1)458,542339,437185,394
Gross margin as a % of net sales33.2%28.3%24.5%
Non-GAAP adjustments:
Plant start-up costs (2)(927)929427
Stock-based compensation expense2,7561,5191,384
Adjusted gross margin (non-GAAP) (1)$460,371$341,885$187,205
Adjusted gross margin as a % of net sales33.3%28.5%24.7%
"} {"question": "What would be the change in revenue between 2018 and 2019 if the value in 2019 increased by $10,000 million?", "answer": ["24859"], "context": "Item 6. Selected Financial Data You should read the following selected consolidated financial data in conjunction with Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" and our consolidated financial statements and the related notes included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. The consolidated statements of income data for each of the years ended December 31, 2019, 2018, and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. The consolidated statements of income data for the years ended December 31, 2016 and 2015 and the consolidated balance sheets data as of December 31, 2017, 2016, and 2015 are derived from our audited consolidated financial statements, except as otherwise noted, that are not included in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of our results in any future period. (1) Total costs and expenses include 4,840 million, 4,150 million, 3,720 million, 3,220 million, and 2,970 million of share-based compensation for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively.
Year Ended December 31,
20192018201720162015
(in millions, except per share data)
Consolidated Statements of Income Data:
Revenue$70,697$55,838$40,653$27,638$17,928
Total costs and expenses(1)$46,711$30,925$20,450$15,211$11,703
Income from operations$23,986$24,913$20,203$12,427$6,225
Income before provision for income taxes$24,812$25,361$20,594$12,518$6,194
Net income$18,485$22,112$15,934$10,217$3,688
Net income attributable to Class A and Class B common stockholders$18,485$22,111$15,920$10,188$3,669
Earnings per share attributable to Class A and Class B common stockholders:
Basic$6.48$7.65$5.49$3.56$1.31
Diluted$6.43$7.57$5.39$3.49$1.29
"} {"question": "What would be the average revenue for 2018 and 2019 if the value in 2018 was $70,000 million instead?", "answer": ["62919"], "context": "Item 6. Selected Financial Data You should read the following selected consolidated financial data in conjunction with Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" and our consolidated financial statements and the related notes included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. The consolidated statements of income data for each of the years ended December 31, 2019, 2018, and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. The consolidated statements of income data for the years ended December 31, 2016 and 2015 and the consolidated balance sheets data as of December 31, 2017, 2016, and 2015 are derived from our audited consolidated financial statements, except as otherwise noted, that are not included in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of our results in any future period. (1) Total costs and expenses include 4,840 million, 4,150 million, 3,720 million, 3,220 million, and 2,970 million of share-based compensation for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively.
Year Ended December 31,
20192018201720162015
(in millions, except per share data)
Consolidated Statements of Income Data:
Revenue$70,697$55,838$40,653$27,638$17,928
Total costs and expenses(1)$46,711$30,925$20,450$15,211$11,703
Income from operations$23,986$24,913$20,203$12,427$6,225
Income before provision for income taxes$24,812$25,361$20,594$12,518$6,194
Net income$18,485$22,112$15,934$10,217$3,688
Net income attributable to Class A and Class B common stockholders$18,485$22,111$15,920$10,188$3,669
Earnings per share attributable to Class A and Class B common stockholders:
Basic$6.48$7.65$5.49$3.56$1.31
Diluted$6.43$7.57$5.39$3.49$1.29
"} {"question": "Which year would have the highest amount of revenue if the revenue amount in 2019 was $80,000 million instead?", "answer": ["2019"], "context": "Item 6. Selected Financial Data You should read the following selected consolidated financial data in conjunction with Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" and our consolidated financial statements and the related notes included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. The consolidated statements of income data for each of the years ended December 31, 2019, 2018, and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. The consolidated statements of income data for the years ended December 31, 2016 and 2015 and the consolidated balance sheets data as of December 31, 2017, 2016, and 2015 are derived from our audited consolidated financial statements, except as otherwise noted, that are not included in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of our results in any future period. (1) Total costs and expenses include 4,840 million, 4,150 million, 3,720 million, 3,220 million, and 2,970 million of share-based compensation for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively.
Year Ended December 31,
20192018201720162015
(in millions, except per share data)
Consolidated Statements of Income Data:
Revenue$70,697$55,838$40,653$27,638$17,928
Total costs and expenses(1)$46,711$30,925$20,450$15,211$11,703
Income from operations$23,986$24,913$20,203$12,427$6,225
Income before provision for income taxes$24,812$25,361$20,594$12,518$6,194
Net income$18,485$22,112$15,934$10,217$3,688
Net income attributable to Class A and Class B common stockholders$18,485$22,111$15,920$10,188$3,669
Earnings per share attributable to Class A and Class B common stockholders:
Basic$6.48$7.65$5.49$3.56$1.31
Diluted$6.43$7.57$5.39$3.49$1.29
"} {"question": "In which year would the Weighted average grant-date fair value per share award be the largest if the amount in 2019 was $35.41 instead?", "answer": ["2019"], "context": "The following table summarizes information regarding common stock share awards granted and vested (in thousands, except per share award amounts): As of December 31, 2019, there was $0.2 million of total unrecognized compensation costs, net of actual forfeitures, related to nonvested common stock share awards. This cost is expected to be recognized over a weighted average period of 0.8 years.
Years Ended December 31,
201920182017
Number of share awards granted343424
Weighted average grant-date fair value per share award$25.41$27.68$32.93
Fair value of share awards vested$840$880$850
"} {"question": "What would the change in Fair value of share awards vested in 2019 from 2018 be if the amount in 2019 was $830 thousand instead?", "answer": ["-50"], "context": "The following table summarizes information regarding common stock share awards granted and vested (in thousands, except per share award amounts): As of December 31, 2019, there was $0.2 million of total unrecognized compensation costs, net of actual forfeitures, related to nonvested common stock share awards. This cost is expected to be recognized over a weighted average period of 0.8 years.
Years Ended December 31,
201920182017
Number of share awards granted343424
Weighted average grant-date fair value per share award$25.41$27.68$32.93
Fair value of share awards vested$840$880$850
"} {"question": "What would the percentage change in Fair value of share awards vested in 2019 from 2018 be if the amount in 2019 was $830 thousand instead?", "answer": ["-5.68"], "context": "The following table summarizes information regarding common stock share awards granted and vested (in thousands, except per share award amounts): As of December 31, 2019, there was $0.2 million of total unrecognized compensation costs, net of actual forfeitures, related to nonvested common stock share awards. This cost is expected to be recognized over a weighted average period of 0.8 years.
Years Ended December 31,
201920182017
Number of share awards granted343424
Weighted average grant-date fair value per share award$25.41$27.68$32.93
Fair value of share awards vested$840$880$850
"} {"question": "What would be the value difference between granted share and vested share if vested share values increased by 10%?", "answer": ["7.49"], "context": "Restricted Stock Awards We present below a summary of changes in unvested units of restricted stock during 2019: The Company recorded equity-based compensation expense related to restricted stock and RSUs (collectively “restricted stock awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8 million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48, $51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to recognize forfeitures of equity-based payments as they occur. awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8 million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48, $51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to recognize forfeitures of equity-based payments as they occur. Included in RSU grants for the year ended December 31, 2019 are 282,327 units that have performance-based vesting criteria. The performance criteria are tied to our financial performance. As of December 31, 2019, the associated equity-based compensation expense has been recognized for the portion of the award attributable to the 2019 performance criteria.
Number of UnitsGrant Date Fair Value
Outstanding at January 1, 2019997,173$52.22
Granted945,15949.48
Vested(386,060)51.79
Forfeited(59,579)50.56
Outstanding at December 31, 20191,496,693$50.67
"} {"question": "What would be the change in the outstanding number of shares between the beginning and end of the year 2019 if there is additional 100,000 shares at the end of the year?", "answer": ["599520"], "context": "Restricted Stock Awards We present below a summary of changes in unvested units of restricted stock during 2019: The Company recorded equity-based compensation expense related to restricted stock and RSUs (collectively “restricted stock awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8 million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48, $51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to recognize forfeitures of equity-based payments as they occur. awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8 million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48, $51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to recognize forfeitures of equity-based payments as they occur. Included in RSU grants for the year ended December 31, 2019 are 282,327 units that have performance-based vesting criteria. The performance criteria are tied to our financial performance. As of December 31, 2019, the associated equity-based compensation expense has been recognized for the portion of the award attributable to the 2019 performance criteria.
Number of UnitsGrant Date Fair Value
Outstanding at January 1, 2019997,173$52.22
Granted945,15949.48
Vested(386,060)51.79
Forfeited(59,579)50.56
Outstanding at December 31, 20191,496,693$50.67
"} {"question": "What would be the difference in grant date fair value between the vested stocks and the forfeited stocks if the value of the vested stocks increased by $1.00?", "answer": ["2.23"], "context": "Restricted Stock Awards We present below a summary of changes in unvested units of restricted stock during 2019: The Company recorded equity-based compensation expense related to restricted stock and RSUs (collectively “restricted stock awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8 million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48, $51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to recognize forfeitures of equity-based payments as they occur. awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8 million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48, $51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to recognize forfeitures of equity-based payments as they occur. Included in RSU grants for the year ended December 31, 2019 are 282,327 units that have performance-based vesting criteria. The performance criteria are tied to our financial performance. As of December 31, 2019, the associated equity-based compensation expense has been recognized for the portion of the award attributable to the 2019 performance criteria.
Number of UnitsGrant Date Fair Value
Outstanding at January 1, 2019997,173$52.22
Granted945,15949.48
Vested(386,060)51.79
Forfeited(59,579)50.56
Outstanding at December 31, 20191,496,693$50.67
"} {"question": "If the Net cash provided by/(used in) operating activities in 2019 increased to 5,701,674, what would be the revised change from December 31, 2018 and 2019?", "answer": ["9010500"], "context": "Discussion of Cash Flows During 2019, the $4.8 million of net cash provided by operating activities consisted of our net income of $5.3 million, and included non-cash charges for depreciation and amortization of $2.5 million, and stock-based compensation of $1.5 million, offset by a tax benefit from a partial release of the valuation allowances of $3.3 million and a net cash outflow of $1.8 million from changes in working capital. The changes in working capital were principally driven by an increase in accounts receivable of $2.2 million, an increase in inventory of $0.7 million, an increase in contract assets of $0.4 million, and an increase in other assets of $0.2 million, all partially offset by decreases in accounts payable and accrued expenses of $0.6 million and contract liabilities of $1.2 million, In 2018, the $3.3 million of net cash used in operating activities consisted of our net income of $11.0 million and included a gain recognized on the sale of our optoelectronic segment that was sold in July 2018 of $8.6 million in addition to non-cash charges for depreciation and amortization of $1.2 million and stock-based compensation of $0.6 million, offset by a net cash outflow of $7.6 million from changes in working capital. The changes in working capital were principally driven by an increase in inventory of $1.0 million, and increase in accounts receivable of $6.2 million, and increase in contract assets of $0.8 million, and an increase in accounts payable and accrued liabilities of $0.5 million, all partially offset by a $1.8 million decrease in other assets. Cash used in investing activities in 2019 consisted primarily of the $19.0 million payment for our acquisition of GP, $0.5 million of fixed asset additions and $0.3 million of capitalized intellectual property costs. Cash provided by investing activities in 2018 consisted primarily of the proceeds from the sale of our optoelectronic segment of $15.8 million, partially offset by the $5.0 million payment for our acquisition of MOI, $0.4 million of fixed asset additions and $0.4 million of capitalized intellectual property rights. Cash used in financing activities for the year ended December 31, 2019 was $2.4 million, compared to $1.2 million in 2018. During 2019, we repaid $0.6 million on our term loans with SVB and used $2.2 million to repurchase our common stock under our stock repurchase program. These payments were partially offset by $0.4 million received from exercises of stock options and warrants. During 2018, we repaid $1.8 million on our outstanding term loan with SVB and used $0.5 million to repurchase our common stock under our stock repurchase program. These payments were partially offset by $1.1 million received from exercises of stock options and warrants.
Years ended December 31,
20192018
Net cash provided by/(used in) operating activities$4,798,201$(3,308,826)
Net cash (used in)/provided by investing activities(19,814,991)10,037,123
Net cash used in financing activities(2,437,560)(1,249,564)
Net (decrease)/increase in cash and cash equivalents$(17,454,350)$5,478,733
"} {"question": "If the Net cash provided by/(used in) operating activities in 2019 increased to 5,701,674, what would be the revised average for December 31, 2018 and 2019?", "answer": ["1196424"], "context": "Discussion of Cash Flows During 2019, the $4.8 million of net cash provided by operating activities consisted of our net income of $5.3 million, and included non-cash charges for depreciation and amortization of $2.5 million, and stock-based compensation of $1.5 million, offset by a tax benefit from a partial release of the valuation allowances of $3.3 million and a net cash outflow of $1.8 million from changes in working capital. The changes in working capital were principally driven by an increase in accounts receivable of $2.2 million, an increase in inventory of $0.7 million, an increase in contract assets of $0.4 million, and an increase in other assets of $0.2 million, all partially offset by decreases in accounts payable and accrued expenses of $0.6 million and contract liabilities of $1.2 million, In 2018, the $3.3 million of net cash used in operating activities consisted of our net income of $11.0 million and included a gain recognized on the sale of our optoelectronic segment that was sold in July 2018 of $8.6 million in addition to non-cash charges for depreciation and amortization of $1.2 million and stock-based compensation of $0.6 million, offset by a net cash outflow of $7.6 million from changes in working capital. The changes in working capital were principally driven by an increase in inventory of $1.0 million, and increase in accounts receivable of $6.2 million, and increase in contract assets of $0.8 million, and an increase in accounts payable and accrued liabilities of $0.5 million, all partially offset by a $1.8 million decrease in other assets. Cash used in investing activities in 2019 consisted primarily of the $19.0 million payment for our acquisition of GP, $0.5 million of fixed asset additions and $0.3 million of capitalized intellectual property costs. Cash provided by investing activities in 2018 consisted primarily of the proceeds from the sale of our optoelectronic segment of $15.8 million, partially offset by the $5.0 million payment for our acquisition of MOI, $0.4 million of fixed asset additions and $0.4 million of capitalized intellectual property rights. Cash used in financing activities for the year ended December 31, 2019 was $2.4 million, compared to $1.2 million in 2018. During 2019, we repaid $0.6 million on our term loans with SVB and used $2.2 million to repurchase our common stock under our stock repurchase program. These payments were partially offset by $0.4 million received from exercises of stock options and warrants. During 2018, we repaid $1.8 million on our outstanding term loan with SVB and used $0.5 million to repurchase our common stock under our stock repurchase program. These payments were partially offset by $1.1 million received from exercises of stock options and warrants.
Years ended December 31,
20192018
Net cash provided by/(used in) operating activities$4,798,201$(3,308,826)
Net cash (used in)/provided by investing activities(19,814,991)10,037,123
Net cash used in financing activities(2,437,560)(1,249,564)
Net (decrease)/increase in cash and cash equivalents$(17,454,350)$5,478,733
"} {"question": "If Net cash provided by/(used in) operating activities in 2019 was -2,000,000, in which year would it be negative?", "answer": ["2019", "2018"], "context": "Discussion of Cash Flows During 2019, the $4.8 million of net cash provided by operating activities consisted of our net income of $5.3 million, and included non-cash charges for depreciation and amortization of $2.5 million, and stock-based compensation of $1.5 million, offset by a tax benefit from a partial release of the valuation allowances of $3.3 million and a net cash outflow of $1.8 million from changes in working capital. The changes in working capital were principally driven by an increase in accounts receivable of $2.2 million, an increase in inventory of $0.7 million, an increase in contract assets of $0.4 million, and an increase in other assets of $0.2 million, all partially offset by decreases in accounts payable and accrued expenses of $0.6 million and contract liabilities of $1.2 million, In 2018, the $3.3 million of net cash used in operating activities consisted of our net income of $11.0 million and included a gain recognized on the sale of our optoelectronic segment that was sold in July 2018 of $8.6 million in addition to non-cash charges for depreciation and amortization of $1.2 million and stock-based compensation of $0.6 million, offset by a net cash outflow of $7.6 million from changes in working capital. The changes in working capital were principally driven by an increase in inventory of $1.0 million, and increase in accounts receivable of $6.2 million, and increase in contract assets of $0.8 million, and an increase in accounts payable and accrued liabilities of $0.5 million, all partially offset by a $1.8 million decrease in other assets. Cash used in investing activities in 2019 consisted primarily of the $19.0 million payment for our acquisition of GP, $0.5 million of fixed asset additions and $0.3 million of capitalized intellectual property costs. Cash provided by investing activities in 2018 consisted primarily of the proceeds from the sale of our optoelectronic segment of $15.8 million, partially offset by the $5.0 million payment for our acquisition of MOI, $0.4 million of fixed asset additions and $0.4 million of capitalized intellectual property rights. Cash used in financing activities for the year ended December 31, 2019 was $2.4 million, compared to $1.2 million in 2018. During 2019, we repaid $0.6 million on our term loans with SVB and used $2.2 million to repurchase our common stock under our stock repurchase program. These payments were partially offset by $0.4 million received from exercises of stock options and warrants. During 2018, we repaid $1.8 million on our outstanding term loan with SVB and used $0.5 million to repurchase our common stock under our stock repurchase program. These payments were partially offset by $1.1 million received from exercises of stock options and warrants.
Years ended December 31,
20192018
Net cash provided by/(used in) operating activities$4,798,201$(3,308,826)
Net cash (used in)/provided by investing activities(19,814,991)10,037,123
Net cash used in financing activities(2,437,560)(1,249,564)
Net (decrease)/increase in cash and cash equivalents$(17,454,350)$5,478,733
"} {"question": "What would be the percentage change in the total deferred tax assets from 2018 to 2019 if the amount in 2019 is now 6,000?", "answer": ["56.13"], "context": "Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. At December 31, 2019, the Company had net operating loss carry-forwards of approximately $21.6 million that may be offset against future taxable income indefinitely. No tax benefit has been reported in the 2019 financial statements, since the potential tax benefit is offset by a valuation allowance of the same amount. Net deferred tax assets consist of the following components as of December 31, 2019 and 2018: Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years.
20192018
Deferred tax assets (liabilities):
NOL carryover$5,910$3,370
R&D carryover173173
Other236239
Depreciation4261
6,3613,843
Less valuation allowance(6,361)(3,843)
Net deferred tax asset$-$-
"} {"question": "What would be the percentage of R&D carryover in the total deferred tax assets in 2019 if the R&D carryover amount is now 200?", "answer": ["3.13"], "context": "Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. At December 31, 2019, the Company had net operating loss carry-forwards of approximately $21.6 million that may be offset against future taxable income indefinitely. No tax benefit has been reported in the 2019 financial statements, since the potential tax benefit is offset by a valuation allowance of the same amount. Net deferred tax assets consist of the following components as of December 31, 2019 and 2018: Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years.
20192018
Deferred tax assets (liabilities):
NOL carryover$5,910$3,370
R&D carryover173173
Other236239
Depreciation4261
6,3613,843
Less valuation allowance(6,361)(3,843)
Net deferred tax asset$-$-
"} {"question": "What would be the percentage of depreciation in the total deferred tax assets in 2018 if the depreciation amount is now 50?", "answer": ["1.3"], "context": "Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. At December 31, 2019, the Company had net operating loss carry-forwards of approximately $21.6 million that may be offset against future taxable income indefinitely. No tax benefit has been reported in the 2019 financial statements, since the potential tax benefit is offset by a valuation allowance of the same amount. Net deferred tax assets consist of the following components as of December 31, 2019 and 2018: Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years.
20192018
Deferred tax assets (liabilities):
NOL carryover$5,910$3,370
R&D carryover173173
Other236239
Depreciation4261
6,3613,843
Less valuation allowance(6,361)(3,843)
Net deferred tax asset$-$-
"} {"question": "In which year would the NOL carryover higher if the amount in 2018 is 6,000 instead?", "answer": ["2018"], "context": "Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. At December 31, 2019, the Company had net operating loss carry-forwards of approximately $21.6 million that may be offset against future taxable income indefinitely. No tax benefit has been reported in the 2019 financial statements, since the potential tax benefit is offset by a valuation allowance of the same amount. Net deferred tax assets consist of the following components as of December 31, 2019 and 2018: Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years.
20192018
Deferred tax assets (liabilities):
NOL carryover$5,910$3,370
R&D carryover173173
Other236239
Depreciation4261
6,3613,843
Less valuation allowance(6,361)(3,843)
Net deferred tax asset$-$-
"} {"question": "If Tax credits in 2019 were 40,000 thousand, what would be the change from 2018 to 2019?", "answer": ["414"], "context": "Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consisted of the following (in thousands): We are required to evaluate the realizability of our deferred tax assets in both our U.S. and non-U.S. jurisdictions on an ongoing basis to determine whether there is a need for a valuation allowance with respect to such deferred tax assets. From the fourth quarter of fiscal 2009 to the third quarter of fiscal 2018, we maintained a 100% valuation allowance against most of our U.S. deferred tax assets because there was insufficient positive evidence to overcome the existing negative evidence such that it was not more likely than not that the U.S. deferred tax assets were realizable. While we reported U.S. pre-tax income in fiscal 2015 and fiscal 2017, because we reported U.S. pre-tax losses during the previous seven fiscal years, we continued to maintain the 100% valuation allowance through the third quarter of fiscal 2018. As of December 29, 2018, we had reported positive operating performance in the U.S. for two consecutive fiscal years and had also reported a cumulative threeyear U.S. pre-tax profit. In addition, during the fourth quarter of fiscal 2018, we completed our financial plan for fiscal 2019 and expected continued positive operating performance in the U.S. We also considered forecasts of future taxable income and evaluated the utilization of net operating losses and tax credit carryforwards prior to their expiration. After considering these factors, we determined that the positive evidence overcame any negative evidence and concluded that it was more likely than not that the U.S. deferred tax assets were realizable. As a result, we released the valuation allowance against a significant portion of the U.S. federal deferred tax assets and a portion of the U.S. state deferred tax assets during the fourth quarter of fiscal 2018. The valuation allowance decreased by $75.8 million in fiscal 2018, primarily due to the release of the valuation allowance on U.S. deferred tax assets. As of December 28, 2019, we maintained a valuation allowance of $36.6 million, primarily related to California deferred tax assets and foreign tax credit carryovers, due to uncertainty about the future realization of these assets.
As of
December 28, 2019December 29, 2018
Tax credits$44,696$39,586
Inventory reserve12,35010,850
Other reserves and accruals5,8525,398
Non-statutory stock options2,9822,722
Depreciation and amortization27,7581,979
Net operating loss carryforwards21,41061,275
Gross deferred tax assets115,048121,810
Valuation allowance(36,604)(34,037)
Total deferred tax assets78,44487,773
Acquired intangibles and fixed assets(13,997)(12,667)
Unrealized investment gains(106)(107)
Tax on undistributed earnings(75)(53)
Total deferred tax liabilities(14,178)(12,827)
Net deferred tax assets$64,266$74,946
"} {"question": "If Inventory reserve in 2019 was 11,000 thousand, what would be the average value for 2018 and 2019?", "answer": ["10925"], "context": "Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consisted of the following (in thousands): We are required to evaluate the realizability of our deferred tax assets in both our U.S. and non-U.S. jurisdictions on an ongoing basis to determine whether there is a need for a valuation allowance with respect to such deferred tax assets. From the fourth quarter of fiscal 2009 to the third quarter of fiscal 2018, we maintained a 100% valuation allowance against most of our U.S. deferred tax assets because there was insufficient positive evidence to overcome the existing negative evidence such that it was not more likely than not that the U.S. deferred tax assets were realizable. While we reported U.S. pre-tax income in fiscal 2015 and fiscal 2017, because we reported U.S. pre-tax losses during the previous seven fiscal years, we continued to maintain the 100% valuation allowance through the third quarter of fiscal 2018. As of December 29, 2018, we had reported positive operating performance in the U.S. for two consecutive fiscal years and had also reported a cumulative threeyear U.S. pre-tax profit. In addition, during the fourth quarter of fiscal 2018, we completed our financial plan for fiscal 2019 and expected continued positive operating performance in the U.S. We also considered forecasts of future taxable income and evaluated the utilization of net operating losses and tax credit carryforwards prior to their expiration. After considering these factors, we determined that the positive evidence overcame any negative evidence and concluded that it was more likely than not that the U.S. deferred tax assets were realizable. As a result, we released the valuation allowance against a significant portion of the U.S. federal deferred tax assets and a portion of the U.S. state deferred tax assets during the fourth quarter of fiscal 2018. The valuation allowance decreased by $75.8 million in fiscal 2018, primarily due to the release of the valuation allowance on U.S. deferred tax assets. As of December 28, 2019, we maintained a valuation allowance of $36.6 million, primarily related to California deferred tax assets and foreign tax credit carryovers, due to uncertainty about the future realization of these assets.
As of
December 28, 2019December 29, 2018
Tax credits$44,696$39,586
Inventory reserve12,35010,850
Other reserves and accruals5,8525,398
Non-statutory stock options2,9822,722
Depreciation and amortization27,7581,979
Net operating loss carryforwards21,41061,275
Gross deferred tax assets115,048121,810
Valuation allowance(36,604)(34,037)
Total deferred tax assets78,44487,773
Acquired intangibles and fixed assets(13,997)(12,667)
Unrealized investment gains(106)(107)
Tax on undistributed earnings(75)(53)
Total deferred tax liabilities(14,178)(12,827)
Net deferred tax assets$64,266$74,946
"} {"question": "If Other reserves and accruals in 2018 was 4,000 thousand, in which years would Other reserves and accruals be greater than 5,000 thousand?", "answer": ["2019"], "context": "Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consisted of the following (in thousands): We are required to evaluate the realizability of our deferred tax assets in both our U.S. and non-U.S. jurisdictions on an ongoing basis to determine whether there is a need for a valuation allowance with respect to such deferred tax assets. From the fourth quarter of fiscal 2009 to the third quarter of fiscal 2018, we maintained a 100% valuation allowance against most of our U.S. deferred tax assets because there was insufficient positive evidence to overcome the existing negative evidence such that it was not more likely than not that the U.S. deferred tax assets were realizable. While we reported U.S. pre-tax income in fiscal 2015 and fiscal 2017, because we reported U.S. pre-tax losses during the previous seven fiscal years, we continued to maintain the 100% valuation allowance through the third quarter of fiscal 2018. As of December 29, 2018, we had reported positive operating performance in the U.S. for two consecutive fiscal years and had also reported a cumulative threeyear U.S. pre-tax profit. In addition, during the fourth quarter of fiscal 2018, we completed our financial plan for fiscal 2019 and expected continued positive operating performance in the U.S. We also considered forecasts of future taxable income and evaluated the utilization of net operating losses and tax credit carryforwards prior to their expiration. After considering these factors, we determined that the positive evidence overcame any negative evidence and concluded that it was more likely than not that the U.S. deferred tax assets were realizable. As a result, we released the valuation allowance against a significant portion of the U.S. federal deferred tax assets and a portion of the U.S. state deferred tax assets during the fourth quarter of fiscal 2018. The valuation allowance decreased by $75.8 million in fiscal 2018, primarily due to the release of the valuation allowance on U.S. deferred tax assets. As of December 28, 2019, we maintained a valuation allowance of $36.6 million, primarily related to California deferred tax assets and foreign tax credit carryovers, due to uncertainty about the future realization of these assets.
As of
December 28, 2019December 29, 2018
Tax credits$44,696$39,586
Inventory reserve12,35010,850
Other reserves and accruals5,8525,398
Non-statutory stock options2,9822,722
Depreciation and amortization27,7581,979
Net operating loss carryforwards21,41061,275
Gross deferred tax assets115,048121,810
Valuation allowance(36,604)(34,037)
Total deferred tax assets78,44487,773
Acquired intangibles and fixed assets(13,997)(12,667)
Unrealized investment gains(106)(107)
Tax on undistributed earnings(75)(53)
Total deferred tax liabilities(14,178)(12,827)
Net deferred tax assets$64,266$74,946
"} {"question": "Which year would have a larger decrease in the cost of sales if the amount for 2017 is $25 million instead?", "answer": ["2017"], "context": "The failed-sale-leaseback accounting treatment had the following effects on our consolidated results of operations for the years ended December 31, 2018 and 2017: After factoring in the costs to sell the data centers and colocation business, excluding the impact from the failed-sale-leaseback accounting treatment, the sale resulted in a $20 million gain as a result of the aggregate value of the proceeds we received exceeding the carrying value of the assets sold and liabilities assumed. Based on the fair market values of the failed-sale-leaseback assets, the failed-sale-leaseback accounting treatment resulted in a loss of $102 million as a result of the requirement to treat a certain amount of the pre-tax cash proceeds from the sale of the assets as though it were the result of a financing obligation. The combined net loss of $82 million was included in selling, general and administrative expenses in our consolidated statement of operations for the year ended December 31, 2017. Effective November 3, 2016, which is the date we entered into the agreement to sell a portion of our data centers and colocation business, we ceased recording depreciation of the property, plant and equipment to be sold and amortization of the business’s intangible assets in accordance with applicable accounting rules. Otherwise, we estimate that we would have recorded additional depreciation and amortization expense of $67 million from January 1, 2017 through May 1, 2017. Upon adopting ASU 2016-02, accounting for the failed sale leaseback is no longer applicable based on our facts and circumstances, and the real estate assets and corresponding financing obligation were derecognized from our consolidated financial statements. Please see “Leases” (ASU 2016-02) in Note 1— Background and Summary of Significant Accounting Policies for additional information on the impact the new lease standard will have on the accounting for the failed-sale-leaseback.
Positive (Negative) Impact to Net Income
December 31,
20182017
(Dollars in millions)
Increase in revenue$7449
Decrease in cost of sales2215
Increase in loss on sale of business included in selling, general and administrative expense—(102)
Increase in depreciation expense (one-time)—(44)
Increase in depreciation expense (ongoing)(69)(47)
Increase in interest expense(55)(39)
Decrease in income tax expense765
Decrease in net income$(21)(103)
"} {"question": "What would the change in the increase in revenue in 2018 from 2017 be if the amount in 2017 is $54 million?", "answer": ["20"], "context": "The failed-sale-leaseback accounting treatment had the following effects on our consolidated results of operations for the years ended December 31, 2018 and 2017: After factoring in the costs to sell the data centers and colocation business, excluding the impact from the failed-sale-leaseback accounting treatment, the sale resulted in a $20 million gain as a result of the aggregate value of the proceeds we received exceeding the carrying value of the assets sold and liabilities assumed. Based on the fair market values of the failed-sale-leaseback assets, the failed-sale-leaseback accounting treatment resulted in a loss of $102 million as a result of the requirement to treat a certain amount of the pre-tax cash proceeds from the sale of the assets as though it were the result of a financing obligation. The combined net loss of $82 million was included in selling, general and administrative expenses in our consolidated statement of operations for the year ended December 31, 2017. Effective November 3, 2016, which is the date we entered into the agreement to sell a portion of our data centers and colocation business, we ceased recording depreciation of the property, plant and equipment to be sold and amortization of the business’s intangible assets in accordance with applicable accounting rules. Otherwise, we estimate that we would have recorded additional depreciation and amortization expense of $67 million from January 1, 2017 through May 1, 2017. Upon adopting ASU 2016-02, accounting for the failed sale leaseback is no longer applicable based on our facts and circumstances, and the real estate assets and corresponding financing obligation were derecognized from our consolidated financial statements. Please see “Leases” (ASU 2016-02) in Note 1— Background and Summary of Significant Accounting Policies for additional information on the impact the new lease standard will have on the accounting for the failed-sale-leaseback.
Positive (Negative) Impact to Net Income
December 31,
20182017
(Dollars in millions)
Increase in revenue$7449
Decrease in cost of sales2215
Increase in loss on sale of business included in selling, general and administrative expense—(102)
Increase in depreciation expense (one-time)—(44)
Increase in depreciation expense (ongoing)(69)(47)
Increase in interest expense(55)(39)
Decrease in income tax expense765
Decrease in net income$(21)(103)
"} {"question": "What would the average increase in revenue across 2017 and 2018 be if the value for 2017 is $54 million instead?", "answer": ["64"], "context": "The failed-sale-leaseback accounting treatment had the following effects on our consolidated results of operations for the years ended December 31, 2018 and 2017: After factoring in the costs to sell the data centers and colocation business, excluding the impact from the failed-sale-leaseback accounting treatment, the sale resulted in a $20 million gain as a result of the aggregate value of the proceeds we received exceeding the carrying value of the assets sold and liabilities assumed. Based on the fair market values of the failed-sale-leaseback assets, the failed-sale-leaseback accounting treatment resulted in a loss of $102 million as a result of the requirement to treat a certain amount of the pre-tax cash proceeds from the sale of the assets as though it were the result of a financing obligation. The combined net loss of $82 million was included in selling, general and administrative expenses in our consolidated statement of operations for the year ended December 31, 2017. Effective November 3, 2016, which is the date we entered into the agreement to sell a portion of our data centers and colocation business, we ceased recording depreciation of the property, plant and equipment to be sold and amortization of the business’s intangible assets in accordance with applicable accounting rules. Otherwise, we estimate that we would have recorded additional depreciation and amortization expense of $67 million from January 1, 2017 through May 1, 2017. Upon adopting ASU 2016-02, accounting for the failed sale leaseback is no longer applicable based on our facts and circumstances, and the real estate assets and corresponding financing obligation were derecognized from our consolidated financial statements. Please see “Leases” (ASU 2016-02) in Note 1— Background and Summary of Significant Accounting Policies for additional information on the impact the new lease standard will have on the accounting for the failed-sale-leaseback.
Positive (Negative) Impact to Net Income
December 31,
20182017
(Dollars in millions)
Increase in revenue$7449
Decrease in cost of sales2215
Increase in loss on sale of business included in selling, general and administrative expense—(102)
Increase in depreciation expense (one-time)—(44)
Increase in depreciation expense (ongoing)(69)(47)
Increase in interest expense(55)(39)
Decrease in income tax expense765
Decrease in net income$(21)(103)
"} {"question": "What would be the average other non-current assets as at December 31, 2018 and 2019 if their total is decreased by $5,000?", "answer": ["65"], "context": "8. OTHER NON-CURRENT ASSETS * relates to certain office lease contracts. Optional periods are not included in the calculation.
All figures in USD ‘00020192018
Fixture, Furniture and Equipment65128
Right of Use Asset*1,412-
Other5783
Total as of December 31,1,534211
"} {"question": "What would be the change in Fixture, Furniture and Equipment between 2018 and 2019 if the value in 2019 was 70 thousand instead?", "answer": ["58"], "context": "8. OTHER NON-CURRENT ASSETS * relates to certain office lease contracts. Optional periods are not included in the calculation.
All figures in USD ‘00020192018
Fixture, Furniture and Equipment65128
Right of Use Asset*1,412-
Other5783
Total as of December 31,1,534211
"} {"question": "What would be the value of other non-current assets as at December 31, 2018 as a percentage of the value of other non-current assets in 2019 if the value in 2019 is increased by $500,000?", "answer": ["133.87"], "context": "8. OTHER NON-CURRENT ASSETS * relates to certain office lease contracts. Optional periods are not included in the calculation.
All figures in USD ‘00020192018
Fixture, Furniture and Equipment65128
Right of Use Asset*1,412-
Other5783
Total as of December 31,1,534211
"} {"question": "What would be the change in balance from Americas between 2018 and 2019 if the balance from Americas in 2018 was $15,000 million with no change to balance in 2019 instead?", "answer": ["6120"], "context": "5. Goodwill and Purchased Intangible Assets (a) Goodwill The following tables present the goodwill allocated to our reportable segments as of July 27, 2019 and July 28, 2018, as well as the changes to goodwill during fiscal 2019 and 2018 (in millions): “Other” in the tables above primarily consists of foreign currency translation as well as immaterial purchase accounting adjustments.
Balance at July 28, 2018Acquisitions & DivestituresOtherBalance at July 27, 2019
Americas$19,998$1,240$(118)$21,120
EMEA7,529486(38)7,977
APJC4,179274(21)4,432
Total$31,706$2,000$(177)$33,529
"} {"question": "What would be the region with the highest Acquisitions & Divestitures if Acquisitions & Divestitures for EMEA was 1,340 million?", "answer": ["EMEA"], "context": "5. Goodwill and Purchased Intangible Assets (a) Goodwill The following tables present the goodwill allocated to our reportable segments as of July 27, 2019 and July 28, 2018, as well as the changes to goodwill during fiscal 2019 and 2018 (in millions): “Other” in the tables above primarily consists of foreign currency translation as well as immaterial purchase accounting adjustments.
Balance at July 28, 2018Acquisitions & DivestituresOtherBalance at July 27, 2019
Americas$19,998$1,240$(118)$21,120
EMEA7,529486(38)7,977
APJC4,179274(21)4,432
Total$31,706$2,000$(177)$33,529
"} {"question": "What would be the percentage change in the total balance between 2018 and 2019 if the total balance in 2019 was $50,000 million instead?", "answer": ["57.7"], "context": "5. Goodwill and Purchased Intangible Assets (a) Goodwill The following tables present the goodwill allocated to our reportable segments as of July 27, 2019 and July 28, 2018, as well as the changes to goodwill during fiscal 2019 and 2018 (in millions): “Other” in the tables above primarily consists of foreign currency translation as well as immaterial purchase accounting adjustments.
Balance at July 28, 2018Acquisitions & DivestituresOtherBalance at July 27, 2019
Americas$19,998$1,240$(118)$21,120
EMEA7,529486(38)7,977
APJC4,179274(21)4,432
Total$31,706$2,000$(177)$33,529
"} {"question": "If the GAAP-based Cloud Services and Subscriptions Gross Margin % for 2019 was 57.3% instead, What is the average GAAP-based Cloud Services and Subscriptions Gross Margin %?", "answer": ["56.97"], "context": "2) Cloud Services and Subscriptions: Cloud services and subscriptions revenues are from hosting arrangements where in connection with the licensing of software, the end user doesn’t take possession of the software, as well as from end-to-end fully outsourced business-to-business (B2B) integration solutions to our customers (collectively referred to as cloud arrangements). The software application resides on our hardware or that of a third party, and the customer accesses and uses the software on an as-needed basis via an identified line. Our cloud arrangements can be broadly categorized as \"platform as a service\" (PaaS), \"software as a service\" (SaaS), cloud subscriptions and managed services. Cost of Cloud services and subscriptions revenues is comprised primarily of third party network usage fees, maintenance of in-house data hardware centers, technical support personnel-related costs, and some third party royalty costs. Cloud services and subscriptions revenues increased by $78.8 million or 9.5% during the year ended June 30, 2019 as compared to the prior fiscal year; up 10.8% after factoring the impact of $10.8 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $61.6 million, an increase in EMEA of $14.7 million, and an increase in Asia Pacific of $2.6 million. The number of Cloud services deals greater than $1.0 million that closed during Fiscal 2019 was 46 deals, consistent with that in Fiscal 2018. Cost of Cloud services and subscriptions revenues increased by $19.8 million during the year ended June 30, 2019 as compared to the prior fiscal year, due to an increase in labour-related costs of approximately $19.1 million and an increase in third party network usage fees of $1.3 million. These were partially offset by a decrease in other miscellaneous costs of $0.6 million. The increase in labour-related costs was primarily due to increased headcount from recent acquisitions. Overall, the gross margin percentage on Cloud services and subscriptions revenues increased to approximately 58% from approximately 56%. For illustrative purposes only, had we accounted for revenues under proforma Topic 605, Cloud services and subscriptions revenues would have been $901.5 million for the year ended June 30, 2019, which would have been higher by approximately $72.5 million or 8.7% as compared to the prior fiscal year; and would have been up 10.1% after factoring the impact of $11.0 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to an increase in Americas of $56.4 million, and an increase in EMEA of $12.4 million and an increase in Asia Pacific of $3.7 million. The $6.4 million difference between cloud service and subscription revenues recognized under Topic 606 and those proforma Topic 605 cloud services and subscriptions revenues described above is primarily the result of timing differences on professional services related to cloud contracts, where under Topic 605, revenues would have been deferred over the estimated life of the contract, but under Topic 606 these revenues are recognized as services are performed. For more details, see note 3 \"Revenues\" to our Consolidated Financial Statements.
Year Ended June 30,
(In thousands)2019Change increase (decrease)2018Change increase (decrease)2017
Cloud Services and Subscriptions:
Americas$616,776$61,553$555,223$70,216$485,007
EMEA206,22714,707191,52040,673150,847
Asia Pacific84,8092,58482,22512,58469,641
Total Cloud Services and Subscriptions Revenues907,81278,844828,968123,473705,495
Cost of Cloud Services and Subscriptions Revenues383,99319,833364,16064,310299,850
GAAP-based Cloud Services and Subscriptions Gross Profit$523,819$59,011$464,808$59,163$405,645
GAAP-based Cloud Services and Subscriptions Gross Margin %57.7%56.1%57.5%
% Cloud Services and Subscriptions Revenues by
Geography:
Americas67.9%67.0%68.7%
EMEA22.7%23.1%21.4%
Asia Pacific9.4%9.9%9.9%
"} {"question": "If the change in Cloud Services and Subscriptions for Americas from 2018 to 2019 was $56,434(in thousands) instead, What is the percentage increase in the Cloud Services and Subscriptions for Americas for 2018 to 2019?", "answer": ["10.16"], "context": "2) Cloud Services and Subscriptions: Cloud services and subscriptions revenues are from hosting arrangements where in connection with the licensing of software, the end user doesn’t take possession of the software, as well as from end-to-end fully outsourced business-to-business (B2B) integration solutions to our customers (collectively referred to as cloud arrangements). The software application resides on our hardware or that of a third party, and the customer accesses and uses the software on an as-needed basis via an identified line. Our cloud arrangements can be broadly categorized as \"platform as a service\" (PaaS), \"software as a service\" (SaaS), cloud subscriptions and managed services. Cost of Cloud services and subscriptions revenues is comprised primarily of third party network usage fees, maintenance of in-house data hardware centers, technical support personnel-related costs, and some third party royalty costs. Cloud services and subscriptions revenues increased by $78.8 million or 9.5% during the year ended June 30, 2019 as compared to the prior fiscal year; up 10.8% after factoring the impact of $10.8 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $61.6 million, an increase in EMEA of $14.7 million, and an increase in Asia Pacific of $2.6 million. The number of Cloud services deals greater than $1.0 million that closed during Fiscal 2019 was 46 deals, consistent with that in Fiscal 2018. Cost of Cloud services and subscriptions revenues increased by $19.8 million during the year ended June 30, 2019 as compared to the prior fiscal year, due to an increase in labour-related costs of approximately $19.1 million and an increase in third party network usage fees of $1.3 million. These were partially offset by a decrease in other miscellaneous costs of $0.6 million. The increase in labour-related costs was primarily due to increased headcount from recent acquisitions. Overall, the gross margin percentage on Cloud services and subscriptions revenues increased to approximately 58% from approximately 56%. For illustrative purposes only, had we accounted for revenues under proforma Topic 605, Cloud services and subscriptions revenues would have been $901.5 million for the year ended June 30, 2019, which would have been higher by approximately $72.5 million or 8.7% as compared to the prior fiscal year; and would have been up 10.1% after factoring the impact of $11.0 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to an increase in Americas of $56.4 million, and an increase in EMEA of $12.4 million and an increase in Asia Pacific of $3.7 million. The $6.4 million difference between cloud service and subscription revenues recognized under Topic 606 and those proforma Topic 605 cloud services and subscriptions revenues described above is primarily the result of timing differences on professional services related to cloud contracts, where under Topic 605, revenues would have been deferred over the estimated life of the contract, but under Topic 606 these revenues are recognized as services are performed. For more details, see note 3 \"Revenues\" to our Consolidated Financial Statements.
Year Ended June 30,
(In thousands)2019Change increase (decrease)2018Change increase (decrease)2017
Cloud Services and Subscriptions:
Americas$616,776$61,553$555,223$70,216$485,007
EMEA206,22714,707191,52040,673150,847
Asia Pacific84,8092,58482,22512,58469,641
Total Cloud Services and Subscriptions Revenues907,81278,844828,968123,473705,495
Cost of Cloud Services and Subscriptions Revenues383,99319,833364,16064,310299,850
GAAP-based Cloud Services and Subscriptions Gross Profit$523,819$59,011$464,808$59,163$405,645
GAAP-based Cloud Services and Subscriptions Gross Margin %57.7%56.1%57.5%
% Cloud Services and Subscriptions Revenues by
Geography:
Americas67.9%67.0%68.7%
EMEA22.7%23.1%21.4%
Asia Pacific9.4%9.9%9.9%
"} {"question": "If the GAAP-based Cloud Services and Subscriptions Gross Profit for 2019 was $534,323(in thousands) instead, What is the average annual GAAP-based Cloud Services and Subscriptions Gross Profit for the 3 years?", "answer": ["468258.67"], "context": "2) Cloud Services and Subscriptions: Cloud services and subscriptions revenues are from hosting arrangements where in connection with the licensing of software, the end user doesn’t take possession of the software, as well as from end-to-end fully outsourced business-to-business (B2B) integration solutions to our customers (collectively referred to as cloud arrangements). The software application resides on our hardware or that of a third party, and the customer accesses and uses the software on an as-needed basis via an identified line. Our cloud arrangements can be broadly categorized as \"platform as a service\" (PaaS), \"software as a service\" (SaaS), cloud subscriptions and managed services. Cost of Cloud services and subscriptions revenues is comprised primarily of third party network usage fees, maintenance of in-house data hardware centers, technical support personnel-related costs, and some third party royalty costs. Cloud services and subscriptions revenues increased by $78.8 million or 9.5% during the year ended June 30, 2019 as compared to the prior fiscal year; up 10.8% after factoring the impact of $10.8 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $61.6 million, an increase in EMEA of $14.7 million, and an increase in Asia Pacific of $2.6 million. The number of Cloud services deals greater than $1.0 million that closed during Fiscal 2019 was 46 deals, consistent with that in Fiscal 2018. Cost of Cloud services and subscriptions revenues increased by $19.8 million during the year ended June 30, 2019 as compared to the prior fiscal year, due to an increase in labour-related costs of approximately $19.1 million and an increase in third party network usage fees of $1.3 million. These were partially offset by a decrease in other miscellaneous costs of $0.6 million. The increase in labour-related costs was primarily due to increased headcount from recent acquisitions. Overall, the gross margin percentage on Cloud services and subscriptions revenues increased to approximately 58% from approximately 56%. For illustrative purposes only, had we accounted for revenues under proforma Topic 605, Cloud services and subscriptions revenues would have been $901.5 million for the year ended June 30, 2019, which would have been higher by approximately $72.5 million or 8.7% as compared to the prior fiscal year; and would have been up 10.1% after factoring the impact of $11.0 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to an increase in Americas of $56.4 million, and an increase in EMEA of $12.4 million and an increase in Asia Pacific of $3.7 million. The $6.4 million difference between cloud service and subscription revenues recognized under Topic 606 and those proforma Topic 605 cloud services and subscriptions revenues described above is primarily the result of timing differences on professional services related to cloud contracts, where under Topic 605, revenues would have been deferred over the estimated life of the contract, but under Topic 606 these revenues are recognized as services are performed. For more details, see note 3 \"Revenues\" to our Consolidated Financial Statements.
Year Ended June 30,
(In thousands)2019Change increase (decrease)2018Change increase (decrease)2017
Cloud Services and Subscriptions:
Americas$616,776$61,553$555,223$70,216$485,007
EMEA206,22714,707191,52040,673150,847
Asia Pacific84,8092,58482,22512,58469,641
Total Cloud Services and Subscriptions Revenues907,81278,844828,968123,473705,495
Cost of Cloud Services and Subscriptions Revenues383,99319,833364,16064,310299,850
GAAP-based Cloud Services and Subscriptions Gross Profit$523,819$59,011$464,808$59,163$405,645
GAAP-based Cloud Services and Subscriptions Gross Margin %57.7%56.1%57.5%
% Cloud Services and Subscriptions Revenues by
Geography:
Americas67.9%67.0%68.7%
EMEA22.7%23.1%21.4%
Asia Pacific9.4%9.9%9.9%
"} {"question": "In year ended 2019, if Total fees were $4,896(in thousands), what is the Audit fees expressed as a percentage of total fees?", "answer": ["93.91"], "context": "Item 14. Principal Accountant Fees and Services The aggregate fees for professional services rendered by our independent registered public accounting firm, KPMG LLP, for Fiscal 2019 and Fiscal 2018 were: (1) Audit fees were primarily for professional services rendered for (a) the annual audits of our consolidated financial statements and the accompanying attestation report regarding our ICFR contained in our Annual Report on Form 10- K, (b) the review of quarterly financial information included in our Quarterly Reports on Form 10-Q, (c) audit services related to mergers and acquisitions and offering documents, and (d) annual statutory audits where applicable. (2) Audit-related fees were primarily for assurance and related services, such as the review of non-periodic filings with the SEC. (3) Tax fees were for services related to tax compliance, including the preparation of tax returns, tax planning and tax advice. (4) All other fees consist of fees for services other than the services reported in audit fees, audit-related fees, and tax fees. OpenText's Audit Committee has established a policy of reviewing, in advance, and either approving or not approving, all audit, audit-related, tax and other non-audit services that our independent registered public accounting firm provides to us. This policy requires that all services received from our independent registered public accounting firm be approved in advance by the Audit Committee or a delegate of the Audit Committee. The Audit Committee has delegated the pre-approval responsibility to the Chair of the Audit Committee. All services that KPMG LLP provided to us in Fiscal 2019 and Fiscal 2018 have been preapproved by the Audit Committee. The Audit Committee has determined that the provision of the services as set out above is compatible with the maintaining of KPMG LLP's independence in the conduct of its auditing functions.
Year ended June 30,
(In thousands)20192018
Audit fees (1)$4,598$4,701
Audit-related fees (2)——
Tax fees (3)108116
All other fees (4)40101
Total$4,746$4,918
"} {"question": "If the Total fees for fiscal year 2018 was $5,834(in thousands) instead, what is the average annual total Fees for Fiscal year 2019 and 2018?", "answer": ["5290"], "context": "Item 14. Principal Accountant Fees and Services The aggregate fees for professional services rendered by our independent registered public accounting firm, KPMG LLP, for Fiscal 2019 and Fiscal 2018 were: (1) Audit fees were primarily for professional services rendered for (a) the annual audits of our consolidated financial statements and the accompanying attestation report regarding our ICFR contained in our Annual Report on Form 10- K, (b) the review of quarterly financial information included in our Quarterly Reports on Form 10-Q, (c) audit services related to mergers and acquisitions and offering documents, and (d) annual statutory audits where applicable. (2) Audit-related fees were primarily for assurance and related services, such as the review of non-periodic filings with the SEC. (3) Tax fees were for services related to tax compliance, including the preparation of tax returns, tax planning and tax advice. (4) All other fees consist of fees for services other than the services reported in audit fees, audit-related fees, and tax fees. OpenText's Audit Committee has established a policy of reviewing, in advance, and either approving or not approving, all audit, audit-related, tax and other non-audit services that our independent registered public accounting firm provides to us. This policy requires that all services received from our independent registered public accounting firm be approved in advance by the Audit Committee or a delegate of the Audit Committee. The Audit Committee has delegated the pre-approval responsibility to the Chair of the Audit Committee. All services that KPMG LLP provided to us in Fiscal 2019 and Fiscal 2018 have been preapproved by the Audit Committee. The Audit Committee has determined that the provision of the services as set out above is compatible with the maintaining of KPMG LLP's independence in the conduct of its auditing functions.
Year ended June 30,
(In thousands)20192018
Audit fees (1)$4,598$4,701
Audit-related fees (2)——
Tax fees (3)108116
All other fees (4)40101
Total$4,746$4,918
"} {"question": "If tax fees for fiscal year 2019 was 158(in thousands) instead, what is the tax fees expressed as a percentage of total fees?", "answer": ["3.33"], "context": "Item 14. Principal Accountant Fees and Services The aggregate fees for professional services rendered by our independent registered public accounting firm, KPMG LLP, for Fiscal 2019 and Fiscal 2018 were: (1) Audit fees were primarily for professional services rendered for (a) the annual audits of our consolidated financial statements and the accompanying attestation report regarding our ICFR contained in our Annual Report on Form 10- K, (b) the review of quarterly financial information included in our Quarterly Reports on Form 10-Q, (c) audit services related to mergers and acquisitions and offering documents, and (d) annual statutory audits where applicable. (2) Audit-related fees were primarily for assurance and related services, such as the review of non-periodic filings with the SEC. (3) Tax fees were for services related to tax compliance, including the preparation of tax returns, tax planning and tax advice. (4) All other fees consist of fees for services other than the services reported in audit fees, audit-related fees, and tax fees. OpenText's Audit Committee has established a policy of reviewing, in advance, and either approving or not approving, all audit, audit-related, tax and other non-audit services that our independent registered public accounting firm provides to us. This policy requires that all services received from our independent registered public accounting firm be approved in advance by the Audit Committee or a delegate of the Audit Committee. The Audit Committee has delegated the pre-approval responsibility to the Chair of the Audit Committee. All services that KPMG LLP provided to us in Fiscal 2019 and Fiscal 2018 have been preapproved by the Audit Committee. The Audit Committee has determined that the provision of the services as set out above is compatible with the maintaining of KPMG LLP's independence in the conduct of its auditing functions.
Year ended June 30,
(In thousands)20192018
Audit fees (1)$4,598$4,701
Audit-related fees (2)——
Tax fees (3)108116
All other fees (4)40101
Total$4,746$4,918
"} {"question": "What would be the 2019 percentage change in number of shares distributed to employees if number of shares distributed in 2019 is 50,000?", "answer": ["17.7"], "context": "16. SHARE-BASED PAYMENTS a. Employee Share Plan The Employee Share Plan (ESP) is available to all eligible employees each year to acquire ordinary shares in the Company from future remuneration (before tax). Shares to be issued or transferred under the ESP will be valued at the volume-weighted average price of the Company’s shares traded on the Australian Securities Exchange during the five business days immediately preceding the day the shares are issued or transferred. Shares issued under the ESP are not allowed to be sold, transferred or otherwise disposed until the earlier of the end of an initial three-year period, or the participant ceasing continuing employment with the Company. Details of the movement in employee shares under the ESP are as follows: The consideration for the shares issued on 22 May 2019 was $3.72 (7 May 2018: $4.24).
20192018
No. of SharesNo. of Shares
Number of shares at beginning of year114,758137,227
Number of shares distributed to employees45,56042,480
Number of shares transferred to main share registry and/or disposed of(44,526)(64,949)
Number of shares at year end115,792114,758
"} {"question": "What would be the difference between the number of shares at the beginning and end of year 2019 if number of shares at year end is 126,523?", "answer": ["11765"], "context": "16. SHARE-BASED PAYMENTS a. Employee Share Plan The Employee Share Plan (ESP) is available to all eligible employees each year to acquire ordinary shares in the Company from future remuneration (before tax). Shares to be issued or transferred under the ESP will be valued at the volume-weighted average price of the Company’s shares traded on the Australian Securities Exchange during the five business days immediately preceding the day the shares are issued or transferred. Shares issued under the ESP are not allowed to be sold, transferred or otherwise disposed until the earlier of the end of an initial three-year period, or the participant ceasing continuing employment with the Company. Details of the movement in employee shares under the ESP are as follows: The consideration for the shares issued on 22 May 2019 was $3.72 (7 May 2018: $4.24).
20192018
No. of SharesNo. of Shares
Number of shares at beginning of year114,758137,227
Number of shares distributed to employees45,56042,480
Number of shares transferred to main share registry and/or disposed of(44,526)(64,949)
Number of shares at year end115,792114,758
"} {"question": "What would be the average number of shares at year end for both years if number of shares at end of 2018 is 116,232?", "answer": ["116012"], "context": "16. SHARE-BASED PAYMENTS a. Employee Share Plan The Employee Share Plan (ESP) is available to all eligible employees each year to acquire ordinary shares in the Company from future remuneration (before tax). Shares to be issued or transferred under the ESP will be valued at the volume-weighted average price of the Company’s shares traded on the Australian Securities Exchange during the five business days immediately preceding the day the shares are issued or transferred. Shares issued under the ESP are not allowed to be sold, transferred or otherwise disposed until the earlier of the end of an initial three-year period, or the participant ceasing continuing employment with the Company. Details of the movement in employee shares under the ESP are as follows: The consideration for the shares issued on 22 May 2019 was $3.72 (7 May 2018: $4.24).
20192018
No. of SharesNo. of Shares
Number of shares at beginning of year114,758137,227
Number of shares distributed to employees45,56042,480
Number of shares transferred to main share registry and/or disposed of(44,526)(64,949)
Number of shares at year end115,792114,758
"} {"question": "In which year would the Balance as of 1 January be the largest if the amount in 2019 was $2.7 million instead?", "answer": ["2019"], "context": "Management makes allowance for expected credit loss based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit loss for receivables overdue more than 180 days is 25%-100%, depending on category. Expected credit loss for receivables overdue more than one year is 100%. Movements in provisions for impairment of freight receivables during the year are as follows: Allowance for expected credit loss of freight receivables have been recognized in the income statement under \"Port expenses, bunkers and commissions\". Allowance for expected credit loss of freight receivables is calculated using an ageing factor as well as a specific customer knowledge and is based on a provision matrix on days past due.
USDm201920182017
Allowance for expected credit loss
Balance as of 1 January1.71.32.6
Adjustment to prior years1.5--
Provisions for the year2.41.70.6
Provisions reversed during the year-1.9-1.0-1.9
Provisions utilized during the year--0.3-
Balance as of 31 December3.71.71.3
"} {"question": "What would the change in the Balance as of 31 December in 2019 from 2018 be if the amount in 2019 was $3.4 million instead?", "answer": ["1.7"], "context": "Management makes allowance for expected credit loss based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit loss for receivables overdue more than 180 days is 25%-100%, depending on category. Expected credit loss for receivables overdue more than one year is 100%. Movements in provisions for impairment of freight receivables during the year are as follows: Allowance for expected credit loss of freight receivables have been recognized in the income statement under \"Port expenses, bunkers and commissions\". Allowance for expected credit loss of freight receivables is calculated using an ageing factor as well as a specific customer knowledge and is based on a provision matrix on days past due.
USDm201920182017
Allowance for expected credit loss
Balance as of 1 January1.71.32.6
Adjustment to prior years1.5--
Provisions for the year2.41.70.6
Provisions reversed during the year-1.9-1.0-1.9
Provisions utilized during the year--0.3-
Balance as of 31 December3.71.71.3
"} {"question": "What would the percentage change in the Balance as of 31 December in 2019 from 2018 be if the amount in 2019 was $3.4 million instead?", "answer": ["100"], "context": "Management makes allowance for expected credit loss based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit loss for receivables overdue more than 180 days is 25%-100%, depending on category. Expected credit loss for receivables overdue more than one year is 100%. Movements in provisions for impairment of freight receivables during the year are as follows: Allowance for expected credit loss of freight receivables have been recognized in the income statement under \"Port expenses, bunkers and commissions\". Allowance for expected credit loss of freight receivables is calculated using an ageing factor as well as a specific customer knowledge and is based on a provision matrix on days past due.
USDm201920182017
Allowance for expected credit loss
Balance as of 1 January1.71.32.6
Adjustment to prior years1.5--
Provisions for the year2.41.70.6
Provisions reversed during the year-1.9-1.0-1.9
Provisions utilized during the year--0.3-
Balance as of 31 December3.71.71.3
"} {"question": "What would the total value of shares purchased for the ESPP phase ended December 31, 2018 be if the price was $9.00 instead?", "answer": ["155808"], "context": "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 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 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 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 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 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:
Number of sharesWeighted average grant date fair value
Unvested shares as of September 30, 2017370,530$15.24
Granted7,23514.17
Vested(113,930)16.45
Forfeited(15,222)15.41
Unvested shares as of September 30, 2018248,61314.65
Granted4,34014.40
Vested(110,683)16.31
Forfeited(11,830)14.47
Unvested shares as of September 30, 2019130,44013.25
"} {"question": "What would the total value of repurchased stock for the year ended September 30, 2019 be if the price was $14.00 instead?", "answer": ["573062"], "context": "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 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 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 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 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 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:
Number of sharesWeighted average grant date fair value
Unvested shares as of September 30, 2017370,530$15.24
Granted7,23514.17
Vested(113,930)16.45
Forfeited(15,222)15.41
Unvested shares as of September 30, 2018248,61314.65
Granted4,34014.40
Vested(110,683)16.31
Forfeited(11,830)14.47
Unvested shares as of September 30, 2019130,44013.25
"} {"question": "What would the percentage change in the total value of shares purchased by employees from 30 June 2018 to 30 June 2019 be if the value in 30 June 2019 was 170,000 instead?", "answer": ["13.64"], "context": "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 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 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 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 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 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:
Number of sharesWeighted average grant date fair value
Unvested shares as of September 30, 2017370,530$15.24
Granted7,23514.17
Vested(113,930)16.45
Forfeited(15,222)15.41
Unvested shares as of September 30, 2018248,61314.65
Granted4,34014.40
Vested(110,683)16.31
Forfeited(11,830)14.47
Unvested shares as of September 30, 2019130,44013.25
"} {"question": "If Beginning balance in 2019 was 5,000, what would be the change from 2018 to 2019?", "answer": ["69"], "context": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Interest and penalty charges, if any, related to uncertain tax positions are classified as income tax expense in the accompanying consolidated statements of operations. As of March 31, 2019 and 2018, the Company had immaterial accrued interest or penalties related to uncertain tax positions. The Company is subject to taxation in the United Kingdom and several foreign jurisdictions. As of March 31, 2019, the Company is no longer subject to examination by taxing authorities in the United Kingdom for years prior to March 31, 2017. The significant foreign jurisdictions in which the Company operates are no longer subject to examination by taxing authorities for years prior to March 31, 2016. In addition, net operating loss carryforwards in certain jurisdictions may be subject to adjustments by taxing authorities in future years when they are utilized. The Company had approximately $24.9 million of unremitted foreign earnings as of March 31, 2019. Income taxes have been provided on approximately $10.0 million of the unremitted foreign earnings. Income taxes have not been provided on approximately $14.9 million of unremitted foreign earnings because they are considered to be indefinitely reinvested. The tax payable on the earnings that are indefinitely reinvested would be immaterial.
Year ended March 31,
20192018
Beginning balance$6,164$4,931
Additions based on tax positions related to current year164142
Additions for tax positions of prior years2311,444
Reductions due to change in foreign exchange rate(301)(353)
Expiration of statutes of limitation(165)—
Reductions due to settlements with tax authorities(77)—
Ending balance$6,016$6,164
"} {"question": "If Additions for tax positions of prior years in 2019 was 1,000, what would be the average value for 2018 and 2019?", "answer": ["1222"], "context": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Interest and penalty charges, if any, related to uncertain tax positions are classified as income tax expense in the accompanying consolidated statements of operations. As of March 31, 2019 and 2018, the Company had immaterial accrued interest or penalties related to uncertain tax positions. The Company is subject to taxation in the United Kingdom and several foreign jurisdictions. As of March 31, 2019, the Company is no longer subject to examination by taxing authorities in the United Kingdom for years prior to March 31, 2017. The significant foreign jurisdictions in which the Company operates are no longer subject to examination by taxing authorities for years prior to March 31, 2016. In addition, net operating loss carryforwards in certain jurisdictions may be subject to adjustments by taxing authorities in future years when they are utilized. The Company had approximately $24.9 million of unremitted foreign earnings as of March 31, 2019. Income taxes have been provided on approximately $10.0 million of the unremitted foreign earnings. Income taxes have not been provided on approximately $14.9 million of unremitted foreign earnings because they are considered to be indefinitely reinvested. The tax payable on the earnings that are indefinitely reinvested would be immaterial.
Year ended March 31,
20192018
Beginning balance$6,164$4,931
Additions based on tax positions related to current year164142
Additions for tax positions of prior years2311,444
Reductions due to change in foreign exchange rate(301)(353)
Expiration of statutes of limitation(165)—
Reductions due to settlements with tax authorities(77)—
Ending balance$6,016$6,164
"} {"question": "if Expiration of statutes of limitation in 2018 was -100, in which year would it be less than 0?", "answer": ["2019", "2018"], "context": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Interest and penalty charges, if any, related to uncertain tax positions are classified as income tax expense in the accompanying consolidated statements of operations. As of March 31, 2019 and 2018, the Company had immaterial accrued interest or penalties related to uncertain tax positions. The Company is subject to taxation in the United Kingdom and several foreign jurisdictions. As of March 31, 2019, the Company is no longer subject to examination by taxing authorities in the United Kingdom for years prior to March 31, 2017. The significant foreign jurisdictions in which the Company operates are no longer subject to examination by taxing authorities for years prior to March 31, 2016. In addition, net operating loss carryforwards in certain jurisdictions may be subject to adjustments by taxing authorities in future years when they are utilized. The Company had approximately $24.9 million of unremitted foreign earnings as of March 31, 2019. Income taxes have been provided on approximately $10.0 million of the unremitted foreign earnings. Income taxes have not been provided on approximately $14.9 million of unremitted foreign earnings because they are considered to be indefinitely reinvested. The tax payable on the earnings that are indefinitely reinvested would be immaterial.
Year ended March 31,
20192018
Beginning balance$6,164$4,931
Additions based on tax positions related to current year164142
Additions for tax positions of prior years2311,444
Reductions due to change in foreign exchange rate(301)(353)
Expiration of statutes of limitation(165)—
Reductions due to settlements with tax authorities(77)—
Ending balance$6,016$6,164
"} {"question": "What would be the net total restructuring charges and payments for Severance & payroll related charges and lease abandonment charges if the payments for lease abandonment charges was $100 thousand less?", "answer": ["2558"], "context": "12. Restructuring In fiscal 2019, the Company initiated a restructuring plan to increase efficiency in its sales, marketing and distribution functions as well as reduce costs across all functional areas. During the year ended March 31, 2019, the Company incurred total restructuring charges of $14,765. These restructuring charges relate primarily to severance and related costs associated with headcount reductions and lease abandonment charges associated with two leases. These charges include $2,632 of stock- based compensation related to modifications of existing unvested awards granted to certain employees impacted by the restructuring plan. The activity in the Company’s restructuring accruals for the year ended March 31, 2019 is summarized as follows: As of March 31, 2019, the outstanding restructuring accruals primarily relate to future severance and lease payments. (In thousands, except per share data)
Lease abandonment chargesSeverance & payroll related chargesTotal
Balance at March 31, 2018$—$—$—
Restructuring charges1,03414,60615,640
Payments(540)(12,642)(13,182)
Accrual reversals—(875)(875)
Balance at March 31, 2019$494$1,089$1,583
"} {"question": "What fraction of the total restructuring charges included stock-based compensation if the stock-based compensation was $128 thousand more but the total charges remained constant?", "answer": ["0.19"], "context": "12. Restructuring In fiscal 2019, the Company initiated a restructuring plan to increase efficiency in its sales, marketing and distribution functions as well as reduce costs across all functional areas. During the year ended March 31, 2019, the Company incurred total restructuring charges of $14,765. These restructuring charges relate primarily to severance and related costs associated with headcount reductions and lease abandonment charges associated with two leases. These charges include $2,632 of stock- based compensation related to modifications of existing unvested awards granted to certain employees impacted by the restructuring plan. The activity in the Company’s restructuring accruals for the year ended March 31, 2019 is summarized as follows: As of March 31, 2019, the outstanding restructuring accruals primarily relate to future severance and lease payments. (In thousands, except per share data)
Lease abandonment chargesSeverance & payroll related chargesTotal
Balance at March 31, 2018$—$—$—
Restructuring charges1,03414,60615,640
Payments(540)(12,642)(13,182)
Accrual reversals—(875)(875)
Balance at March 31, 2019$494$1,089$1,583
"} {"question": "How much more would the balance at march 31, 2019 for Severance & payroll related charges than lease abandonment charges be if the balance left for lease abandonment charges was half of the severance and payroll related charges?", "answer": ["544.5"], "context": "12. Restructuring In fiscal 2019, the Company initiated a restructuring plan to increase efficiency in its sales, marketing and distribution functions as well as reduce costs across all functional areas. During the year ended March 31, 2019, the Company incurred total restructuring charges of $14,765. These restructuring charges relate primarily to severance and related costs associated with headcount reductions and lease abandonment charges associated with two leases. These charges include $2,632 of stock- based compensation related to modifications of existing unvested awards granted to certain employees impacted by the restructuring plan. The activity in the Company’s restructuring accruals for the year ended March 31, 2019 is summarized as follows: As of March 31, 2019, the outstanding restructuring accruals primarily relate to future severance and lease payments. (In thousands, except per share data)
Lease abandonment chargesSeverance & payroll related chargesTotal
Balance at March 31, 2018$—$—$—
Restructuring charges1,03414,60615,640
Payments(540)(12,642)(13,182)
Accrual reversals—(875)(875)
Balance at March 31, 2019$494$1,089$1,583
"} {"question": "If the Acquired and internally developed software costs in 2019 increased to 38,191 thousand, what would be the revised change from December 31, 2018 and 2019?", "answer": ["19219"], "context": "Identifiable intangible assets The Company's identifiable intangible assets represent intangible assets acquired in the Brink Acquisition, the Drive-Thru Acquisition, the Restaurant Magic Acquisition and software development costs. The Company capitalizes certain software development costs for software used in its Restaurant/Retail reporting segment. Software development costs incurred prior to establishing technological feasibility are charged to operations and included in research and development costs. The technological feasibility of a software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary to establish that the software product meets its design specifications, including functionality, features, and technical performance requirements. Software development costs incurred after establishing technological feasibility for software sold as a perpetual license, (as defined within ASC 985-20, Software – \"Costs of Software to be sold, Leased, or Marketed\" - for software cost related to sold as a perpetual license) are capitalized and amortized on a product-by-product basis when the software product is available for general release to customers. Included in \"Acquired and internally developed software costs\" in the table below are approximately $2.5 million and $3.0 million of costs related to software products that have not satisfied the general release threshold as of December 31, 2019 and December 31, 2018, respectively. These software products are expected to satisfy the general release threshold within the next 12 months. Software development is also capitalized in accordance with ASC 350-40, “Intangibles - Goodwill and Other - Internal - Use Software,” and is amortized over the expected benefit period, which generally ranges from three to seven years. Long-lived assets are tested for impairment when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. Software costs capitalized during the years ended 2019 and 2018 were $4.1 million and $3.9 million, respectively. Annual amortization charged to cost of sales when a product is available for general release to customers is computed using the greater of (a) the straight-line method over the remaining estimated economic life of the product, generally three to seven years or (b) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product. Amortization of capitalized software costs amounted to $3.3 million and $3.5 million, in 2019 and 2018, respectively. The components of identifiable intangible assets, excluding discontinued operations, are:
December 31,
(in thousands)
20192018Estimated Useful Life
Acquired and internally developed software costs$36,137$18,9723 - 7 years
Customer relationships4,8601607 years
Non-compete agreements30301 year
41,02719,162
Less accumulated amortization(12,389)(11,708)
$28,638$7,454
Internally developed software costs not meeting general release threshold2,5003,005
Trademarks, trade names (non-amortizable)1,810400Indefinite
$32,948$10,859
"} {"question": "If the accumulated amortization in 2019 increased to 14,627 thousand, what would be the revised change between December 31, 2018 and 2019?", "answer": ["2919"], "context": "Identifiable intangible assets The Company's identifiable intangible assets represent intangible assets acquired in the Brink Acquisition, the Drive-Thru Acquisition, the Restaurant Magic Acquisition and software development costs. The Company capitalizes certain software development costs for software used in its Restaurant/Retail reporting segment. Software development costs incurred prior to establishing technological feasibility are charged to operations and included in research and development costs. The technological feasibility of a software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary to establish that the software product meets its design specifications, including functionality, features, and technical performance requirements. Software development costs incurred after establishing technological feasibility for software sold as a perpetual license, (as defined within ASC 985-20, Software – \"Costs of Software to be sold, Leased, or Marketed\" - for software cost related to sold as a perpetual license) are capitalized and amortized on a product-by-product basis when the software product is available for general release to customers. Included in \"Acquired and internally developed software costs\" in the table below are approximately $2.5 million and $3.0 million of costs related to software products that have not satisfied the general release threshold as of December 31, 2019 and December 31, 2018, respectively. These software products are expected to satisfy the general release threshold within the next 12 months. Software development is also capitalized in accordance with ASC 350-40, “Intangibles - Goodwill and Other - Internal - Use Software,” and is amortized over the expected benefit period, which generally ranges from three to seven years. Long-lived assets are tested for impairment when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. Software costs capitalized during the years ended 2019 and 2018 were $4.1 million and $3.9 million, respectively. Annual amortization charged to cost of sales when a product is available for general release to customers is computed using the greater of (a) the straight-line method over the remaining estimated economic life of the product, generally three to seven years or (b) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product. Amortization of capitalized software costs amounted to $3.3 million and $3.5 million, in 2019 and 2018, respectively. The components of identifiable intangible assets, excluding discontinued operations, are:
December 31,
(in thousands)
20192018Estimated Useful Life
Acquired and internally developed software costs$36,137$18,9723 - 7 years
Customer relationships4,8601607 years
Non-compete agreements30301 year
41,02719,162
Less accumulated amortization(12,389)(11,708)
$28,638$7,454
Internally developed software costs not meeting general release threshold2,5003,005
Trademarks, trade names (non-amortizable)1,810400Indefinite
$32,948$10,859
"} {"question": "If the Acquired and internally developed software costs in 2019 increased to 38,191 thousand, what would be the revised average for December 31, 2018 and 2019?", "answer": ["28581.5"], "context": "Identifiable intangible assets The Company's identifiable intangible assets represent intangible assets acquired in the Brink Acquisition, the Drive-Thru Acquisition, the Restaurant Magic Acquisition and software development costs. The Company capitalizes certain software development costs for software used in its Restaurant/Retail reporting segment. Software development costs incurred prior to establishing technological feasibility are charged to operations and included in research and development costs. The technological feasibility of a software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary to establish that the software product meets its design specifications, including functionality, features, and technical performance requirements. Software development costs incurred after establishing technological feasibility for software sold as a perpetual license, (as defined within ASC 985-20, Software – \"Costs of Software to be sold, Leased, or Marketed\" - for software cost related to sold as a perpetual license) are capitalized and amortized on a product-by-product basis when the software product is available for general release to customers. Included in \"Acquired and internally developed software costs\" in the table below are approximately $2.5 million and $3.0 million of costs related to software products that have not satisfied the general release threshold as of December 31, 2019 and December 31, 2018, respectively. These software products are expected to satisfy the general release threshold within the next 12 months. Software development is also capitalized in accordance with ASC 350-40, “Intangibles - Goodwill and Other - Internal - Use Software,” and is amortized over the expected benefit period, which generally ranges from three to seven years. Long-lived assets are tested for impairment when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. Software costs capitalized during the years ended 2019 and 2018 were $4.1 million and $3.9 million, respectively. Annual amortization charged to cost of sales when a product is available for general release to customers is computed using the greater of (a) the straight-line method over the remaining estimated economic life of the product, generally three to seven years or (b) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product. Amortization of capitalized software costs amounted to $3.3 million and $3.5 million, in 2019 and 2018, respectively. The components of identifiable intangible assets, excluding discontinued operations, are:
December 31,
(in thousands)
20192018Estimated Useful Life
Acquired and internally developed software costs$36,137$18,9723 - 7 years
Customer relationships4,8601607 years
Non-compete agreements30301 year
41,02719,162
Less accumulated amortization(12,389)(11,708)
$28,638$7,454
Internally developed software costs not meeting general release threshold2,5003,005
Trademarks, trade names (non-amortizable)1,810400Indefinite
$32,948$10,859
"} {"question": "How many Executive Board members would have an expense for share-based payment of less than €1,000 thousand in 2019 if the amount for Jürgen Müller was €1,000 thousand instead?", "answer": ["1"], "context": "Total Expense for Share-Based Payment Total expense for the share-based payment plans of Executive Board members was determined in accordance with IFRS 2 (Share- Based Payments) and consists exclusively of obligations arising from Executive Board activities.
€ thousands20192018
Christian Klein (Co-CEO from 10/10/2019)1,925442.2
Jennifer Morgan (Co-CEO from 10/10/2019)2,894796.1
Robert Enslin (until 4/5/2019)3,480727.0
Adaire Fox-Martin2,667796.1
Michael Kleinemeier3,253914.2
Bernd Leukert (until 3/31/2019)8,606775.2
Bill McDermott (CEO until 10/10/2019, Executive Board member until 11/15/2019)14,6892,155.8
Luka Mucic3,391675.8
Jürgen Müller (from 1/1/2019)768-
Stefan Ries2,646772.0
Thomas Saueressig (from 11/1/2019)128-
Total44,446.58,054.4
"} {"question": "What would the change in the expense for share-based payment for Stefan Ries in 2019 from 2018 be if the amount in 2019 was €2,000 thousand instead?", "answer": ["1228"], "context": "Total Expense for Share-Based Payment Total expense for the share-based payment plans of Executive Board members was determined in accordance with IFRS 2 (Share- Based Payments) and consists exclusively of obligations arising from Executive Board activities.
€ thousands20192018
Christian Klein (Co-CEO from 10/10/2019)1,925442.2
Jennifer Morgan (Co-CEO from 10/10/2019)2,894796.1
Robert Enslin (until 4/5/2019)3,480727.0
Adaire Fox-Martin2,667796.1
Michael Kleinemeier3,253914.2
Bernd Leukert (until 3/31/2019)8,606775.2
Bill McDermott (CEO until 10/10/2019, Executive Board member until 11/15/2019)14,6892,155.8
Luka Mucic3,391675.8
Jürgen Müller (from 1/1/2019)768-
Stefan Ries2,646772.0
Thomas Saueressig (from 11/1/2019)128-
Total44,446.58,054.4
"} {"question": "What would the average total expense for share-based payment for Stefan Ries in 2018 and 2019 be if the amount in 2019 was €2,000 thousand instead?", "answer": ["1386"], "context": "Total Expense for Share-Based Payment Total expense for the share-based payment plans of Executive Board members was determined in accordance with IFRS 2 (Share- Based Payments) and consists exclusively of obligations arising from Executive Board activities.
€ thousands20192018
Christian Klein (Co-CEO from 10/10/2019)1,925442.2
Jennifer Morgan (Co-CEO from 10/10/2019)2,894796.1
Robert Enslin (until 4/5/2019)3,480727.0
Adaire Fox-Martin2,667796.1
Michael Kleinemeier3,253914.2
Bernd Leukert (until 3/31/2019)8,606775.2
Bill McDermott (CEO until 10/10/2019, Executive Board member until 11/15/2019)14,6892,155.8
Luka Mucic3,391675.8
Jürgen Müller (from 1/1/2019)768-
Stefan Ries2,646772.0
Thomas Saueressig (from 11/1/2019)128-
Total44,446.58,054.4
"} {"question": "If the future minimum commitments of Operating Leases as of 2021 increased to 93,901, what would be the revised change from 2020 to 2021?", "answer": ["1497"], "context": "
At December 31, 2019Operating LeasesFinance Lease
2020$92,404$4,172
202191,1644,161
2022107,6544,161
202343,0154,161
20249,1684,172
Thereafter4,53417,180
Net minimum lease payments347,93938,007
Less: present value discount40,89110,448
Total lease liabilities$307,048$27,559
Charters-in As of December 31, 2019, the Company had commitments to charter-in 11 vessels, which are all bareboat charters. During the second quarter of 2019, the Company commenced a bareboat charter for the Overseas Key West for a lease term of 10 years. Based on the length of the lease term and the remaining economic life of the vessel, it is accounted for as a finance lease. The remaining 10 chartered-in vessels are accounted for as operating leases. The right-of-use asset accounted for as a finance lease arrangement is reported in vessels and other property, less accumulated depreciation on our consolidated balance sheets. The Company holds options for 10 of the vessels chartered-in that can be exercised for one, three or five years with the one-year option only usable once, while the three- and five-year options are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. The Company exercised its option on one of its vessels to extend the term until June 2025. On December 10, 2018, the Company exercised its options to extend the terms of the other nine vessels. Terms for five of the vessels were extended for an additional three years, with terms ending in December 2022, and terms for four of the vessels were extended for an additional year, with terms ending December 2020. On December 11, 2019, the terms for the four vessels ending December 2020 were extended for an additional three years, with terms ending in December 2023. Five of the Company's chartered in vessels contain a deferred payment obligation (“DPO”) which relates to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final quarterly payment due upon lease termination. The future minimum commitments under these leases are as follows: The bareboat charters-in provide for variable lease payments in the form of profit share to the owners of the vessels calculated in accordance with the respective charter agreements or based on time charter sublease revenue. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term within the next year. For the year ended December 31, 2019, lease expense for the 10 chartered-in vessels accounted for as operating leases was $90,359, which is included in charter hire expense on the consolidated statements of operations and operating cash flows on the consolidated statements of cash flows. The Company recognized sublease income of $188,163 for the year ended December 31, 2019. For the year ended December 31, 2019, the Company had non-cash operating activities of $93,407 for obtaining operating right-of-use assets and liabilities that resulted from exercising lease renewals not assumed in the initial lease term. For the year ended December 31, 2019, lease expense related to the Company's finance lease was $2,052 related to amortization of the right-of-use asset and $1,462 related to interest on the lease liability. These are included in operating cash flows on the consolidated statements of cash flows. For the year ended December 31, 2019, the Company had non-cash financing activities of $28,993 for obtaining finance right-of-use assets. For the year ended December 31, 2018, lease expense relating to charters-in was $91,350, which is included in charter hire expense on the consolidated statements of operations."} {"question": "If the future minimum commitments of Operating Leases in 2021 increased to 93,901, what would be the revised average for 2020 to 2021?", "answer": ["93152.5"], "context": "
At December 31, 2019Operating LeasesFinance Lease
2020$92,404$4,172
202191,1644,161
2022107,6544,161
202343,0154,161
20249,1684,172
Thereafter4,53417,180
Net minimum lease payments347,93938,007
Less: present value discount40,89110,448
Total lease liabilities$307,048$27,559
Charters-in As of December 31, 2019, the Company had commitments to charter-in 11 vessels, which are all bareboat charters. During the second quarter of 2019, the Company commenced a bareboat charter for the Overseas Key West for a lease term of 10 years. Based on the length of the lease term and the remaining economic life of the vessel, it is accounted for as a finance lease. The remaining 10 chartered-in vessels are accounted for as operating leases. The right-of-use asset accounted for as a finance lease arrangement is reported in vessels and other property, less accumulated depreciation on our consolidated balance sheets. The Company holds options for 10 of the vessels chartered-in that can be exercised for one, three or five years with the one-year option only usable once, while the three- and five-year options are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. The Company exercised its option on one of its vessels to extend the term until June 2025. On December 10, 2018, the Company exercised its options to extend the terms of the other nine vessels. Terms for five of the vessels were extended for an additional three years, with terms ending in December 2022, and terms for four of the vessels were extended for an additional year, with terms ending December 2020. On December 11, 2019, the terms for the four vessels ending December 2020 were extended for an additional three years, with terms ending in December 2023. Five of the Company's chartered in vessels contain a deferred payment obligation (“DPO”) which relates to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final quarterly payment due upon lease termination. The future minimum commitments under these leases are as follows: The bareboat charters-in provide for variable lease payments in the form of profit share to the owners of the vessels calculated in accordance with the respective charter agreements or based on time charter sublease revenue. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term within the next year. For the year ended December 31, 2019, lease expense for the 10 chartered-in vessels accounted for as operating leases was $90,359, which is included in charter hire expense on the consolidated statements of operations and operating cash flows on the consolidated statements of cash flows. The Company recognized sublease income of $188,163 for the year ended December 31, 2019. For the year ended December 31, 2019, the Company had non-cash operating activities of $93,407 for obtaining operating right-of-use assets and liabilities that resulted from exercising lease renewals not assumed in the initial lease term. For the year ended December 31, 2019, lease expense related to the Company's finance lease was $2,052 related to amortization of the right-of-use asset and $1,462 related to interest on the lease liability. These are included in operating cash flows on the consolidated statements of cash flows. For the year ended December 31, 2019, the Company had non-cash financing activities of $28,993 for obtaining finance right-of-use assets. For the year ended December 31, 2018, lease expense relating to charters-in was $91,350, which is included in charter hire expense on the consolidated statements of operations."} {"question": "If Operating Leases in 2020 was 110,000, in which year would it be greater than 100,000?", "answer": ["2020", "2022"], "context": "
At December 31, 2019Operating LeasesFinance Lease
2020$92,404$4,172
202191,1644,161
2022107,6544,161
202343,0154,161
20249,1684,172
Thereafter4,53417,180
Net minimum lease payments347,93938,007
Less: present value discount40,89110,448
Total lease liabilities$307,048$27,559
Charters-in As of December 31, 2019, the Company had commitments to charter-in 11 vessels, which are all bareboat charters. During the second quarter of 2019, the Company commenced a bareboat charter for the Overseas Key West for a lease term of 10 years. Based on the length of the lease term and the remaining economic life of the vessel, it is accounted for as a finance lease. The remaining 10 chartered-in vessels are accounted for as operating leases. The right-of-use asset accounted for as a finance lease arrangement is reported in vessels and other property, less accumulated depreciation on our consolidated balance sheets. The Company holds options for 10 of the vessels chartered-in that can be exercised for one, three or five years with the one-year option only usable once, while the three- and five-year options are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. The Company exercised its option on one of its vessels to extend the term until June 2025. On December 10, 2018, the Company exercised its options to extend the terms of the other nine vessels. Terms for five of the vessels were extended for an additional three years, with terms ending in December 2022, and terms for four of the vessels were extended for an additional year, with terms ending December 2020. On December 11, 2019, the terms for the four vessels ending December 2020 were extended for an additional three years, with terms ending in December 2023. Five of the Company's chartered in vessels contain a deferred payment obligation (“DPO”) which relates to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final quarterly payment due upon lease termination. The future minimum commitments under these leases are as follows: The bareboat charters-in provide for variable lease payments in the form of profit share to the owners of the vessels calculated in accordance with the respective charter agreements or based on time charter sublease revenue. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term within the next year. For the year ended December 31, 2019, lease expense for the 10 chartered-in vessels accounted for as operating leases was $90,359, which is included in charter hire expense on the consolidated statements of operations and operating cash flows on the consolidated statements of cash flows. The Company recognized sublease income of $188,163 for the year ended December 31, 2019. For the year ended December 31, 2019, the Company had non-cash operating activities of $93,407 for obtaining operating right-of-use assets and liabilities that resulted from exercising lease renewals not assumed in the initial lease term. For the year ended December 31, 2019, lease expense related to the Company's finance lease was $2,052 related to amortization of the right-of-use asset and $1,462 related to interest on the lease liability. These are included in operating cash flows on the consolidated statements of cash flows. For the year ended December 31, 2019, the Company had non-cash financing activities of $28,993 for obtaining finance right-of-use assets. For the year ended December 31, 2018, lease expense relating to charters-in was $91,350, which is included in charter hire expense on the consolidated statements of operations."} {"question": "What would be the change in Intrinsic value of exercises between 2017 and 2018 if the Intrinsic value of exercises in 2017 was $30 million instead?", "answer": ["7"], "context": "Stock Options Additional information related to our stock options is summarized below (in millions):
Year Ended
April 26, 2019April 27, 2018April 28, 2017
Intrinsic value of exercises$ 31$ 37$ 26
Proceeds received from exercises$ 25$ 88$ 60
Fair value of options vested$ 2$ 8$ 15
"} {"question": "How many years would Proceeds received from exercises exceed $50 million if the proceeds received from exercises in 2017 was $40 million instead?", "answer": ["1"], "context": "Stock Options Additional information related to our stock options is summarized below (in millions):
Year Ended
April 26, 2019April 27, 2018April 28, 2017
Intrinsic value of exercises$ 31$ 37$ 26
Proceeds received from exercises$ 25$ 88$ 60
Fair value of options vested$ 2$ 8$ 15
"} {"question": "What would be the percentage change in the Fair value of options vested between 2018 and 2019 if the Fair value of options vested in 2019 was $10 million instead?", "answer": ["25"], "context": "Stock Options Additional information related to our stock options is summarized below (in millions):
Year Ended
April 26, 2019April 27, 2018April 28, 2017
Intrinsic value of exercises$ 31$ 37$ 26
Proceeds received from exercises$ 25$ 88$ 60
Fair value of options vested$ 2$ 8$ 15
"} {"question": "If Customer B makes up 8% of the company's total revenue in 2019, what is the change in revenue from the company's significant customers between 2018 and 2019?", "answer": ["-10"], "context": "Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, marketable securities and accounts receivable. Our cash, cash equivalents and marketable securities are held and invested in high-credit quality financial instruments by recognized financial institutions and are subject to minimum credit risk. Our accounts receivable are unsecured and represent amounts due to us based on contractual obligations of our customers. We mitigate credit risk in respect to accounts receivable by performing periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable. Significant customers, including distribution channel partners and direct customers, are those which represent 10% or more of our total revenue for each period presented or our gross accounts receivable balance as of each respective balance sheet date. Revenues from our significant customers as a percentage of our total revenue are as follows *represents less than 10% of total revenue As of December 31, 2019, two customers accounted for 17% and 12% of our total gross accounts receivable. As of December 31, 2018, two customers accounted for 16% and 12% of our total gross accounts receivable
Years Ended December 31,
201920182017
Customer A (a distribution channel partner)*14%*
Customer B (a distribution channel partner)12%10%*
Customer C (a distribution channel partner)14%**
"} {"question": "If a customer D contributes 14% of the company's revenue between 2017 to 2019, how many significant customers does the company have in 2017??", "answer": ["1"], "context": "Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, marketable securities and accounts receivable. Our cash, cash equivalents and marketable securities are held and invested in high-credit quality financial instruments by recognized financial institutions and are subject to minimum credit risk. Our accounts receivable are unsecured and represent amounts due to us based on contractual obligations of our customers. We mitigate credit risk in respect to accounts receivable by performing periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable. Significant customers, including distribution channel partners and direct customers, are those which represent 10% or more of our total revenue for each period presented or our gross accounts receivable balance as of each respective balance sheet date. Revenues from our significant customers as a percentage of our total revenue are as follows *represents less than 10% of total revenue As of December 31, 2019, two customers accounted for 17% and 12% of our total gross accounts receivable. As of December 31, 2018, two customers accounted for 16% and 12% of our total gross accounts receivable
Years Ended December 31,
201920182017
Customer A (a distribution channel partner)*14%*
Customer B (a distribution channel partner)12%10%*
Customer C (a distribution channel partner)14%**
"} {"question": "If the revenue earned from customer B and C is $1,400 thousand in 2019, what is the company's gross accounts receivable in 2019?", "answer": ["4827.59"], "context": "Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, marketable securities and accounts receivable. Our cash, cash equivalents and marketable securities are held and invested in high-credit quality financial instruments by recognized financial institutions and are subject to minimum credit risk. Our accounts receivable are unsecured and represent amounts due to us based on contractual obligations of our customers. We mitigate credit risk in respect to accounts receivable by performing periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable. Significant customers, including distribution channel partners and direct customers, are those which represent 10% or more of our total revenue for each period presented or our gross accounts receivable balance as of each respective balance sheet date. Revenues from our significant customers as a percentage of our total revenue are as follows *represents less than 10% of total revenue As of December 31, 2019, two customers accounted for 17% and 12% of our total gross accounts receivable. As of December 31, 2018, two customers accounted for 16% and 12% of our total gross accounts receivable
Years Ended December 31,
201920182017
Customer A (a distribution channel partner)*14%*
Customer B (a distribution channel partner)12%10%*
Customer C (a distribution channel partner)14%**
"} {"question": "What is the company's total revenue earned from Customer A and B between 2018 and 2019 if B's 2019 revenue is halved and its 2018 revenue is doubled?", "answer": ["40"], "context": "Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, marketable securities and accounts receivable. Our cash, cash equivalents and marketable securities are held and invested in high-credit quality financial instruments by recognized financial institutions and are subject to minimum credit risk. Our accounts receivable are unsecured and represent amounts due to us based on contractual obligations of our customers. We mitigate credit risk in respect to accounts receivable by performing periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable. Significant customers, including distribution channel partners and direct customers, are those which represent 10% or more of our total revenue for each period presented or our gross accounts receivable balance as of each respective balance sheet date. Revenues from our significant customers as a percentage of our total revenue are as follows *represents less than 10% of total revenue As of December 31, 2019, two customers accounted for 17% and 12% of our total gross accounts receivable. As of December 31, 2018, two customers accounted for 16% and 12% of our total gross accounts receivable
Years Ended December 31,
201920182017
Customer A (a distribution channel partner)*14%*
Customer B (a distribution channel partner)12%10%*
Customer C (a distribution channel partner)14%**
"} {"question": "What would be the total revenue in 2018 and 2019 if the total revenue is halved and then decreased by $500,000?", "answer": ["840080"], "context": "Segment Product Revenue, Operating Income and Operating Income as a Percentage of Revenue Infrastructure and Defense Products IDP revenue increased $104.2 million, or 13.2%, in fiscal 2019, compared to fiscal 2018, primarily due to higher demand for our base station products. IDP operating income increased $31.6 million, or 13.4%, in fiscal 2019, compared to fiscal 2018, primarily due to higher revenue, partially offset by lower gross margin (which was negatively impacted by lower factory utilization). See Note 16 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report for a reconciliation of segment operating income to the consolidated operating income for fiscal years 2019, 2018 and 2017.
Fiscal Year
(In thousands, except percentages)20192018
Revenue$892,665$788,495
Operating income$267,304$235,719
Operating income as a % of revenue29.9%29.9%
"} {"question": "What would be the value of the revenue in 2018 as a percentage of the revenue in 2019 if the revenue in 2019 is decreased by $1,000,000?", "answer": ["88.43"], "context": "Segment Product Revenue, Operating Income and Operating Income as a Percentage of Revenue Infrastructure and Defense Products IDP revenue increased $104.2 million, or 13.2%, in fiscal 2019, compared to fiscal 2018, primarily due to higher demand for our base station products. IDP operating income increased $31.6 million, or 13.4%, in fiscal 2019, compared to fiscal 2018, primarily due to higher revenue, partially offset by lower gross margin (which was negatively impacted by lower factory utilization). See Note 16 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report for a reconciliation of segment operating income to the consolidated operating income for fiscal years 2019, 2018 and 2017.
Fiscal Year
(In thousands, except percentages)20192018
Revenue$892,665$788,495
Operating income$267,304$235,719
Operating income as a % of revenue29.9%29.9%
"} {"question": "What would be the percentage change in the 2018 and 2019 revenue if the revenue in 2019 is increased by $50,000?", "answer": ["13.22"], "context": "Segment Product Revenue, Operating Income and Operating Income as a Percentage of Revenue Infrastructure and Defense Products IDP revenue increased $104.2 million, or 13.2%, in fiscal 2019, compared to fiscal 2018, primarily due to higher demand for our base station products. IDP operating income increased $31.6 million, or 13.4%, in fiscal 2019, compared to fiscal 2018, primarily due to higher revenue, partially offset by lower gross margin (which was negatively impacted by lower factory utilization). See Note 16 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report for a reconciliation of segment operating income to the consolidated operating income for fiscal years 2019, 2018 and 2017.
Fiscal Year
(In thousands, except percentages)20192018
Revenue$892,665$788,495
Operating income$267,304$235,719
Operating income as a % of revenue29.9%29.9%
"} {"question": "What would the change in maximum possible value of MSU's using grant date fair value for Paul McNab between 2017 and 2018 as a percentage if the value of MSUs in 2017 was 400,000 instead?", "answer": ["10.6"], "context": "The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019. (2) Amounts shown do not reflect compensation actually received by the NEO. Instead, the amounts shown in this column represent the grant date fair values of stock options issued pursuant to the Company’s 2003 Equity Incentive Plan and certain inducement grants, computed in accordance with FASB ASC Topic 718. The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019. (3) All non-equity incentive plan compensation was paid pursuant to the Variable Pay Plan. (4) The amounts in the “All Other Compensation” column for fiscal 2019 include: $4,000 401(k) matching contribution by the Company for each NEOs other than Mr. McNab. (5) The Compensation Committee awarded Mr. Maletira a one-time discretionary bonus in the amount of $180,000 in connection with his work on the AvComm and Wireless acquisition. Please see “Discretionary Bonuses” under the Compensation Discussion and Analysis on page 36 of this proxy statement. (6) Mr. Staley was awarded a $60,000 sign-on bonus when he joined the Company in February 2017. The amounts in the salary, bonus, and non-equity incentive plan compensation columns of the Summary Compensation Table reflect actual amounts paid for the relevant years, while the amounts in the stock awards column reflect accounting values. The tables entitled “Outstanding Equity Awards at Fiscal Year-End Table” and “Option Exercises and Stock Vested Table” provide further information on the named executive officers’ potential realizable value and actual value realized with respect to their equity awards. The Summary Compensation Table should be read in conjunction with the Compensation Discussion and Analysis and the subsequent tables and narrative descriptions.
NameFiscal YearMaximum Possible Value of MSUs Using Grant Date Fair ValueMaximum Possible Value of PSUs Using Grant Date Fair Value
Oleg Khaykin20194,067,526—
20182,457,750909,900
2017659,618—
Amar Maletira20191,379,350—
20181,015,870454,950
2017574,500—
Paul McNab2019591,150—
2018442,395—
2017373,425—
Luke Scrivanich2019591,150—
2018442,395—
2017393,600—
Gary Staley2019591,150—
2018943,527—
2017303,948—
"} {"question": "What would the difference between the maximum possible value of PSUs in 2018 between Oleg Khaykin and Amar Maletira be if maximum possible value of PSUs for Oleg Khaykin was 800,000 instead?", "answer": ["345050"], "context": "The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019. (2) Amounts shown do not reflect compensation actually received by the NEO. Instead, the amounts shown in this column represent the grant date fair values of stock options issued pursuant to the Company’s 2003 Equity Incentive Plan and certain inducement grants, computed in accordance with FASB ASC Topic 718. The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019. (3) All non-equity incentive plan compensation was paid pursuant to the Variable Pay Plan. (4) The amounts in the “All Other Compensation” column for fiscal 2019 include: $4,000 401(k) matching contribution by the Company for each NEOs other than Mr. McNab. (5) The Compensation Committee awarded Mr. Maletira a one-time discretionary bonus in the amount of $180,000 in connection with his work on the AvComm and Wireless acquisition. Please see “Discretionary Bonuses” under the Compensation Discussion and Analysis on page 36 of this proxy statement. (6) Mr. Staley was awarded a $60,000 sign-on bonus when he joined the Company in February 2017. The amounts in the salary, bonus, and non-equity incentive plan compensation columns of the Summary Compensation Table reflect actual amounts paid for the relevant years, while the amounts in the stock awards column reflect accounting values. The tables entitled “Outstanding Equity Awards at Fiscal Year-End Table” and “Option Exercises and Stock Vested Table” provide further information on the named executive officers’ potential realizable value and actual value realized with respect to their equity awards. The Summary Compensation Table should be read in conjunction with the Compensation Discussion and Analysis and the subsequent tables and narrative descriptions.
NameFiscal YearMaximum Possible Value of MSUs Using Grant Date Fair ValueMaximum Possible Value of PSUs Using Grant Date Fair Value
Oleg Khaykin20194,067,526—
20182,457,750909,900
2017659,618—
Amar Maletira20191,379,350—
20181,015,870454,950
2017574,500—
Paul McNab2019591,150—
2018442,395—
2017373,425—
Luke Scrivanich2019591,150—
2018442,395—
2017393,600—
Gary Staley2019591,150—
2018943,527—
2017303,948—
"} {"question": "How much would the top 2 maximum possible value of MSUs in 2019 add up to if the maximum possible value of MSUs for Gary Staley in 2019 was 1,400,000 instead?", "answer": ["5467526"], "context": "The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019. (2) Amounts shown do not reflect compensation actually received by the NEO. Instead, the amounts shown in this column represent the grant date fair values of stock options issued pursuant to the Company’s 2003 Equity Incentive Plan and certain inducement grants, computed in accordance with FASB ASC Topic 718. The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019. (3) All non-equity incentive plan compensation was paid pursuant to the Variable Pay Plan. (4) The amounts in the “All Other Compensation” column for fiscal 2019 include: $4,000 401(k) matching contribution by the Company for each NEOs other than Mr. McNab. (5) The Compensation Committee awarded Mr. Maletira a one-time discretionary bonus in the amount of $180,000 in connection with his work on the AvComm and Wireless acquisition. Please see “Discretionary Bonuses” under the Compensation Discussion and Analysis on page 36 of this proxy statement. (6) Mr. Staley was awarded a $60,000 sign-on bonus when he joined the Company in February 2017. The amounts in the salary, bonus, and non-equity incentive plan compensation columns of the Summary Compensation Table reflect actual amounts paid for the relevant years, while the amounts in the stock awards column reflect accounting values. The tables entitled “Outstanding Equity Awards at Fiscal Year-End Table” and “Option Exercises and Stock Vested Table” provide further information on the named executive officers’ potential realizable value and actual value realized with respect to their equity awards. The Summary Compensation Table should be read in conjunction with the Compensation Discussion and Analysis and the subsequent tables and narrative descriptions.
NameFiscal YearMaximum Possible Value of MSUs Using Grant Date Fair ValueMaximum Possible Value of PSUs Using Grant Date Fair Value
Oleg Khaykin20194,067,526—
20182,457,750909,900
2017659,618—
Amar Maletira20191,379,350—
20181,015,870454,950
2017574,500—
Paul McNab2019591,150—
2018442,395—
2017373,425—
Luke Scrivanich2019591,150—
2018442,395—
2017393,600—
Gary Staley2019591,150—
2018943,527—
2017303,948—
"} {"question": "What would be the total number of shares owned by the Hanssen family and Richard Vietor if their total number of shares is decreased by 10%?", "answer": ["3942593.1"], "context": "ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS A. Major Shareholders The following table sets forth information regarding beneficial ownership of our common shares for (i) owners of more than five percent of our common shares and (ii) our directors and officers, of which we are aware of the date of this annual report. (1) Based on 147,230,634 common shares outstanding as of the date of this annual report. (2) The holdings of High Seas AS, which are for the economic interest of members of the Hansson family, as well as the personal holdings of our Chief Executive Officer and Chairman, Mr. Herbjorn Hansson, and our director, Alexander Hansson, are included in the amount reported herein. * Less than 1% of our common outstanding shares. As of April 14, 2020, we had 575 holders of record in the United States, including Cede & Co., which is the Depositary Trust Company’s nominee for holding shares on behalf of brokerage firms, as a single holder of record. We had a total of 147,230,634 Common Shares outstanding as of the date of this annual report.
TitleIdentity of PersonNo. of SharesPercent of Class(1)
CommonHansson family(2)4,380,6592.98%
Jim Kelly*
Richard Vietor*
David Workman*
Bjørn Giæver*
"} {"question": "What would be the average number of shares owned by the Hanssen family and Jim Kelly if the number of shares owned by the Hanssen family is doubled?", "answer": ["4380659"], "context": "ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS A. Major Shareholders The following table sets forth information regarding beneficial ownership of our common shares for (i) owners of more than five percent of our common shares and (ii) our directors and officers, of which we are aware of the date of this annual report. (1) Based on 147,230,634 common shares outstanding as of the date of this annual report. (2) The holdings of High Seas AS, which are for the economic interest of members of the Hansson family, as well as the personal holdings of our Chief Executive Officer and Chairman, Mr. Herbjorn Hansson, and our director, Alexander Hansson, are included in the amount reported herein. * Less than 1% of our common outstanding shares. As of April 14, 2020, we had 575 holders of record in the United States, including Cede & Co., which is the Depositary Trust Company’s nominee for holding shares on behalf of brokerage firms, as a single holder of record. We had a total of 147,230,634 Common Shares outstanding as of the date of this annual report.
TitleIdentity of PersonNo. of SharesPercent of Class(1)
CommonHansson family(2)4,380,6592.98%
Jim Kelly*
Richard Vietor*
David Workman*
Bjørn Giæver*
"} {"question": "What would be the total number of shares owned by David Workman and Bjørn Giæver if their total number of shares is idecreased by 10%?", "answer": ["0"], "context": "ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS A. Major Shareholders The following table sets forth information regarding beneficial ownership of our common shares for (i) owners of more than five percent of our common shares and (ii) our directors and officers, of which we are aware of the date of this annual report. (1) Based on 147,230,634 common shares outstanding as of the date of this annual report. (2) The holdings of High Seas AS, which are for the economic interest of members of the Hansson family, as well as the personal holdings of our Chief Executive Officer and Chairman, Mr. Herbjorn Hansson, and our director, Alexander Hansson, are included in the amount reported herein. * Less than 1% of our common outstanding shares. As of April 14, 2020, we had 575 holders of record in the United States, including Cede & Co., which is the Depositary Trust Company’s nominee for holding shares on behalf of brokerage firms, as a single holder of record. We had a total of 147,230,634 Common Shares outstanding as of the date of this annual report.
TitleIdentity of PersonNo. of SharesPercent of Class(1)
CommonHansson family(2)4,380,6592.98%
Jim Kelly*
Richard Vietor*
David Workman*
Bjørn Giæver*
"} {"question": "If for year ended march 29, 2019, the Total net revenue is $5,000 million, what would be Total Enterprise Security expressed as a percentage of Total net revenues?", "answer": ["46.46"], "context": "The following table summarizes net revenues by significant product and services categories: Endpoint and information protection products include endpoint security, advanced threat protection, and information protection solutions and their related support services. Network and web security products include network security, web security, and cloud security solutions and their related support services. WSS and PKI products consist of the solutions we divested on October 31, 2017. Other products and services primarily consist of email security products, managed security services, consulting, and other professional services. Consumer security products include Norton security, Norton Secure VPN, and other consumer security solutions. Identity and information protection products include LifeLock identity theft protection and other information protection solutions. Products and service revenue information
Year Ended
(in millions)March 29, 2019March 30, 2018March 31, 2017
Enterprise Security:
Endpoint and information protection$1,027$983$947
Network and web security748782451
WSS and PKI-238422
Other products and services548551535
Total Enterprise Security$2,323$2,554$2,355
Consumer Cyber Safety:
Consumer security$1,471$1,504$1,527
Identity and information protection937776137
Total Consumer Cyber Safety2,4082,2801,664
Total net revenues$4,731$4,834$4,019
"} {"question": "If the total net revenues for fiscal 2019 is $6,000 million instead, What would be the average Total net revenues for the fiscal years 2019, 2018 and 2017?", "answer": ["4951"], "context": "The following table summarizes net revenues by significant product and services categories: Endpoint and information protection products include endpoint security, advanced threat protection, and information protection solutions and their related support services. Network and web security products include network security, web security, and cloud security solutions and their related support services. WSS and PKI products consist of the solutions we divested on October 31, 2017. Other products and services primarily consist of email security products, managed security services, consulting, and other professional services. Consumer security products include Norton security, Norton Secure VPN, and other consumer security solutions. Identity and information protection products include LifeLock identity theft protection and other information protection solutions. Products and service revenue information
Year Ended
(in millions)March 29, 2019March 30, 2018March 31, 2017
Enterprise Security:
Endpoint and information protection$1,027$983$947
Network and web security748782451
WSS and PKI-238422
Other products and services548551535
Total Enterprise Security$2,323$2,554$2,355
Consumer Cyber Safety:
Consumer security$1,471$1,504$1,527
Identity and information protection937776137
Total Consumer Cyber Safety2,4082,2801,664
Total net revenues$4,731$4,834$4,019
"} {"question": "If for year ended march 29, 2019, Total Consumer Cyber Safety is $3,000 millions, what would be the difference between Total Consumer Cyber Safety and Total Enterprise Security?", "answer": ["677"], "context": "The following table summarizes net revenues by significant product and services categories: Endpoint and information protection products include endpoint security, advanced threat protection, and information protection solutions and their related support services. Network and web security products include network security, web security, and cloud security solutions and their related support services. WSS and PKI products consist of the solutions we divested on October 31, 2017. Other products and services primarily consist of email security products, managed security services, consulting, and other professional services. Consumer security products include Norton security, Norton Secure VPN, and other consumer security solutions. Identity and information protection products include LifeLock identity theft protection and other information protection solutions. Products and service revenue information
Year Ended
(in millions)March 29, 2019March 30, 2018March 31, 2017
Enterprise Security:
Endpoint and information protection$1,027$983$947
Network and web security748782451
WSS and PKI-238422
Other products and services548551535
Total Enterprise Security$2,323$2,554$2,355
Consumer Cyber Safety:
Consumer security$1,471$1,504$1,527
Identity and information protection937776137
Total Consumer Cyber Safety2,4082,2801,664
Total net revenues$4,731$4,834$4,019
"} {"question": "In which year would the percentage in Americas be the largest if the percentage in 2019 was 27% instead?", "answer": ["2017"], "context": "Sales and Distribution We maintain a strong local presence in each of the geographic regions in which we operate. Our net sales by geographic region(1) as a percentage of our total net sales were as follows: (1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale. We sell our products into approximately 150 countries primarily through direct selling efforts to manufacturers. In fiscal 2019, our direct sales represented approximately 80% of total net sales. We also sell our products indirectly via third-party distributors. We maintain distribution centers around the world. Products are generally delivered to the distribution centers by our manufacturing facilities and then subsequently delivered to the customer. In some instances, however, products are delivered directly from our manufacturing facility to the customer. Our global coverage positions us near our customers’ locations and allows us to assist them in consolidating their supply base and lowering their production costs. We contract with a wide range of transport providers to deliver our products globally via road, rail, sea, and air. We believe our balanced sales distribution lowers our exposure to any particular geography and improves our financial profile.
Fiscal
201920182017
Europe/Middle East/Africa (“EMEA”)36 %38 %36 %
Asia–Pacific333435
Americas312829
Total100 %100 %100 %
"} {"question": "What would the change in percentage in Americas in 2019 from 2018 be if the amount in 2019 was 30% instead?", "answer": ["2"], "context": "Sales and Distribution We maintain a strong local presence in each of the geographic regions in which we operate. Our net sales by geographic region(1) as a percentage of our total net sales were as follows: (1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale. We sell our products into approximately 150 countries primarily through direct selling efforts to manufacturers. In fiscal 2019, our direct sales represented approximately 80% of total net sales. We also sell our products indirectly via third-party distributors. We maintain distribution centers around the world. Products are generally delivered to the distribution centers by our manufacturing facilities and then subsequently delivered to the customer. In some instances, however, products are delivered directly from our manufacturing facility to the customer. Our global coverage positions us near our customers’ locations and allows us to assist them in consolidating their supply base and lowering their production costs. We contract with a wide range of transport providers to deliver our products globally via road, rail, sea, and air. We believe our balanced sales distribution lowers our exposure to any particular geography and improves our financial profile.
Fiscal
201920182017
Europe/Middle East/Africa (“EMEA”)36 %38 %36 %
Asia–Pacific333435
Americas312829
Total100 %100 %100 %
"} {"question": "What would the average net sales in Asia-Pacific as a percentage of total net sales across 2017, 2018 and 2019 be if the percentage in 2019 was 36% instead?", "answer": ["35"], "context": "Sales and Distribution We maintain a strong local presence in each of the geographic regions in which we operate. Our net sales by geographic region(1) as a percentage of our total net sales were as follows: (1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale. We sell our products into approximately 150 countries primarily through direct selling efforts to manufacturers. In fiscal 2019, our direct sales represented approximately 80% of total net sales. We also sell our products indirectly via third-party distributors. We maintain distribution centers around the world. Products are generally delivered to the distribution centers by our manufacturing facilities and then subsequently delivered to the customer. In some instances, however, products are delivered directly from our manufacturing facility to the customer. Our global coverage positions us near our customers’ locations and allows us to assist them in consolidating their supply base and lowering their production costs. We contract with a wide range of transport providers to deliver our products globally via road, rail, sea, and air. We believe our balanced sales distribution lowers our exposure to any particular geography and improves our financial profile.
Fiscal
201920182017
Europe/Middle East/Africa (“EMEA”)36 %38 %36 %
Asia–Pacific333435
Americas312829
Total100 %100 %100 %
"} {"question": "If the Adjusted EBITDA in 2018/19 increased to 169.1 £m, what would be the revised change in value?", "answer": ["29.5"], "context": "The Group reports an operating profit of £4.5m for 2018/19, compared to £69.3m in the prior year. The growth in Trading profit of £5.5m in the year, as outlined above, was offset by an impairment of goodwill and intangible assets of £30.6m and costs of £41.5m relating to the recognition of Guaranteed Minimum Pension ('GMP') charges. Amortisation of intangibles was £1.9m lower than 2017/18 due to certain SAP software modules becoming fully amortised in the year. Fair valuation of foreign exchange and derivatives was a charge of £1.3m in the year. The Group recognised £41.5m of estimated costs in the year associated with the equalisation of GMP for pension benefits accrued between 1990 and 1997. This follows a judgement case of Lloyds Banking Group on 26 October 2018 which referred to the equal treatment of men and women who contracted out of the State Earnings Related Pension Scheme between these dates. It should be noted that the final cost will differ to the estimated cost when the actual method of equalisation is agreed between the scheme Trustees in due course. Any future and final adjustment to the cost recognised in 2018/19 will be reflected in the Consolidated statement of comprehensive income. All UK companies who operated defined benefit pension schemes during these dates will be affected by this ruling. Of this £41.5m non-cash charge, approximately two-thirds relates to the RHM pension scheme and the balance relates to the Premier Foods pension schemes. Restructuring costs were £16.8m in the year; an £8.3m increase on the prior year and included circa £14m associated with the consolidation of the Group’s logistics operations to one central location in the year due to higher than anticipated implementation costs. This programme has now completed and the Group does not expect to incur any further restructuring costs associated with this programme. Advisory fees associated with strategic reviews and corporate activity were also included in restructuring costs in the year. Other non-trading items of £1.9m refer to a past service pension credit of £3.9m due to inflation increases no longer required in a smaller Irish pension scheme, partly offset by costs related to the departure of previous CEO Gavin Darby. Net interest on pensions and administrative expenses was a charge of £1.3m. Expenses for operating the Group’s pension schemes were £10.3m in the year, offset by a net interest credit of £9.0m due to an opening surplus of the Group’s combined pension schemes.
£m2018/192017/18Change
Adjusted EBITDA3145.5139.65.9
Depreciation(17.0)(16.6)(0.4)
Trading profit128.5123.05.5
Amortisation of intangible assets(34.4)(36.3)1.9
Fair value movements on foreign exchange and derivatives(1.3)0.1(1.4)
Net interest on pensions and administrative expenses(1.3)(2.5)1.2
Non-trading items
GMP equalisation(41.5)–(41.5)
Restructuring costs(16.8)(8.5)(8.3)
Impairment of goodwill and intangible assets(30.6)(6.5)(24.1)
Other1.9–1.9
Operating profit4.569.3(64.8)
"} {"question": "If the Depreciation in 2018/19 reduced to 12.0£m, what would be the revised change in value?", "answer": ["-4.6"], "context": "The Group reports an operating profit of £4.5m for 2018/19, compared to £69.3m in the prior year. The growth in Trading profit of £5.5m in the year, as outlined above, was offset by an impairment of goodwill and intangible assets of £30.6m and costs of £41.5m relating to the recognition of Guaranteed Minimum Pension ('GMP') charges. Amortisation of intangibles was £1.9m lower than 2017/18 due to certain SAP software modules becoming fully amortised in the year. Fair valuation of foreign exchange and derivatives was a charge of £1.3m in the year. The Group recognised £41.5m of estimated costs in the year associated with the equalisation of GMP for pension benefits accrued between 1990 and 1997. This follows a judgement case of Lloyds Banking Group on 26 October 2018 which referred to the equal treatment of men and women who contracted out of the State Earnings Related Pension Scheme between these dates. It should be noted that the final cost will differ to the estimated cost when the actual method of equalisation is agreed between the scheme Trustees in due course. Any future and final adjustment to the cost recognised in 2018/19 will be reflected in the Consolidated statement of comprehensive income. All UK companies who operated defined benefit pension schemes during these dates will be affected by this ruling. Of this £41.5m non-cash charge, approximately two-thirds relates to the RHM pension scheme and the balance relates to the Premier Foods pension schemes. Restructuring costs were £16.8m in the year; an £8.3m increase on the prior year and included circa £14m associated with the consolidation of the Group’s logistics operations to one central location in the year due to higher than anticipated implementation costs. This programme has now completed and the Group does not expect to incur any further restructuring costs associated with this programme. Advisory fees associated with strategic reviews and corporate activity were also included in restructuring costs in the year. Other non-trading items of £1.9m refer to a past service pension credit of £3.9m due to inflation increases no longer required in a smaller Irish pension scheme, partly offset by costs related to the departure of previous CEO Gavin Darby. Net interest on pensions and administrative expenses was a charge of £1.3m. Expenses for operating the Group’s pension schemes were £10.3m in the year, offset by a net interest credit of £9.0m due to an opening surplus of the Group’s combined pension schemes.
£m2018/192017/18Change
Adjusted EBITDA3145.5139.65.9
Depreciation(17.0)(16.6)(0.4)
Trading profit128.5123.05.5
Amortisation of intangible assets(34.4)(36.3)1.9
Fair value movements on foreign exchange and derivatives(1.3)0.1(1.4)
Net interest on pensions and administrative expenses(1.3)(2.5)1.2
Non-trading items
GMP equalisation(41.5)–(41.5)
Restructuring costs(16.8)(8.5)(8.3)
Impairment of goodwill and intangible assets(30.6)(6.5)(24.1)
Other1.9–1.9
Operating profit4.569.3(64.8)
"} {"question": "If the Trading profit in 2018/19 reduced to 116.7£m, what would be the revised change in value?", "answer": ["-6.3"], "context": "The Group reports an operating profit of £4.5m for 2018/19, compared to £69.3m in the prior year. The growth in Trading profit of £5.5m in the year, as outlined above, was offset by an impairment of goodwill and intangible assets of £30.6m and costs of £41.5m relating to the recognition of Guaranteed Minimum Pension ('GMP') charges. Amortisation of intangibles was £1.9m lower than 2017/18 due to certain SAP software modules becoming fully amortised in the year. Fair valuation of foreign exchange and derivatives was a charge of £1.3m in the year. The Group recognised £41.5m of estimated costs in the year associated with the equalisation of GMP for pension benefits accrued between 1990 and 1997. This follows a judgement case of Lloyds Banking Group on 26 October 2018 which referred to the equal treatment of men and women who contracted out of the State Earnings Related Pension Scheme between these dates. It should be noted that the final cost will differ to the estimated cost when the actual method of equalisation is agreed between the scheme Trustees in due course. Any future and final adjustment to the cost recognised in 2018/19 will be reflected in the Consolidated statement of comprehensive income. All UK companies who operated defined benefit pension schemes during these dates will be affected by this ruling. Of this £41.5m non-cash charge, approximately two-thirds relates to the RHM pension scheme and the balance relates to the Premier Foods pension schemes. Restructuring costs were £16.8m in the year; an £8.3m increase on the prior year and included circa £14m associated with the consolidation of the Group’s logistics operations to one central location in the year due to higher than anticipated implementation costs. This programme has now completed and the Group does not expect to incur any further restructuring costs associated with this programme. Advisory fees associated with strategic reviews and corporate activity were also included in restructuring costs in the year. Other non-trading items of £1.9m refer to a past service pension credit of £3.9m due to inflation increases no longer required in a smaller Irish pension scheme, partly offset by costs related to the departure of previous CEO Gavin Darby. Net interest on pensions and administrative expenses was a charge of £1.3m. Expenses for operating the Group’s pension schemes were £10.3m in the year, offset by a net interest credit of £9.0m due to an opening surplus of the Group’s combined pension schemes.
£m2018/192017/18Change
Adjusted EBITDA3145.5139.65.9
Depreciation(17.0)(16.6)(0.4)
Trading profit128.5123.05.5
Amortisation of intangible assets(34.4)(36.3)1.9
Fair value movements on foreign exchange and derivatives(1.3)0.1(1.4)
Net interest on pensions and administrative expenses(1.3)(2.5)1.2
Non-trading items
GMP equalisation(41.5)–(41.5)
Restructuring costs(16.8)(8.5)(8.3)
Impairment of goodwill and intangible assets(30.6)(6.5)(24.1)
Other1.9–1.9
Operating profit4.569.3(64.8)
"} {"question": "If Goodwill at December 29, 2017 under Defense Solutions was 1,055 million, which category would Goodwill at December 29, 2017 under 2,000 million?", "answer": ["Defense Solutions", "Civil", "Health"], "context": "Note 10—Goodwill The following table presents changes in the carrying amount of goodwill by reportable segment: Effective the beginning of fiscal 2019, the Company changed the composition of its Defense Solutions reportable segment, which resulted in the identification of new operating segments and reporting units within Defense Solutions. In addition, certain contracts were reassigned between the Civil and Defense Solutions reportable segments (see \"Note 24—Business Segments\"). Consequently, the carrying amount of goodwill was re-allocated among the reporting units for the purpose of testing goodwill for impairment. In conjunction with the changes mentioned above, the Company evaluated goodwill for impairment using a quantitative step one analysis, both before and after the changes were made, and determined that goodwill was not impaired. In fiscal 2019, the Company performed a qualitative analysis for all reporting units and determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting units carrying values, and as a result, a quantitative step one analysis was not necessary. In fiscal 2018, the Company performed a qualitative and quantitative analysis on its reporting units. Based on the qualitative analysis performed during the Company's annual impairment evaluation for fiscal 2018 for certain of its reporting units, it was determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting unit carrying values, and as a result, a quantitative step one analysis was not necessary. Additionally, based on the results of the quantitative step one analysis for certain other of its reporting units, it was determined that the fair value was in excess of the individual reporting units carrying values. In fiscal 2017, the Company performed a quantitative analysis for all reporting units. It was determined that the fair values of all reporting units exceeded their carrying values. As a result, no goodwill impairments were identified as part of the annual goodwill impairment evaluation for the periods mentioned above. During the year ended January 3, 2020 and December 28, 2018, the Company recorded an immaterial correction of $3 million and $6 million, respectively, with respect to fair value of assets and liabilities acquired from the IS&GS Transactions. (1) Carrying amount includes accumulated impairment losses of $369 million and $117 million within the Health and Civil segments, respectively.
Defense SolutionsCivilHealthTotal
(in millions)
Goodwill at December 29, 2017(1)$2,055$1,998$921$4,974
Foreign currency translation adjustments(40)(11)—(51)
Transfers to assets held for sale—(57)—(57)
Adjustment to goodwill—(6)—(6)
Goodwill at December 28, 2018(1)2,0151,9249214,860
Goodwill re-allocation25(25)——
Acquisition of IMX——5050
Divestiture of health staff augmentation business——(5)(5)
Foreign currency translation adjustments(4)8—4
Adjustment to goodwill3——3
Goodwill at January 3, 2020(1)$2,039$1,907$966$4,912
"} {"question": "If Foreign currency translation adjustments under Health was -50 million, what would be the average?", "answer": ["-33.67"], "context": "Note 10—Goodwill The following table presents changes in the carrying amount of goodwill by reportable segment: Effective the beginning of fiscal 2019, the Company changed the composition of its Defense Solutions reportable segment, which resulted in the identification of new operating segments and reporting units within Defense Solutions. In addition, certain contracts were reassigned between the Civil and Defense Solutions reportable segments (see \"Note 24—Business Segments\"). Consequently, the carrying amount of goodwill was re-allocated among the reporting units for the purpose of testing goodwill for impairment. In conjunction with the changes mentioned above, the Company evaluated goodwill for impairment using a quantitative step one analysis, both before and after the changes were made, and determined that goodwill was not impaired. In fiscal 2019, the Company performed a qualitative analysis for all reporting units and determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting units carrying values, and as a result, a quantitative step one analysis was not necessary. In fiscal 2018, the Company performed a qualitative and quantitative analysis on its reporting units. Based on the qualitative analysis performed during the Company's annual impairment evaluation for fiscal 2018 for certain of its reporting units, it was determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting unit carrying values, and as a result, a quantitative step one analysis was not necessary. Additionally, based on the results of the quantitative step one analysis for certain other of its reporting units, it was determined that the fair value was in excess of the individual reporting units carrying values. In fiscal 2017, the Company performed a quantitative analysis for all reporting units. It was determined that the fair values of all reporting units exceeded their carrying values. As a result, no goodwill impairments were identified as part of the annual goodwill impairment evaluation for the periods mentioned above. During the year ended January 3, 2020 and December 28, 2018, the Company recorded an immaterial correction of $3 million and $6 million, respectively, with respect to fair value of assets and liabilities acquired from the IS&GS Transactions. (1) Carrying amount includes accumulated impairment losses of $369 million and $117 million within the Health and Civil segments, respectively.
Defense SolutionsCivilHealthTotal
(in millions)
Goodwill at December 29, 2017(1)$2,055$1,998$921$4,974
Foreign currency translation adjustments(40)(11)—(51)
Transfers to assets held for sale—(57)—(57)
Adjustment to goodwill—(6)—(6)
Goodwill at December 28, 2018(1)2,0151,9249214,860
Goodwill re-allocation25(25)——
Acquisition of IMX——5050
Divestiture of health staff augmentation business——(5)(5)
Foreign currency translation adjustments(4)8—4
Adjustment to goodwill3——3
Goodwill at January 3, 2020(1)$2,039$1,907$966$4,912
"} {"question": "If total Goodwill in 2019 was 5,000 million, what would be the change from 2018 to 2019?", "answer": ["140"], "context": "Note 10—Goodwill The following table presents changes in the carrying amount of goodwill by reportable segment: Effective the beginning of fiscal 2019, the Company changed the composition of its Defense Solutions reportable segment, which resulted in the identification of new operating segments and reporting units within Defense Solutions. In addition, certain contracts were reassigned between the Civil and Defense Solutions reportable segments (see \"Note 24—Business Segments\"). Consequently, the carrying amount of goodwill was re-allocated among the reporting units for the purpose of testing goodwill for impairment. In conjunction with the changes mentioned above, the Company evaluated goodwill for impairment using a quantitative step one analysis, both before and after the changes were made, and determined that goodwill was not impaired. In fiscal 2019, the Company performed a qualitative analysis for all reporting units and determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting units carrying values, and as a result, a quantitative step one analysis was not necessary. In fiscal 2018, the Company performed a qualitative and quantitative analysis on its reporting units. Based on the qualitative analysis performed during the Company's annual impairment evaluation for fiscal 2018 for certain of its reporting units, it was determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting unit carrying values, and as a result, a quantitative step one analysis was not necessary. Additionally, based on the results of the quantitative step one analysis for certain other of its reporting units, it was determined that the fair value was in excess of the individual reporting units carrying values. In fiscal 2017, the Company performed a quantitative analysis for all reporting units. It was determined that the fair values of all reporting units exceeded their carrying values. As a result, no goodwill impairments were identified as part of the annual goodwill impairment evaluation for the periods mentioned above. During the year ended January 3, 2020 and December 28, 2018, the Company recorded an immaterial correction of $3 million and $6 million, respectively, with respect to fair value of assets and liabilities acquired from the IS&GS Transactions. (1) Carrying amount includes accumulated impairment losses of $369 million and $117 million within the Health and Civil segments, respectively.
Defense SolutionsCivilHealthTotal
(in millions)
Goodwill at December 29, 2017(1)$2,055$1,998$921$4,974
Foreign currency translation adjustments(40)(11)—(51)
Transfers to assets held for sale—(57)—(57)
Adjustment to goodwill—(6)—(6)
Goodwill at December 28, 2018(1)2,0151,9249214,860
Goodwill re-allocation25(25)——
Acquisition of IMX——5050
Divestiture of health staff augmentation business——(5)(5)
Foreign currency translation adjustments(4)8—4
Adjustment to goodwill3——3
Goodwill at January 3, 2020(1)$2,039$1,907$966$4,912
"} {"question": "Which period would have the largest average price paid per share if the average price paid per share for November 2019 is $13.75 instead?", "answer": ["November 2019"], "context": "Issuer Purchases of Equity Securities The following table contains information about shares of our previously-issued common stock that we withheld from employees upon vesting of their stock-based awards during the fourth quarter of 2019 to satisfy the related tax withholding obligations:
Total Number of Shares Withheld for TaxesAverage Price Paid Per Share
Period
October 201916,585$11.57
November 2019185,88713.15
December 201912,36813.70
Total214,840
"} {"question": "What would the average number of shares withheld for taxes per month be if the total number of shares withheld for taxes in the three months is 216,000 instead?", "answer": ["72000"], "context": "Issuer Purchases of Equity Securities The following table contains information about shares of our previously-issued common stock that we withheld from employees upon vesting of their stock-based awards during the fourth quarter of 2019 to satisfy the related tax withholding obligations:
Total Number of Shares Withheld for TaxesAverage Price Paid Per Share
Period
October 201916,585$11.57
November 2019185,88713.15
December 201912,36813.70
Total214,840
"} {"question": "What would the percentage change in the average price paid per share between December 2019 and November 2019 be if the value for December 2019 is $14.00 instead?", "answer": ["6.46"], "context": "Issuer Purchases of Equity Securities The following table contains information about shares of our previously-issued common stock that we withheld from employees upon vesting of their stock-based awards during the fourth quarter of 2019 to satisfy the related tax withholding obligations:
Total Number of Shares Withheld for TaxesAverage Price Paid Per Share
Period
October 201916,585$11.57
November 2019185,88713.15
December 201912,36813.70
Total214,840
"} {"question": "What is the proportion of equity compensation plans approved to total number of securities to be issued was 400,000 instead?", "answer": ["0.44"], "context": "Equity Compensation Plan Information The following table summarizes share and exercise price information for our equity compensation plans as of December 31, 2019. (1) Includes 105,000 shares of our common stock issuable upon exercise of outstanding stock options and 340,000 shares issuable upon vesting of outstanding restricted stock units. (2) Represents an individual option grant to our Chairman and Chief Executive Officer outside of, and prior to the establishment of, the 2013 Stock Incentive Plan in October 2013 referred to in the above table. The option agreement pertaining to such option grant contain customary anti-dilution provisions. (3) Does not take into account outstanding restricted stock units as these awards have no exercise price. Our 2013 Stock Incentive Plan (“2013 Plan”) provides for the grant of any or all of the following types of awards: (a) stock options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted stock units. Awards under the 2013 Plan may be granted singly, in combination, or in tandem. Subject to standard anti-dilution adjustments as provided in the 2013 Plan, the 2013 Plan provides for an aggregate of 2,600,000 shares of our common stock to be available for distribution pursuant to the 2013 Plan. The Compensation Committee (or the Board of Directors) will generally have the authority to administer the 2013 Plan, determine participants who will be granted awards under the 2013 Plan, the size and types of awards, the terms and conditions of awards and the form and content of the award agreements representing awards. Awards under the 2013 Plan may be granted to our employees, directors and consultants. As of December 31, 2019, there were options to purchase an aggregate of 605,000 shares of common stock outstanding and 340,000 shares issuable upon vesting of outstanding restricted stock units granted under the 2013 Plan, and a balance of 1,780,505 shares of common stock are reserved for issuance under the 2013 Plan.
Number of securities to be issued upon exercise of outstanding options and rightsWeighted-average exercise price of outstanding options and rightsNumber of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a))
(a)(b)(c)
Equity compensation plans approved by security holders445,000(1)$2.34(3)1,780,505
Equity compensation plans not approved by security holders500,000(2)$1.19—
Total945,000$1.39(3)1,780,505
"} {"question": "What % of equity compensation plans that are approved are shares of common stock issuable upon exercise of outstanding stock options, if the total equity compensation plan amount = 400,000 instead?", "answer": ["26.25"], "context": "Equity Compensation Plan Information The following table summarizes share and exercise price information for our equity compensation plans as of December 31, 2019. (1) Includes 105,000 shares of our common stock issuable upon exercise of outstanding stock options and 340,000 shares issuable upon vesting of outstanding restricted stock units. (2) Represents an individual option grant to our Chairman and Chief Executive Officer outside of, and prior to the establishment of, the 2013 Stock Incentive Plan in October 2013 referred to in the above table. The option agreement pertaining to such option grant contain customary anti-dilution provisions. (3) Does not take into account outstanding restricted stock units as these awards have no exercise price. Our 2013 Stock Incentive Plan (“2013 Plan”) provides for the grant of any or all of the following types of awards: (a) stock options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted stock units. Awards under the 2013 Plan may be granted singly, in combination, or in tandem. Subject to standard anti-dilution adjustments as provided in the 2013 Plan, the 2013 Plan provides for an aggregate of 2,600,000 shares of our common stock to be available for distribution pursuant to the 2013 Plan. The Compensation Committee (or the Board of Directors) will generally have the authority to administer the 2013 Plan, determine participants who will be granted awards under the 2013 Plan, the size and types of awards, the terms and conditions of awards and the form and content of the award agreements representing awards. Awards under the 2013 Plan may be granted to our employees, directors and consultants. As of December 31, 2019, there were options to purchase an aggregate of 605,000 shares of common stock outstanding and 340,000 shares issuable upon vesting of outstanding restricted stock units granted under the 2013 Plan, and a balance of 1,780,505 shares of common stock are reserved for issuance under the 2013 Plan.
Number of securities to be issued upon exercise of outstanding options and rightsWeighted-average exercise price of outstanding options and rightsNumber of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a))
(a)(b)(c)
Equity compensation plans approved by security holders445,000(1)$2.34(3)1,780,505
Equity compensation plans not approved by security holders500,000(2)$1.19—
Total945,000$1.39(3)1,780,505
"} {"question": "What % of equity compensation plans that are approved are shares issuable upon vesting of outstanding restricted stock units, if the total equity compensation plan amount = 400,000 instead?", "answer": ["85"], "context": "Equity Compensation Plan Information The following table summarizes share and exercise price information for our equity compensation plans as of December 31, 2019. (1) Includes 105,000 shares of our common stock issuable upon exercise of outstanding stock options and 340,000 shares issuable upon vesting of outstanding restricted stock units. (2) Represents an individual option grant to our Chairman and Chief Executive Officer outside of, and prior to the establishment of, the 2013 Stock Incentive Plan in October 2013 referred to in the above table. The option agreement pertaining to such option grant contain customary anti-dilution provisions. (3) Does not take into account outstanding restricted stock units as these awards have no exercise price. Our 2013 Stock Incentive Plan (“2013 Plan”) provides for the grant of any or all of the following types of awards: (a) stock options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted stock units. Awards under the 2013 Plan may be granted singly, in combination, or in tandem. Subject to standard anti-dilution adjustments as provided in the 2013 Plan, the 2013 Plan provides for an aggregate of 2,600,000 shares of our common stock to be available for distribution pursuant to the 2013 Plan. The Compensation Committee (or the Board of Directors) will generally have the authority to administer the 2013 Plan, determine participants who will be granted awards under the 2013 Plan, the size and types of awards, the terms and conditions of awards and the form and content of the award agreements representing awards. Awards under the 2013 Plan may be granted to our employees, directors and consultants. As of December 31, 2019, there were options to purchase an aggregate of 605,000 shares of common stock outstanding and 340,000 shares issuable upon vesting of outstanding restricted stock units granted under the 2013 Plan, and a balance of 1,780,505 shares of common stock are reserved for issuance under the 2013 Plan.
Number of securities to be issued upon exercise of outstanding options and rightsWeighted-average exercise price of outstanding options and rightsNumber of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a))
(a)(b)(c)
Equity compensation plans approved by security holders445,000(1)$2.34(3)1,780,505
Equity compensation plans not approved by security holders500,000(2)$1.19—
Total945,000$1.39(3)1,780,505
"} {"question": "If balance at beginning of year in 2019 was 5,000 thousands, what would be the increase / (decrease) in the balance at beginning of year from 2018 to 2019?", "answer": ["-1667"], "context": "Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consists primarily of amounts due to the Company from normal business activities. We maintain an allowance for doubtful accounts for estimated losses that result from the inability of our customers to make required payments. The allowance for doubtful accounts is maintained based on customer payment levels, historical experience and management’s views on trends in the overall receivable agings. In addition, for larger accounts, we perform analyses of risks on a customer-specific basis. We perform ongoing credit evaluations of our customers’ financial condition and management believes that an adequate allowance for doubtful accounts has been provided. Uncollectible accounts are removed from accounts receivable and are charged against the allowance for doubtful accounts when internal collection efforts have been unsuccessful. The following table summarizes the activity in allowance for doubtful accounts for the years ended December 31, 2019, 2018 and 2017:
Year Ended December 31,
(In thousands)201920182017
Balance at beginning of year$4,421$6,667$2,813
Provision charged to expense9,3478,7937,072
Write-offs, less recoveries(9,219)(11,039)(6,516)
Acquired allowance for doubtful accounts——3,298
Balance at end of year$4,549$4,421$6,667
"} {"question": "If provision charged to expense in 2019 was 10,000 thousands, what would be the average provision charged to expense for 2017-2019?", "answer": ["8621.67"], "context": "Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consists primarily of amounts due to the Company from normal business activities. We maintain an allowance for doubtful accounts for estimated losses that result from the inability of our customers to make required payments. The allowance for doubtful accounts is maintained based on customer payment levels, historical experience and management’s views on trends in the overall receivable agings. In addition, for larger accounts, we perform analyses of risks on a customer-specific basis. We perform ongoing credit evaluations of our customers’ financial condition and management believes that an adequate allowance for doubtful accounts has been provided. Uncollectible accounts are removed from accounts receivable and are charged against the allowance for doubtful accounts when internal collection efforts have been unsuccessful. The following table summarizes the activity in allowance for doubtful accounts for the years ended December 31, 2019, 2018 and 2017:
Year Ended December 31,
(In thousands)201920182017
Balance at beginning of year$4,421$6,667$2,813
Provision charged to expense9,3478,7937,072
Write-offs, less recoveries(9,219)(11,039)(6,516)
Acquired allowance for doubtful accounts——3,298
Balance at end of year$4,549$4,421$6,667
"} {"question": "If Acquired allowance for doubtful accounts in 2018 was 4,000 thousands, what would be the increase / (decrease) in the Acquired allowance for doubtful accounts from 2017 to 2018?", "answer": ["702"], "context": "Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consists primarily of amounts due to the Company from normal business activities. We maintain an allowance for doubtful accounts for estimated losses that result from the inability of our customers to make required payments. The allowance for doubtful accounts is maintained based on customer payment levels, historical experience and management’s views on trends in the overall receivable agings. In addition, for larger accounts, we perform analyses of risks on a customer-specific basis. We perform ongoing credit evaluations of our customers’ financial condition and management believes that an adequate allowance for doubtful accounts has been provided. Uncollectible accounts are removed from accounts receivable and are charged against the allowance for doubtful accounts when internal collection efforts have been unsuccessful. The following table summarizes the activity in allowance for doubtful accounts for the years ended December 31, 2019, 2018 and 2017:
Year Ended December 31,
(In thousands)201920182017
Balance at beginning of year$4,421$6,667$2,813
Provision charged to expense9,3478,7937,072
Write-offs, less recoveries(9,219)(11,039)(6,516)
Acquired allowance for doubtful accounts——3,298
Balance at end of year$4,549$4,421$6,667
"} {"question": "What would be the ratio of income from discontinued operations (net of tax) to income for the performance of services (classified within SG&A expenses) during fiscal 2017 if the income for the performance of services was $13.5 million?", "answer": ["0.19"], "context": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Private Brands Operations On February 1, 2016, pursuant to the Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. (\"TreeHouse\"). The summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows: We entered into a transition services agreement with TreeHouse and recognized $2.2 million and $16.9 million of income for the performance of services during fiscal 2018 and 2017, respectively, classified within SG&A expenses.
201920182017
Loss on sale of business$—$—$(1.6)
Income from discontinued operations before income taxes and equity method investment earnings0.90.43.9
Income before income taxes and equity method investment earnings .0.90.42.3
Income tax expense (benefit) .—0.5(0.3)
Income (loss) from discontinued operations, net of tax$0.9$(0.1)$2.6
"} {"question": "What would be the percentage change in income from discontinued operations (net of tax) from 2017 to 2019 if the income from discontinued operations was $1.5 million in 2019?", "answer": ["-42.31"], "context": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Private Brands Operations On February 1, 2016, pursuant to the Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. (\"TreeHouse\"). The summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows: We entered into a transition services agreement with TreeHouse and recognized $2.2 million and $16.9 million of income for the performance of services during fiscal 2018 and 2017, respectively, classified within SG&A expenses.
201920182017
Loss on sale of business$—$—$(1.6)
Income from discontinued operations before income taxes and equity method investment earnings0.90.43.9
Income before income taxes and equity method investment earnings .0.90.42.3
Income tax expense (benefit) .—0.5(0.3)
Income (loss) from discontinued operations, net of tax$0.9$(0.1)$2.6
"} {"question": "What would be the proportion of income tax benefit over income from discontinued operations during the fiscal year 2017 if the income tax benefit was $1 million?", "answer": ["0.38"], "context": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Private Brands Operations On February 1, 2016, pursuant to the Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. (\"TreeHouse\"). The summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows: We entered into a transition services agreement with TreeHouse and recognized $2.2 million and $16.9 million of income for the performance of services during fiscal 2018 and 2017, respectively, classified within SG&A expenses.
201920182017
Loss on sale of business$—$—$(1.6)
Income from discontinued operations before income taxes and equity method investment earnings0.90.43.9
Income before income taxes and equity method investment earnings .0.90.42.3
Income tax expense (benefit) .—0.5(0.3)
Income (loss) from discontinued operations, net of tax$0.9$(0.1)$2.6
"} {"question": "If the Recorded investment of Lease receivables for Americas increase to 4,410 what is the revised average for Americas and EMEA for December 2019?", "answer": ["2798"], "context": "The following tables present the recorded investment by portfolio segment and by class, excluding commercial financing receivables and other miscellaneous financing receivables at December 31, 2019 and 2018. Commercial financing receivables are excluded from the presentation of financing receivables by portfolio segment, as they are short term in nature and the current estimated risk of loss and resulting impact to the company’s financing results are not material. Write-offs of lease receivables and loan receivables were $16 million and $47 million, respectively, for the year ended December 31, 2019. Provisions for credit losses recorded for lease receivables and loan receivables were a release of $6 million and an addition of $2 million, respectively, for the year ended December 31, 2019. The average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $49 million and $45 million, respectively, for the year ended December 31, 2019. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2019.
($ in millions)
At December 31, 2019:AmericasEMEAAsia PacificTotal
Recorded investment:
Lease receivables$ 3,419$1,186$ 963$ 5,567
Loan receivables6,7263,9012,39513,022
Ending balance$10,144$5,087$3,359$18,590
Recorded investment, collectively evaluated for impairment$10,032$5,040$3,326$18,399
Recorded investment, individually evaluated for impairment$ 112$ 47$ 32$ 191
Allowance for credit losses
Beginning balance at January 1, 2019
Lease receivables$ 53$ 22$ 24$ 99
Loan receivables1054332179
Total$ 158$ 65$ 56$ 279
Write-offs(42)(3)(18)(63)
Recoveries1012
Provision5(7)(3)(5)
Other*(1)0(1)(2)
Ending balance at December 31, 2019$ 120$ 54$ 36$ 210
Lease receivables$ 33$ 23$ 16$ 72
Loan receivables$ 88$ 31$ 20$ 138
Related allowance, collectively evaluated for impairment$ 25$ 11$ 4$ 39
Related allowance, individually evaluated for impairment$ 96$ 43$ 32$ 171
"} {"question": "If the Recorded investment of Loan receivables for Americas reduces to 3,419 what is the revised average for Americas and EMEA for December 2019?", "answer": ["3660"], "context": "The following tables present the recorded investment by portfolio segment and by class, excluding commercial financing receivables and other miscellaneous financing receivables at December 31, 2019 and 2018. Commercial financing receivables are excluded from the presentation of financing receivables by portfolio segment, as they are short term in nature and the current estimated risk of loss and resulting impact to the company’s financing results are not material. Write-offs of lease receivables and loan receivables were $16 million and $47 million, respectively, for the year ended December 31, 2019. Provisions for credit losses recorded for lease receivables and loan receivables were a release of $6 million and an addition of $2 million, respectively, for the year ended December 31, 2019. The average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $49 million and $45 million, respectively, for the year ended December 31, 2019. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2019.
($ in millions)
At December 31, 2019:AmericasEMEAAsia PacificTotal
Recorded investment:
Lease receivables$ 3,419$1,186$ 963$ 5,567
Loan receivables6,7263,9012,39513,022
Ending balance$10,144$5,087$3,359$18,590
Recorded investment, collectively evaluated for impairment$10,032$5,040$3,326$18,399
Recorded investment, individually evaluated for impairment$ 112$ 47$ 32$ 191
Allowance for credit losses
Beginning balance at January 1, 2019
Lease receivables$ 53$ 22$ 24$ 99
Loan receivables1054332179
Total$ 158$ 65$ 56$ 279
Write-offs(42)(3)(18)(63)
Recoveries1012
Provision5(7)(3)(5)
Other*(1)0(1)(2)
Ending balance at December 31, 2019$ 120$ 54$ 36$ 210
Lease receivables$ 33$ 23$ 16$ 72
Loan receivables$ 88$ 31$ 20$ 138
Related allowance, collectively evaluated for impairment$ 25$ 11$ 4$ 39
Related allowance, individually evaluated for impairment$ 96$ 43$ 32$ 171
"} {"question": "If the Allowance for credit losses of lease receivables for Americas increase to $ 71 what is the revised average at the beginning of January 2019?", "answer": ["39"], "context": "The following tables present the recorded investment by portfolio segment and by class, excluding commercial financing receivables and other miscellaneous financing receivables at December 31, 2019 and 2018. Commercial financing receivables are excluded from the presentation of financing receivables by portfolio segment, as they are short term in nature and the current estimated risk of loss and resulting impact to the company’s financing results are not material. Write-offs of lease receivables and loan receivables were $16 million and $47 million, respectively, for the year ended December 31, 2019. Provisions for credit losses recorded for lease receivables and loan receivables were a release of $6 million and an addition of $2 million, respectively, for the year ended December 31, 2019. The average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $49 million and $45 million, respectively, for the year ended December 31, 2019. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2019.
($ in millions)
At December 31, 2019:AmericasEMEAAsia PacificTotal
Recorded investment:
Lease receivables$ 3,419$1,186$ 963$ 5,567
Loan receivables6,7263,9012,39513,022
Ending balance$10,144$5,087$3,359$18,590
Recorded investment, collectively evaluated for impairment$10,032$5,040$3,326$18,399
Recorded investment, individually evaluated for impairment$ 112$ 47$ 32$ 191
Allowance for credit losses
Beginning balance at January 1, 2019
Lease receivables$ 53$ 22$ 24$ 99
Loan receivables1054332179
Total$ 158$ 65$ 56$ 279
Write-offs(42)(3)(18)(63)
Recoveries1012
Provision5(7)(3)(5)
Other*(1)0(1)(2)
Ending balance at December 31, 2019$ 120$ 54$ 36$ 210
Lease receivables$ 33$ 23$ 16$ 72
Loan receivables$ 88$ 31$ 20$ 138
Related allowance, collectively evaluated for impairment$ 25$ 11$ 4$ 39
Related allowance, individually evaluated for impairment$ 96$ 43$ 32$ 171
"} {"question": "What would the percentage change in the net operating loss carry forwards from 2018 to 2019 be if the amount in 2019 was 21,000,000 instead?", "answer": ["3.23"], "context": "NOTE L – INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact the Company: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) limiting the deductibility of certain executive compensation; and (5) limiting certain other deductions. The Company follows ASC 740-10 “Income Taxes” which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes include the net tax effects of net operating loss (NOL) carry forwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows:
20192018
Deferred Tax Assets:
Net operating loss carry forwards$20,772,428$20,342,559
Intangibles207,618318,178
Credits28,022112,086
Other506,349613,202
Total deferred tax assets21,514,41721,386,025
Deferred Tax Liabilities:
Intangibles––
Total deferred tax liabilities––
Valuation allowance(21,486,396)(21,386,025)
Net deferred tax asset$28,021$–
"} {"question": "What would the percentage change in the total deferred tax assets from 2018 to 2019 be if the amount in 2019 was 20,000,000 instead?", "answer": ["-6.48"], "context": "NOTE L – INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact the Company: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) limiting the deductibility of certain executive compensation; and (5) limiting certain other deductions. The Company follows ASC 740-10 “Income Taxes” which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes include the net tax effects of net operating loss (NOL) carry forwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows:
20192018
Deferred Tax Assets:
Net operating loss carry forwards$20,772,428$20,342,559
Intangibles207,618318,178
Credits28,022112,086
Other506,349613,202
Total deferred tax assets21,514,41721,386,025
Deferred Tax Liabilities:
Intangibles––
Total deferred tax liabilities––
Valuation allowance(21,486,396)(21,386,025)
Net deferred tax asset$28,021$–
"} {"question": "Which year would have the higher amount of intangibles (deferred tax assets) if the amount in 2019 was 320,000 instead?", "answer": ["2019"], "context": "NOTE L – INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact the Company: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) limiting the deductibility of certain executive compensation; and (5) limiting certain other deductions. The Company follows ASC 740-10 “Income Taxes” which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes include the net tax effects of net operating loss (NOL) carry forwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows:
20192018
Deferred Tax Assets:
Net operating loss carry forwards$20,772,428$20,342,559
Intangibles207,618318,178
Credits28,022112,086
Other506,349613,202
Total deferred tax assets21,514,41721,386,025
Deferred Tax Liabilities:
Intangibles––
Total deferred tax liabilities––
Valuation allowance(21,486,396)(21,386,025)
Net deferred tax asset$28,021$–
"} {"question": "How many liabilities had a balance on March 31, 2018 that exceeded $300 million if the balance of other long-term liabilities was $350 million instead?", "answer": ["2"], "context": "During the three months ended June 30, 2018, the Company adopted ASU 2016-18-Statement of Cash Flows: Restricted Cash. This standard requires that the statement of cash flows explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard has been applied using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on the Company's financial statements. The following table summarizes the opening balance sheet adjustments related to the adoption of the New Revenue Standard, ASU 2016-01-Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2016-16-Intra-Entity Transfers of Assets Other Than Inventory (in millions):
Balance as ofAdjustments fromBalance as of
March 31, 2018ASC 606ASU 2016-01ASU 2016-16April 1, 2018
ASSETS
Accounts receivable, net$563.7$340.1$—$—$903.8
Inventories$476.2$(5.1)$—$—$471.1
Other current assets$119.8$17.2$—$—$137.0
Long-term deferred tax assets$100.2$(23.1)$—$1,579.4$1,656.5
Other assets$71.8$—$—$(24.1)$47.7
LIABILITIES
Accrued liabilities$229.6$404.2$—$—$633.8
Deferred income on shipments to distributors$333.8$(333.8)$—$—$—
Long-term deferred tax liability$205.8$16.8$—$(1.1)$221.5
Other long-term liabilities$240.9$—$—$(1.7)$239.2
STOCKHOLDERS' EQUITY
Accumulated other comprehensive loss$(17.6)$—$(1.7)$—$(19.3)
Retained earnings$1,397.3$241.9$1.7$1,558.1$3,199.0
"} {"question": "How many Assets had a balance on April 1, 2018 that exceeded $1,000 million if the balance of net accounts receivable was $1,100 million instead? ", "answer": ["2"], "context": "During the three months ended June 30, 2018, the Company adopted ASU 2016-18-Statement of Cash Flows: Restricted Cash. This standard requires that the statement of cash flows explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard has been applied using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on the Company's financial statements. The following table summarizes the opening balance sheet adjustments related to the adoption of the New Revenue Standard, ASU 2016-01-Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2016-16-Intra-Entity Transfers of Assets Other Than Inventory (in millions):
Balance as ofAdjustments fromBalance as of
March 31, 2018ASC 606ASU 2016-01ASU 2016-16April 1, 2018
ASSETS
Accounts receivable, net$563.7$340.1$—$—$903.8
Inventories$476.2$(5.1)$—$—$471.1
Other current assets$119.8$17.2$—$—$137.0
Long-term deferred tax assets$100.2$(23.1)$—$1,579.4$1,656.5
Other assets$71.8$—$—$(24.1)$47.7
LIABILITIES
Accrued liabilities$229.6$404.2$—$—$633.8
Deferred income on shipments to distributors$333.8$(333.8)$—$—$—
Long-term deferred tax liability$205.8$16.8$—$(1.1)$221.5
Other long-term liabilities$240.9$—$—$(1.7)$239.2
STOCKHOLDERS' EQUITY
Accumulated other comprehensive loss$(17.6)$—$(1.7)$—$(19.3)
Retained earnings$1,397.3$241.9$1.7$1,558.1$3,199.0
"} {"question": "What would be the percentage change in Other assets due to the adjustments if the balance on April 1 was $90 million instead?", "answer": ["25.35"], "context": "During the three months ended June 30, 2018, the Company adopted ASU 2016-18-Statement of Cash Flows: Restricted Cash. This standard requires that the statement of cash flows explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard has been applied using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on the Company's financial statements. The following table summarizes the opening balance sheet adjustments related to the adoption of the New Revenue Standard, ASU 2016-01-Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2016-16-Intra-Entity Transfers of Assets Other Than Inventory (in millions):
Balance as ofAdjustments fromBalance as of
March 31, 2018ASC 606ASU 2016-01ASU 2016-16April 1, 2018
ASSETS
Accounts receivable, net$563.7$340.1$—$—$903.8
Inventories$476.2$(5.1)$—$—$471.1
Other current assets$119.8$17.2$—$—$137.0
Long-term deferred tax assets$100.2$(23.1)$—$1,579.4$1,656.5
Other assets$71.8$—$—$(24.1)$47.7
LIABILITIES
Accrued liabilities$229.6$404.2$—$—$633.8
Deferred income on shipments to distributors$333.8$(333.8)$—$—$—
Long-term deferred tax liability$205.8$16.8$—$(1.1)$221.5
Other long-term liabilities$240.9$—$—$(1.7)$239.2
STOCKHOLDERS' EQUITY
Accumulated other comprehensive loss$(17.6)$—$(1.7)$—$(19.3)
Retained earnings$1,397.3$241.9$1.7$1,558.1$3,199.0
"} {"question": "If the Equity securities in 2019 increased to 29 million, what is the revised average?", "answer": ["24"], "context": "Long-term state receivables include receivables related to funding and receivables related to tax refund. Funding are mainly public grants to be received from governmental agencies in Italy and France as part of longterm research and development, industrialization and capital investment projects. Long-term receivables related to tax refund correspond to tax benefits claimed by the Company in certain of its local tax jurisdictions, for which collection is expected beyond one year. In 2019 and 2018, the Company entered into a factoring transaction to accelerate the realization in cash of some non-current assets. As at December 31, 2019, $131 million of the non-current assets were sold without recourse, compared to $122 million as at December 31, 2018, with a financial cost of less than $1 million for both periods. Other non-current assets consisted of the following:
December 31, 2019December 31, 2018
Equity securities2319
Long-term state receivables358391
Deposits and other non-current assets5642
Total437452
"} {"question": "If the Long-term state receivables in 2019 increased to 474 million, what is the revised average?", "answer": ["432.5"], "context": "Long-term state receivables include receivables related to funding and receivables related to tax refund. Funding are mainly public grants to be received from governmental agencies in Italy and France as part of longterm research and development, industrialization and capital investment projects. Long-term receivables related to tax refund correspond to tax benefits claimed by the Company in certain of its local tax jurisdictions, for which collection is expected beyond one year. In 2019 and 2018, the Company entered into a factoring transaction to accelerate the realization in cash of some non-current assets. As at December 31, 2019, $131 million of the non-current assets were sold without recourse, compared to $122 million as at December 31, 2018, with a financial cost of less than $1 million for both periods. Other non-current assets consisted of the following:
December 31, 2019December 31, 2018
Equity securities2319
Long-term state receivables358391
Deposits and other non-current assets5642
Total437452
"} {"question": "If the Deposits and other non-current assets in 2019 increased to 71 million, what is the revised average?", "answer": ["56.5"], "context": "Long-term state receivables include receivables related to funding and receivables related to tax refund. Funding are mainly public grants to be received from governmental agencies in Italy and France as part of longterm research and development, industrialization and capital investment projects. Long-term receivables related to tax refund correspond to tax benefits claimed by the Company in certain of its local tax jurisdictions, for which collection is expected beyond one year. In 2019 and 2018, the Company entered into a factoring transaction to accelerate the realization in cash of some non-current assets. As at December 31, 2019, $131 million of the non-current assets were sold without recourse, compared to $122 million as at December 31, 2018, with a financial cost of less than $1 million for both periods. Other non-current assets consisted of the following:
December 31, 2019December 31, 2018
Equity securities2319
Long-term state receivables358391
Deposits and other non-current assets5642
Total437452
"} {"question": "What would the total long-term debt due within one year in 2018 and 2019 be if the amount in 2019 is 875?", "answer": ["1400"], "context": "Note 21 Debt due within one year (1) Includes commercial paper of $1,502 million in U.S. dollars ($1,951 million in Canadian dollars) and $2,314 million in U.S. dollars ($3,156 million in Canadian dollars) as at December 31, 2019 and December 31, 2018, respectively, which were issued under our U.S. commercial paper program and have been hedged for foreign currency fluctuations through forward currency contracts. See Note 26, Financial and capital management, for additional details. (2) Included in long-term debt due within one year is the current portion of lease liabilities of $775 million as at December 31, 2019 and the current portion of finance leases of $466 million as at December 31, 2018.
FOR THE YEAR ENDED DECEMBER 31NOTEWEIGHTED AVERAGE INTEREST RATE AT DECEMBER 31, 201920192018
Notes payable (1)262.03%1,9943,201
Loans secured by trade receivables262.71%1,050919
Long-term debt due within one year (2)224.77%837525
Total debt due within one year3,8814,645
"} {"question": "What would the difference in the weighted average interest rate for notes payable and loans secured by trade receivables be if the interest rate for notes payable is 2.01%?", "answer": ["0.7"], "context": "Note 21 Debt due within one year (1) Includes commercial paper of $1,502 million in U.S. dollars ($1,951 million in Canadian dollars) and $2,314 million in U.S. dollars ($3,156 million in Canadian dollars) as at December 31, 2019 and December 31, 2018, respectively, which were issued under our U.S. commercial paper program and have been hedged for foreign currency fluctuations through forward currency contracts. See Note 26, Financial and capital management, for additional details. (2) Included in long-term debt due within one year is the current portion of lease liabilities of $775 million as at December 31, 2019 and the current portion of finance leases of $466 million as at December 31, 2018.
FOR THE YEAR ENDED DECEMBER 31NOTEWEIGHTED AVERAGE INTEREST RATE AT DECEMBER 31, 201920192018
Notes payable (1)262.03%1,9943,201
Loans secured by trade receivables262.71%1,050919
Long-term debt due within one year (2)224.77%837525
Total debt due within one year3,8814,645
"} {"question": "What would the percentage change in the total debt due within one year in 2019 be if the amount in 2019 is 3,800?", "answer": ["-18.19"], "context": "Note 21 Debt due within one year (1) Includes commercial paper of $1,502 million in U.S. dollars ($1,951 million in Canadian dollars) and $2,314 million in U.S. dollars ($3,156 million in Canadian dollars) as at December 31, 2019 and December 31, 2018, respectively, which were issued under our U.S. commercial paper program and have been hedged for foreign currency fluctuations through forward currency contracts. See Note 26, Financial and capital management, for additional details. (2) Included in long-term debt due within one year is the current portion of lease liabilities of $775 million as at December 31, 2019 and the current portion of finance leases of $466 million as at December 31, 2018.
FOR THE YEAR ENDED DECEMBER 31NOTEWEIGHTED AVERAGE INTEREST RATE AT DECEMBER 31, 201920192018
Notes payable (1)262.03%1,9943,201
Loans secured by trade receivables262.71%1,050919
Long-term debt due within one year (2)224.77%837525
Total debt due within one year3,8814,645
"} {"question": "How many years did Adjusted Pro Forma Net Income exceed $100,000 thousand if Adjusted Pro Forma Net Income in 2018 was $95,000 thousand instead?", "answer": ["1"], "context": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated) In light of the anticipated material non-cash charges to be recorded in connection with our financial guarantee arrangements as required subsequent to the adoption and implementation of ASU 2016-13 (as discussed in Note 1 to the Notes to Consolidated Financial Statements in Item 8 within \"Accounting Standards Issued, But Not Yet Adopted – Measurement of credit losses on financial instruments\"), management is evaluating both the disclosure of additional non-GAAP financial measures and the modification of its historical computation of adjusted EBITDA commencing in 2020 to enhance the disclosure of indicators of our business performance over the long term and to provide additional useful information to users of our financial statements. Further, we utilize Adjusted Pro Forma Net Income, which we define as consolidated net income, adjusted for (i) transaction and non-recurring expenses; (ii) for 2019, losses associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement; and (iii) incremental pro forma tax expense assuming all of our noncontrolling interests were subject to income taxation. Adjusted Pro Forma Net Income is a useful measure because it makes our results more directly comparable to public companies that have the vast majority of their earnings subject to corporate income taxation. Adjusted Pro Forma Net Income has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted Pro Forma Net Income include: • It makes assumptions about tax expense, which may differ from actual results; and • It is not a universally consistent calculation, which limits its usefulness as a comparative measure. Management compensates for the inherent limitations associated with using the measure of Adjusted Pro Forma Net Income through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted Pro Forma Net Income to the most directly comparable GAAP measure, net income, as presented below. (1) Includes losses recorded in the fourth quarter of 2019 associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement when it expired in November 2019. See Note 14 to the Notes to Consolidated Financial Statements included in Item 8 for additional discussion of our financial guarantee arrangements. (2) For the year ended December 31, 2019, includes loss on remeasurement of our tax receivable agreement liability of $9.8 million and professional fees associated with our strategic alternatives review process of $1.5 million. For the year ended December 31, 2018, includes certain costs associated with our IPO, which were not deferrable against the proceeds of the IPO. Further, includes certain costs, such as legal and debt arrangement costs, related to our March 2018 term loan upsizing. For the year ended December 31, 2017, includes one-time fees paid to an affiliate of one of the members of the board of managers in conjunction with the August 2017 term loan transaction. (3) For the year ended December 31, 2019, includes (i) legal fees associated with IPO related litigation of $2.0 million, (ii) one-time tax compliance fees related to filing the final tax return for the Former Corporate Investors associated with the Reorganization Transactions of $0.2 million, and (iii) lien filing expenses related to certain Bank Partner solar loans of $0.6 million. (4) Represents the incremental tax effect on net income, adjusted for the items noted above, assuming that all consolidated net income was subject to corporate taxation for the periods presented. For the years ended December 31, 2019, 2018 and 2017, we assumed effective tax rates of 14.8%, 19.7% and 38.4%, respectively.
Year Ended December 31,
201920182017
Net income$95,973$127,980$138,668
Change in financial guarantee liability(1)16,215——
Transaction expenses(2)11,3452,3932,612
Non-recurring expenses(3)2,804——
Incremental pro forma tax expense(4)(24,768)(21,248)(54,266)
Adjusted Pro Forma Net Income$101,569$109,125$87,014
"} {"question": "What would be the change in net income between 2017 and 2018 if net income in 2017 was $120,000 thousand instead?", "answer": ["7980"], "context": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated) In light of the anticipated material non-cash charges to be recorded in connection with our financial guarantee arrangements as required subsequent to the adoption and implementation of ASU 2016-13 (as discussed in Note 1 to the Notes to Consolidated Financial Statements in Item 8 within \"Accounting Standards Issued, But Not Yet Adopted – Measurement of credit losses on financial instruments\"), management is evaluating both the disclosure of additional non-GAAP financial measures and the modification of its historical computation of adjusted EBITDA commencing in 2020 to enhance the disclosure of indicators of our business performance over the long term and to provide additional useful information to users of our financial statements. Further, we utilize Adjusted Pro Forma Net Income, which we define as consolidated net income, adjusted for (i) transaction and non-recurring expenses; (ii) for 2019, losses associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement; and (iii) incremental pro forma tax expense assuming all of our noncontrolling interests were subject to income taxation. Adjusted Pro Forma Net Income is a useful measure because it makes our results more directly comparable to public companies that have the vast majority of their earnings subject to corporate income taxation. Adjusted Pro Forma Net Income has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted Pro Forma Net Income include: • It makes assumptions about tax expense, which may differ from actual results; and • It is not a universally consistent calculation, which limits its usefulness as a comparative measure. Management compensates for the inherent limitations associated with using the measure of Adjusted Pro Forma Net Income through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted Pro Forma Net Income to the most directly comparable GAAP measure, net income, as presented below. (1) Includes losses recorded in the fourth quarter of 2019 associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement when it expired in November 2019. See Note 14 to the Notes to Consolidated Financial Statements included in Item 8 for additional discussion of our financial guarantee arrangements. (2) For the year ended December 31, 2019, includes loss on remeasurement of our tax receivable agreement liability of $9.8 million and professional fees associated with our strategic alternatives review process of $1.5 million. For the year ended December 31, 2018, includes certain costs associated with our IPO, which were not deferrable against the proceeds of the IPO. Further, includes certain costs, such as legal and debt arrangement costs, related to our March 2018 term loan upsizing. For the year ended December 31, 2017, includes one-time fees paid to an affiliate of one of the members of the board of managers in conjunction with the August 2017 term loan transaction. (3) For the year ended December 31, 2019, includes (i) legal fees associated with IPO related litigation of $2.0 million, (ii) one-time tax compliance fees related to filing the final tax return for the Former Corporate Investors associated with the Reorganization Transactions of $0.2 million, and (iii) lien filing expenses related to certain Bank Partner solar loans of $0.6 million. (4) Represents the incremental tax effect on net income, adjusted for the items noted above, assuming that all consolidated net income was subject to corporate taxation for the periods presented. For the years ended December 31, 2019, 2018 and 2017, we assumed effective tax rates of 14.8%, 19.7% and 38.4%, respectively.
Year Ended December 31,
201920182017
Net income$95,973$127,980$138,668
Change in financial guarantee liability(1)16,215——
Transaction expenses(2)11,3452,3932,612
Non-recurring expenses(3)2,804——
Incremental pro forma tax expense(4)(24,768)(21,248)(54,266)
Adjusted Pro Forma Net Income$101,569$109,125$87,014
"} {"question": "What would be the percentage change in Transaction expenses between 2018 and 2019 if transaction expenses in 2019 was $5,000 thousand instead?", "answer": ["108.94"], "context": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated) In light of the anticipated material non-cash charges to be recorded in connection with our financial guarantee arrangements as required subsequent to the adoption and implementation of ASU 2016-13 (as discussed in Note 1 to the Notes to Consolidated Financial Statements in Item 8 within \"Accounting Standards Issued, But Not Yet Adopted – Measurement of credit losses on financial instruments\"), management is evaluating both the disclosure of additional non-GAAP financial measures and the modification of its historical computation of adjusted EBITDA commencing in 2020 to enhance the disclosure of indicators of our business performance over the long term and to provide additional useful information to users of our financial statements. Further, we utilize Adjusted Pro Forma Net Income, which we define as consolidated net income, adjusted for (i) transaction and non-recurring expenses; (ii) for 2019, losses associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement; and (iii) incremental pro forma tax expense assuming all of our noncontrolling interests were subject to income taxation. Adjusted Pro Forma Net Income is a useful measure because it makes our results more directly comparable to public companies that have the vast majority of their earnings subject to corporate income taxation. Adjusted Pro Forma Net Income has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted Pro Forma Net Income include: • It makes assumptions about tax expense, which may differ from actual results; and • It is not a universally consistent calculation, which limits its usefulness as a comparative measure. Management compensates for the inherent limitations associated with using the measure of Adjusted Pro Forma Net Income through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted Pro Forma Net Income to the most directly comparable GAAP measure, net income, as presented below. (1) Includes losses recorded in the fourth quarter of 2019 associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement when it expired in November 2019. See Note 14 to the Notes to Consolidated Financial Statements included in Item 8 for additional discussion of our financial guarantee arrangements. (2) For the year ended December 31, 2019, includes loss on remeasurement of our tax receivable agreement liability of $9.8 million and professional fees associated with our strategic alternatives review process of $1.5 million. For the year ended December 31, 2018, includes certain costs associated with our IPO, which were not deferrable against the proceeds of the IPO. Further, includes certain costs, such as legal and debt arrangement costs, related to our March 2018 term loan upsizing. For the year ended December 31, 2017, includes one-time fees paid to an affiliate of one of the members of the board of managers in conjunction with the August 2017 term loan transaction. (3) For the year ended December 31, 2019, includes (i) legal fees associated with IPO related litigation of $2.0 million, (ii) one-time tax compliance fees related to filing the final tax return for the Former Corporate Investors associated with the Reorganization Transactions of $0.2 million, and (iii) lien filing expenses related to certain Bank Partner solar loans of $0.6 million. (4) Represents the incremental tax effect on net income, adjusted for the items noted above, assuming that all consolidated net income was subject to corporate taxation for the periods presented. For the years ended December 31, 2019, 2018 and 2017, we assumed effective tax rates of 14.8%, 19.7% and 38.4%, respectively.
Year Ended December 31,
201920182017
Net income$95,973$127,980$138,668
Change in financial guarantee liability(1)16,215——
Transaction expenses(2)11,3452,3932,612
Non-recurring expenses(3)2,804——
Incremental pro forma tax expense(4)(24,768)(21,248)(54,266)
Adjusted Pro Forma Net Income$101,569$109,125$87,014
"} {"question": "If Risk-free interest rate in 2019 was 2.0%, what would be the change from 2018 to 2019?", "answer": ["0.6"], "context": "Employee Share Purchase Plan (ESPP) The Company estimates the fair value of its ESPP share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of ESPP share options based on the length of each offering period, which is six months. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the ESPP share option. Expected volatility is based on the Company’s historical volatility. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares. The grant date fair value per ordinary share is based on the closing market value of its ordinary shares on the first day of each ESPP offering period. The first authorized offering period under the ESPP commenced on July 1, 2017. The fair value of each ESPP option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions: The weighted-average per share fair value of ESPP share options granted to employees during the years ended March 31, 2019 and 2018, was $9.58 and $6.41, respectively.
Year ended March 31,
20192018
Expected term (in years)0.50.5
Risk-free interest rate2.3%1.4%
Expected volatility39.1%29.9%
Expected dividend yield—%—%
Grant date fair value per ordinary share$36.69$27.15
"} {"question": "If Expected volatility in 2019 was 35.1%, what would be the average for 2018 and 2019?", "answer": ["32.5"], "context": "Employee Share Purchase Plan (ESPP) The Company estimates the fair value of its ESPP share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of ESPP share options based on the length of each offering period, which is six months. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the ESPP share option. Expected volatility is based on the Company’s historical volatility. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares. The grant date fair value per ordinary share is based on the closing market value of its ordinary shares on the first day of each ESPP offering period. The first authorized offering period under the ESPP commenced on July 1, 2017. The fair value of each ESPP option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions: The weighted-average per share fair value of ESPP share options granted to employees during the years ended March 31, 2019 and 2018, was $9.58 and $6.41, respectively.
Year ended March 31,
20192018
Expected term (in years)0.50.5
Risk-free interest rate2.3%1.4%
Expected volatility39.1%29.9%
Expected dividend yield—%—%
Grant date fair value per ordinary share$36.69$27.15
"} {"question": "If Grant date fair value per ordinary share in 2019 was 29.0, in which year would it be less than 30.0?", "answer": ["2019", "2018"], "context": "Employee Share Purchase Plan (ESPP) The Company estimates the fair value of its ESPP share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of ESPP share options based on the length of each offering period, which is six months. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the ESPP share option. Expected volatility is based on the Company’s historical volatility. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares. The grant date fair value per ordinary share is based on the closing market value of its ordinary shares on the first day of each ESPP offering period. The first authorized offering period under the ESPP commenced on July 1, 2017. The fair value of each ESPP option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions: The weighted-average per share fair value of ESPP share options granted to employees during the years ended March 31, 2019 and 2018, was $9.58 and $6.41, respectively.
Year ended March 31,
20192018
Expected term (in years)0.50.5
Risk-free interest rate2.3%1.4%
Expected volatility39.1%29.9%
Expected dividend yield—%—%
Grant date fair value per ordinary share$36.69$27.15
"} {"question": "How many years did the balance at beginning of year exceed $200 million if the Balance at Beginning of Year in 2018 was $150 million instead?", "answer": ["1"], "context": "Note 22. Supplemental Financial Information Cash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively. A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions):
Balance at Beginning of YearAdditions Charged to Costs and ExpensesAdditions Charged to Other AccountsDeductionsBalance at End of Year
Valuation allowance for deferred tax assets:
Fiscal 2019$204.5$16.2$175.8$(64.4)$332.1
Fiscal 2018$210.1$36.2$—$(41.8)$204.5
Fiscal 2017$161.8$15.2$37.6$(4.5)$210.1
"} {"question": "What would be the change in the Additions Charged to Costs and Expenses between 2017 and 2019 if the additions in 2017 were $100 million instead?", "answer": ["75.8"], "context": "Note 22. Supplemental Financial Information Cash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively. A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions):
Balance at Beginning of YearAdditions Charged to Costs and ExpensesAdditions Charged to Other AccountsDeductionsBalance at End of Year
Valuation allowance for deferred tax assets:
Fiscal 2019$204.5$16.2$175.8$(64.4)$332.1
Fiscal 2018$210.1$36.2$—$(41.8)$204.5
Fiscal 2017$161.8$15.2$37.6$(4.5)$210.1
"} {"question": "What would be the percentage change in the Balance at End of Year between 2018 and 2019 if the Balance at End of Year in 2019 was $500 million instead?", "answer": ["144.5"], "context": "Note 22. Supplemental Financial Information Cash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively. A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions):
Balance at Beginning of YearAdditions Charged to Costs and ExpensesAdditions Charged to Other AccountsDeductionsBalance at End of Year
Valuation allowance for deferred tax assets:
Fiscal 2019$204.5$16.2$175.8$(64.4)$332.1
Fiscal 2018$210.1$36.2$—$(41.8)$204.5
Fiscal 2017$161.8$15.2$37.6$(4.5)$210.1
"} {"question": "If the Selling, general and administrative expenses in 2019 is increased to 1,922 million, what is the revised average?", "answer": ["1332.67"], "context": "The 2019 operating expenses increased 3.9% compared to the prior year, mainly due to salary dynamic, increased spending in certain R&D programs and higher share-based compensation cost, partially offset by favorable currency effects, net of hedging. The 2018 operating expenses increased 9.5% compared to the prior year, mainly due to unfavorable currency effects, net of hedging, salary dynamic, increased R&D activities and higher costs of the share-based compensation plans. The R&D expenses were net of research tax credits in France and Italy, which amounted to $126 million in 2019, $138 million in 2018 and $124 million in 2017.
Year Ended December 31,Year Ended December 31,Year Ended December 31,VariationVariation
2019201820172019 vs 20182018 vs 2017
(In millions)(In millions)(In millions)
Selling, general and administrative expenses$(1,093)$(1,095)$(981)0.3%(11.7)%
Research and development expenses(1,498)(1,398)(1,296)(7.1)(7.9)
Total operating expenses$(2,591)$(2,493)$(2,277)(3.9)%(9.5)%
As percentage of net revenues(27.1)%(25.8)%(27.3)%-130 bps+150 bps
"} {"question": "If the Research and development expenses in 2019 is increased to 2,120 million, what is the revised average?", "answer": ["1604.67"], "context": "The 2019 operating expenses increased 3.9% compared to the prior year, mainly due to salary dynamic, increased spending in certain R&D programs and higher share-based compensation cost, partially offset by favorable currency effects, net of hedging. The 2018 operating expenses increased 9.5% compared to the prior year, mainly due to unfavorable currency effects, net of hedging, salary dynamic, increased R&D activities and higher costs of the share-based compensation plans. The R&D expenses were net of research tax credits in France and Italy, which amounted to $126 million in 2019, $138 million in 2018 and $124 million in 2017.
Year Ended December 31,Year Ended December 31,Year Ended December 31,VariationVariation
2019201820172019 vs 20182018 vs 2017
(In millions)(In millions)(In millions)
Selling, general and administrative expenses$(1,093)$(1,095)$(981)0.3%(11.7)%
Research and development expenses(1,498)(1,398)(1,296)(7.1)(7.9)
Total operating expenses$(2,591)$(2,493)$(2,277)(3.9)%(9.5)%
As percentage of net revenues(27.1)%(25.8)%(27.3)%-130 bps+150 bps
"} {"question": "What would be the increase/ (decrease) in in total operating expenses as percentage of net revenues, if the percentage of net revenues in 2019 is increased to 32.1?", "answer": ["4.8"], "context": "The 2019 operating expenses increased 3.9% compared to the prior year, mainly due to salary dynamic, increased spending in certain R&D programs and higher share-based compensation cost, partially offset by favorable currency effects, net of hedging. The 2018 operating expenses increased 9.5% compared to the prior year, mainly due to unfavorable currency effects, net of hedging, salary dynamic, increased R&D activities and higher costs of the share-based compensation plans. The R&D expenses were net of research tax credits in France and Italy, which amounted to $126 million in 2019, $138 million in 2018 and $124 million in 2017.
Year Ended December 31,Year Ended December 31,Year Ended December 31,VariationVariation
2019201820172019 vs 20182018 vs 2017
(In millions)(In millions)(In millions)
Selling, general and administrative expenses$(1,093)$(1,095)$(981)0.3%(11.7)%
Research and development expenses(1,498)(1,398)(1,296)(7.1)(7.9)
Total operating expenses$(2,591)$(2,493)$(2,277)(3.9)%(9.5)%
As percentage of net revenues(27.1)%(25.8)%(27.3)%-130 bps+150 bps
"} {"question": "If the Furniture and equipment in 2019 increased to 12,674 thousand, what would be the revised change between December 31, 2018 and 2019?", "answer": ["2400"], "context": "Note 8 — Property, Plant and Equipment, net The components of property, plant and equipment, net, are: The estimated useful lives of buildings and improvements and rental property are twenty to twenty-five years. The estimated useful lives of furniture and equipment range from three to eight years. Depreciation expense from continuing operations was $1.5 million and $1.2 million for 2019 and 2018, respectively. The Company leases a portion of its headquarters facility to various tenants. Net rent received from these leases totaled $0.3 million and $0.4 million for 2019 and 2018, respectively.
December 31,
(in thousands)
20192018
Land$199$199
Building and improvements6,9836,983
Rental property2,7492,749
Software12,0152,226
Furniture and equipment11,75510,274
Construction in process4808,519
34,18130,950
Less accumulated depreciation(19,830)(18,375)
$ 14,351$ 12,575
"} {"question": "If the accumulated depreciation in 2019 increased to 20,779 thousand, what would be the revised change between December 31, 2018 and 2019?", "answer": ["2404"], "context": "Note 8 — Property, Plant and Equipment, net The components of property, plant and equipment, net, are: The estimated useful lives of buildings and improvements and rental property are twenty to twenty-five years. The estimated useful lives of furniture and equipment range from three to eight years. Depreciation expense from continuing operations was $1.5 million and $1.2 million for 2019 and 2018, respectively. The Company leases a portion of its headquarters facility to various tenants. Net rent received from these leases totaled $0.3 million and $0.4 million for 2019 and 2018, respectively.
December 31,
(in thousands)
20192018
Land$199$199
Building and improvements6,9836,983
Rental property2,7492,749
Software12,0152,226
Furniture and equipment11,75510,274
Construction in process4808,519
34,18130,950
Less accumulated depreciation(19,830)(18,375)
$ 14,351$ 12,575
"} {"question": "If the Furniture and equipment in 2019 increased to 12,674 thousand, what would be the revised average for December 31, 2018 and 2019?", "answer": ["11474"], "context": "Note 8 — Property, Plant and Equipment, net The components of property, plant and equipment, net, are: The estimated useful lives of buildings and improvements and rental property are twenty to twenty-five years. The estimated useful lives of furniture and equipment range from three to eight years. Depreciation expense from continuing operations was $1.5 million and $1.2 million for 2019 and 2018, respectively. The Company leases a portion of its headquarters facility to various tenants. Net rent received from these leases totaled $0.3 million and $0.4 million for 2019 and 2018, respectively.
December 31,
(in thousands)
20192018
Land$199$199
Building and improvements6,9836,983
Rental property2,7492,749
Software12,0152,226
Furniture and equipment11,75510,274
Construction in process4808,519
34,18130,950
Less accumulated depreciation(19,830)(18,375)
$ 14,351$ 12,575
"} {"question": "If cash flow from operating activities in 2019 was 300,000 thousands, what was the increase / (decrease) from 2018 to 2019?", "answer": ["44562"], "context": "CASH FLOW ANALYSIS (1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (2) For further details on the Corporation's cash flow attributable to discontinued operations, please consult the \"Discontinued operations\" section. OPERATING ACTIVITIES Fiscal 2019 fourth-quarter cash flow from operating activities increased by 19.3% compared to the same period of the prior year mainly from: • higher adjusted EBITDA; • the decreases in income taxes paid and financial expense paid; and • the increase in changes in non-cash operating activities primarily due to changes in working capital. INVESTING ACTIVITIES Fiscal 2019 fourth-quarter investing activities decreased by 25.8% compared to the same period of the prior year mainly due to the acquisition of spectrum licenses in the Canadian broadband services segment in the comparable period of the prior year combined with a decrease in acquisitions of property, plant and equipment.
Three months ended August 31,20192018 (1)Change
(in thousands of dollars, except percentages)$$%
Cash flow from operating activities304,702255,43819.3
Cash flow from investing activities(144,332)(194,474)(25.8)
Cash flow from financing activities(50,198)(52,127)(3.7)
Effect of exchange rate changes on cash and cash equivalents denominated in a foreign currency(1,405)(63)—
Net change in cash and cash equivalents from continuing operations108,7678,774—
Net change in cash and cash equivalent from discontinued operations(2)—13,133(100.0)
Cash and cash equivalents, beginning of the period447,73762,818—
Cash and cash equivalents, end of the period556,50484,725—
"} {"question": "If Cash flow from investing activities in 2019 was -200,000 thousands, what was the increase / (decrease) from 2018 to 2019?", "answer": ["-197237"], "context": "CASH FLOW ANALYSIS (1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (2) For further details on the Corporation's cash flow attributable to discontinued operations, please consult the \"Discontinued operations\" section. OPERATING ACTIVITIES Fiscal 2019 fourth-quarter cash flow from operating activities increased by 19.3% compared to the same period of the prior year mainly from: • higher adjusted EBITDA; • the decreases in income taxes paid and financial expense paid; and • the increase in changes in non-cash operating activities primarily due to changes in working capital. INVESTING ACTIVITIES Fiscal 2019 fourth-quarter investing activities decreased by 25.8% compared to the same period of the prior year mainly due to the acquisition of spectrum licenses in the Canadian broadband services segment in the comparable period of the prior year combined with a decrease in acquisitions of property, plant and equipment.
Three months ended August 31,20192018 (1)Change
(in thousands of dollars, except percentages)$$%
Cash flow from operating activities304,702255,43819.3
Cash flow from investing activities(144,332)(194,474)(25.8)
Cash flow from financing activities(50,198)(52,127)(3.7)
Effect of exchange rate changes on cash and cash equivalents denominated in a foreign currency(1,405)(63)—
Net change in cash and cash equivalents from continuing operations108,7678,774—
Net change in cash and cash equivalent from discontinued operations(2)—13,133(100.0)
Cash and cash equivalents, beginning of the period447,73762,818—
Cash and cash equivalents, end of the period556,50484,725—
"} {"question": "If Cash flow from financing activities in 2019 was -53,000 thousands, what was the average?", "answer": ["-52563.5"], "context": "CASH FLOW ANALYSIS (1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (2) For further details on the Corporation's cash flow attributable to discontinued operations, please consult the \"Discontinued operations\" section. OPERATING ACTIVITIES Fiscal 2019 fourth-quarter cash flow from operating activities increased by 19.3% compared to the same period of the prior year mainly from: • higher adjusted EBITDA; • the decreases in income taxes paid and financial expense paid; and • the increase in changes in non-cash operating activities primarily due to changes in working capital. INVESTING ACTIVITIES Fiscal 2019 fourth-quarter investing activities decreased by 25.8% compared to the same period of the prior year mainly due to the acquisition of spectrum licenses in the Canadian broadband services segment in the comparable period of the prior year combined with a decrease in acquisitions of property, plant and equipment.
Three months ended August 31,20192018 (1)Change
(in thousands of dollars, except percentages)$$%
Cash flow from operating activities304,702255,43819.3
Cash flow from investing activities(144,332)(194,474)(25.8)
Cash flow from financing activities(50,198)(52,127)(3.7)
Effect of exchange rate changes on cash and cash equivalents denominated in a foreign currency(1,405)(63)—
Net change in cash and cash equivalents from continuing operations108,7678,774—
Net change in cash and cash equivalent from discontinued operations(2)—13,133(100.0)
Cash and cash equivalents, beginning of the period447,73762,818—
Cash and cash equivalents, end of the period556,50484,725—
"} {"question": "Suppose the Facility Fee Rate for BBB/Baa2/BBB is increased to 0.150%. Now, what is the difference in Facility Fee Rate between Tyson Foods and a company with a credit rating of A-/A3/A- or above?", "answer": ["0.06"], "context": "Standard & Poor's Rating Services', a Standard & Poor's Financial Services LLC business (\"S&P\"), corporate credit rating is \"BBB.\" Moody’s Investor Service, Inc.'s (\"Moody's\") applicable rating is \"Baa2.\" Fitch Ratings', a wholly owned subsidiary of Fimlac, S.A. (\"Fitch\"), applicable rating is \"BBB.\" The below table outlines the fees paid on the unused portion of the facility (\"Facility Fee Rate\") and letter of credit fees and borrowings (\"Undrawn Letter of Credit Fee and Borrowing Spread\") that corresponds to the applicable rating levels from S&P, Moody's and Fitch. In the event the rating levels are split, the applicable fees and spread will be based upon the rating level in effect for two of the rating agencies, or, if all three rating agencies have different rating levels, the applicable fees and spread will be based upon the rating level that is between the rating levels of the other two rating agencies.
Ratings Level (S&P/Moody's/Fitch)Facility Fee RateAll-in Borrowing Spread
A-/A3/A- or above0.090%1.000%
BBB+/Baa1/BBB+0.100%1.125%
BBB/Baa2/BBB (current level)0.125%1.250%
BBB-/Baa3/BBB-0.175%1.375%
BB+/Ba1/BB+ or lower0.225%1.625%
"} {"question": "Suppose the Facility Fee Rate for BBB/Baa2/BBB is increased to 0.150%. What is the difference between the All-in Borrowing Spread and the Facility Fee Rate for Tyson Foods currently?", "answer": ["1.1"], "context": "Standard & Poor's Rating Services', a Standard & Poor's Financial Services LLC business (\"S&P\"), corporate credit rating is \"BBB.\" Moody’s Investor Service, Inc.'s (\"Moody's\") applicable rating is \"Baa2.\" Fitch Ratings', a wholly owned subsidiary of Fimlac, S.A. (\"Fitch\"), applicable rating is \"BBB.\" The below table outlines the fees paid on the unused portion of the facility (\"Facility Fee Rate\") and letter of credit fees and borrowings (\"Undrawn Letter of Credit Fee and Borrowing Spread\") that corresponds to the applicable rating levels from S&P, Moody's and Fitch. In the event the rating levels are split, the applicable fees and spread will be based upon the rating level in effect for two of the rating agencies, or, if all three rating agencies have different rating levels, the applicable fees and spread will be based upon the rating level that is between the rating levels of the other two rating agencies.
Ratings Level (S&P/Moody's/Fitch)Facility Fee RateAll-in Borrowing Spread
A-/A3/A- or above0.090%1.000%
BBB+/Baa1/BBB+0.100%1.125%
BBB/Baa2/BBB (current level)0.125%1.250%
BBB-/Baa3/BBB-0.175%1.375%
BB+/Ba1/BB+ or lower0.225%1.625%
"} {"question": "Suppose the approved loan amount for Tyson Foods is $12 million. What is the Facility Fee payable if the Facility Fee Rate is doubled? ", "answer": ["0.03"], "context": "Standard & Poor's Rating Services', a Standard & Poor's Financial Services LLC business (\"S&P\"), corporate credit rating is \"BBB.\" Moody’s Investor Service, Inc.'s (\"Moody's\") applicable rating is \"Baa2.\" Fitch Ratings', a wholly owned subsidiary of Fimlac, S.A. (\"Fitch\"), applicable rating is \"BBB.\" The below table outlines the fees paid on the unused portion of the facility (\"Facility Fee Rate\") and letter of credit fees and borrowings (\"Undrawn Letter of Credit Fee and Borrowing Spread\") that corresponds to the applicable rating levels from S&P, Moody's and Fitch. In the event the rating levels are split, the applicable fees and spread will be based upon the rating level in effect for two of the rating agencies, or, if all three rating agencies have different rating levels, the applicable fees and spread will be based upon the rating level that is between the rating levels of the other two rating agencies.
Ratings Level (S&P/Moody's/Fitch)Facility Fee RateAll-in Borrowing Spread
A-/A3/A- or above0.090%1.000%
BBB+/Baa1/BBB+0.100%1.125%
BBB/Baa2/BBB (current level)0.125%1.250%
BBB-/Baa3/BBB-0.175%1.375%
BB+/Ba1/BB+ or lower0.225%1.625%
"} {"question": "Which year was there a higher average number of employees, if the average number of employees in FY 2019 was 27,000??", "answer": ["2019"], "context": "Group Value Added Statements Note: (1) FY 2018 included the gain on disposal of economic interest in NetLink Trust of S$2.03 billion.
FY 2019FY 2018
S$ millionS$ million
Value added from:
Operating revenue17,37217,268
Less: Purchases of goods and services(10,307)(9,716)
7,0657,552
Other income225259
Interest and investment income (net)3845
Share of results of associates (post-tax)1,5631,804
Exceptional items (1)681,895
1,8944,003
Total value added8,95911,555
Distribution of total value added
To employees in wages, salaries and benefits2,5972,760
To government in income and other taxes675703
To providers of capital on:
- Interest on borrowings393390
- Dividends to shareholders2,8573,346
Total distribution6,5227,199
Retained in business
Depreciation and amortisation2,2222,250
Retained profits2382,127
Non-controlling interests(23)(21)
2,4374,356
Total value added8,95911,555
Average Number of employees24,07125,614
"} {"question": "Which year had a higher total value added figure, if there were no exceptional items in FY 2018?", "answer": ["2018"], "context": "Group Value Added Statements Note: (1) FY 2018 included the gain on disposal of economic interest in NetLink Trust of S$2.03 billion.
FY 2019FY 2018
S$ millionS$ million
Value added from:
Operating revenue17,37217,268
Less: Purchases of goods and services(10,307)(9,716)
7,0657,552
Other income225259
Interest and investment income (net)3845
Share of results of associates (post-tax)1,5631,804
Exceptional items (1)681,895
1,8944,003
Total value added8,95911,555
Distribution of total value added
To employees in wages, salaries and benefits2,5972,760
To government in income and other taxes675703
To providers of capital on:
- Interest on borrowings393390
- Dividends to shareholders2,8573,346
Total distribution6,5227,199
Retained in business
Depreciation and amortisation2,2222,250
Retained profits2382,127
Non-controlling interests(23)(21)
2,4374,356
Total value added8,95911,555
Average Number of employees24,07125,614
"} {"question": "How many components are there under the section \"retained in business\", if non-controlling interests was not a component?", "answer": ["2"], "context": "Group Value Added Statements Note: (1) FY 2018 included the gain on disposal of economic interest in NetLink Trust of S$2.03 billion.
FY 2019FY 2018
S$ millionS$ million
Value added from:
Operating revenue17,37217,268
Less: Purchases of goods and services(10,307)(9,716)
7,0657,552
Other income225259
Interest and investment income (net)3845
Share of results of associates (post-tax)1,5631,804
Exceptional items (1)681,895
1,8944,003
Total value added8,95911,555
Distribution of total value added
To employees in wages, salaries and benefits2,5972,760
To government in income and other taxes675703
To providers of capital on:
- Interest on borrowings393390
- Dividends to shareholders2,8573,346
Total distribution6,5227,199
Retained in business
Depreciation and amortisation2,2222,250
Retained profits2382,127
Non-controlling interests(23)(21)
2,4374,356
Total value added8,95911,555
Average Number of employees24,07125,614
"} {"question": "What would be the average age of the board members if Darcy Antonellis is 55 years old?", "answer": ["59.43"], "context": "Item 10. Directors, Executive Officers and Corporate Governance Information About Our Board of Directors Set forth below are the name, age and position of each member of our board of directors. The following are biographical summaries of our board members. Darcy Antonellis has served on the Board since December 2018. Since January 2014, Ms. Antonellis has been the Chief Executive Officer of Vubiquity, Inc., a wholly owned subsidiary of Amdocs Limited since February 22, 2018, the largest global provider of premium content services and technical solutions serving clients in 120 countries and in 80 languages. From June 1998 until December 2013, Ms. Antonellis held numerous positions at Warner Bros. Entertainment Inc., a Time Warner company, including President, Technical Operations and Chief Technology Officer. Ms. Antonellis has also served as a member of the Board of Directors of Cinemark Holdings, Inc. since July 7, 2015. Ms, Antonellis received a B.S. in electrical engineering from Temple University and an M.B.A. from Fordham University. The Board believes Ms. Antonellis brings her extensive expertise in executive management, operations and engineering and her in-depth understanding of content services, media and entertainment industry to her role as a member of the Board. David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a soft David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a soft David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a software company focused on construction management, from May 2015 until its sale to Oracle in June 2016. From May 2011 to August 2012, he served as the Chief Executive Officer of NDS Group Ltd., a provider of video software and content security solutions. Mr. Habiger worked with the founding members of Sonic Solutions (“Sonic”), a computer software company, from 1992 to 2011 and served as President and Chief Executive Officer of Sonic from 2005 to 2011. He serves as a director for Echo Global Logistics, Inc., GrubHub Inc., and Stamps.com Inc., and previously served as a director for Control4 Corporation, Enova International, Inc., Immersion Corporation, RealD Inc., Textura Corporation, DTS, and Sonic Solutions. He is a member of the National Association of Corporate Directors and is on the Advisory Board of the University of Chicago Center for Entrepreneurship. Mr. Habiger received a bachelor’s degree in business administration from St. Norbert College and an M.B.A. from the University of Chicago. The Board believes that Mr. Habiger brings extensive experience in the digital media and entertainment industries and his in-depth knowledge and understanding of the consumer electronics industry to his role as a member of the Board. Richard S. Hill has served as a member of the Board since August 2012 and as Chairman of the Board since March 2013. Mr. Hill also served as the Company’s Interim Chief Executive Officer from April 15, 2013 until May 29, 2013. Mr. Hill previously served as the Chief Executive Officer and member of the board of directors of Novellus Systems Inc., until its acquisition by Lam Research Corporation in June 2012. During his nearly 20 years leading Novellus Systems, a designer, manufacturer, and marketer of semiconductor equipment used in fabricating integrated circuits, Mr. Hill grew annual revenues from approximately $100 million to over $1 billion. Presently, Mr. Hill is Chairman of Marvell Technology Group Ltd. (“Marvell”), a producer of storage, communications and consumer semiconductor products, and a member of its board of directors. Mr. Hill served as Interim Chief Executive Officer of Marvell from May 2016 until July 2016. Mr. Hill is a member of the boards of directors of Arrow Electronics, Inc., a global provider of products and services to industrial and commercial users of electronic components and enterprise computing, and Cabot Microelectronics Corporation, the leading global supplier of chemical mechanical planarization (CMP) slurries and a growing CMP pad supplier to the semiconductor industry. Mr. Hill previously served on the board of directors of Symantec Corporation, LSI Corporation, Planar Systems, Autodesk, Inc. and Yahoo Inc. Mr. Hill received a B.S. in Bioengineering from the University of Illinois in Chicago and an M.B.A. from Syracuse University. The Board believes that Mr. Hill brings extensive expertise in executive management and engineering for technology and defenserelated companies to his role as Chairman of the Board. Jon E. Kirchner has served on the Board and as Chief Executive Officer since June 2017. Previously he was president of Xperi following the completion of the acquisition of DTS in December 2016. He served as DTS’s Chairman of the board of directors and Chief Executive Officer from 2010 to December 2016 and had been a member of DTS’s board of directors from 2002 to December 2016. From 2001 to 2010, he served as DTS’s Chief Executive Officer. Prior to his tenure as Chief Executive Officer, Mr. Kirchner served at DTS from 1993 to 2001 in a number of senior leadership roles including President, Chief Operating Officer and Chief Financial Officer. Prior to joining DTS, Mr. Kirchner worked for the consulting and audit groups at Price Waterhouse LLP (now PricewaterhouseCoopers LLP), an international accounting firm. In 2012, Mr. Kirchner received the Ernst & Young Technology Entrepreneur of the Year Award for Greater Los Angeles. In 2011, Mr. Kirchner was honored by the Producers Guild of America, receiving the “Digital 25: Leaders in Emerging Entertainment” award for being among the visionaries that have made significant contributions to the advancement of digital entertainment and storytelling. Mr. Kirchner currently serves on the board of directors of Free Stream Media Corporation (Samba TV), a leader in developing cross platform TV experiences for consumers and advertisers. Mr. Kirchner is a Certified Public Accountant and received a B.A. in Economics, cum laude, from Claremont McKenna College. The Board believes that Mr. Kirchner brings his experience in the senior management of public companies, including service as chairman, president, Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, his extensive experience in the digital media and entertainment industries, as well as his knowledge of the Company as its Chief Executive Officer, to his role as a member of the Board. V. Sue Molina has served on the Board since February 2018. Most recently she served on the Board of Directors of DTS from January 2008 until December 2016, and served as Chair of the Audit Committee and Nominating and Corporate Governance Committee. From November 1997 until her retirement in May 2004, Ms. Molina was a tax partner at Deloitte & Touche LLP, an international accounting firm, serving from 2000 until May 2004 as the national partner in charge of Deloitte’s Initiative for the Retention and Advancement of Women. Prior to that, she spent twenty years with Ernst & Young LLP, an international accounting firm, the last ten years as a partner. Ms. Molina has prior board experience serving on the Board of Directors, chair of the Compensation Committee and member of the Audit Committee of Sucampo Pharmaceuticals, Inc., and on the Board of Directors, chair of the Audit Committee and a member of the Compensation Committee of Royal Neighbors of America. She received a B.S.B.A. and a Masters of Accounting degree from the University of Arizona. The Board believes that Ms. Molina brings her extensive accounting and financial expertise, her experience in advising boards and her past service on boards of public companies, to her role as a member of the Board. George A. Riedel has served on the Board since May 2013. He also has served on the board of Cerner Corporation, a leading supplier of health care information technology solutions and tech-enabled services, since May 2019. Since January 2018, Mr. Riedel has been a Senior Lecturer at Harvard Business School. Prior to that, he was the Chairman of the Board of Montreal-based Accedian Networks, where he had served as a director since 2010. Until January 2017, Mr. Riedel also served as Chairman and CEO of Cloudmark, Inc., a private network security company. Mr. Riedel joined the board at Cloudmark in June 2013, became Chairman in January 2014 and CEO in December 2014. Mr. Riedel also served on the board of directors of PeerApp from 2011 until 2014 and on the board of directors of Blade Network Technologies from 2009 until its sale to IBM in 2010. In March 2006, Mr. Riedel joined Nortel Networks Corporation, a publicly-traded, multinational, telecommunications equipment manufacturer (“Nortel”), as part of the turnaround team as the Chief Strategy Officer. His role changed after Nortel initiated creditor protection under the respective restructuring regimes of Canada under the Companies’ Creditors Arrangement Act, in the U.S. under the Bankruptcy Code, the United Kingdom under the Insolvency Act 1986, on January 14, 2009, and subsequently, Israel, to lead the sale/restructuring of various carrier and enterprise business units through a series of transactions to leading industry players such as Ericsson, Avaya and Ciena. Mr. Riedel led the efforts to create stand-alone business units, carve out the relevant P&L and balance sheet elements and assign patents to enable sales of the assets. In 2010, Mr. Riedel’s role changed to President of Business Units and CSO as he took leadership of the effort to monetize the remaining 6,500 patents and applications patents as well as manage the P&L for several business units that were held for sale. The 2011 patent sale led to an unprecedented transaction of $4.5 billion to a consortium of Apple, Ericsson, RIM, Microsoft and EMC. Prior to Nortel, Mr. Riedel was the Vice President of Strategy and Corporate Development of Juniper Networks, Inc., a publicly-traded designer, developer and manufacturer of networking products, from 2003 until 2006. Previously, Mr. Riedel was also a Director at McKinsey & Company, a global management consulting firm, where he spent 15 years serving clients in the telecom and technology sectors in Asia and North America on a range of strategy and growth issues. Mr. Riedel received a B.S. with Distinction in Mechanical Engineering from the University of Virginia and his M.B.A. from Harvard Business School. Mr. Riedel holds a Stanford Directors’ College certification based on completion of its corporate directors training. The Board believes that Mr. Riedel brings his experience from his direct involvement in the restructuring of Nortel, including the sale of Nortel’s patent portfolio for $4.5 billion, as well as his knowledge of the technology industry and leadership experience, to his role as a member of the Board. Christopher A. Seams has served on the Board since March 2013. Mr. Seams served as the Chief Executive Officer and a director of Deca Technologies Inc., a subsidiary of Cypress Semiconductor Corporation, a global semiconductor company, from May 2013 until August 2016. Mr. Seams previously was an Executive Vice President of Sales & Marketing at Cypress Semiconductor Corporation, from July 2005 until June 2013. He previously served as an Executive Vice President of Worldwide Manufacturing & Research and Development of Cypress Semiconductor Corporation. Mr. Seams joined Cypress in 1990 and held a variety of positions in process and assembly technology research and development and manufacturing operations. Prior to joining Cypress in 1990, he worked as a process development Engineer or Manager for Advanced Micro Devices and Philips Research Laboratories. Mr. Seams currently serves as the Chairman of the Board of Directors of Onto Innovation Inc. (formerly Nanometrics Inc.). Mr. Seams is a senior member of IEEE, a member of NACD and ACCD, served on the Engineering Advisory Council for Texas A&M University and was a board member of Joint Venture Silicon Valley. Mr. Seams received a B.S. in Electrical Engineering from Texas A&M University and a M.S. in Electrical and Computer Engineering from the University of Texas at Austin. Mr. Seams has a Professional Certificate in Advanced Computer Security from Stanford University. Mr. Seams also holds a National Association of Corporate Directors certification which was awarded to him based on NACD training and examination standards. The Board believes that Mr. Seams brings extensive management, sales and marketing, and engineering experience in the semiconductor industry to his role as a member of the Board.
NameAgePosition(s)
Darcy Antonellis57Director
David C. Habiger51Director
Richard S. Hill68Chairman of the Board of Directors
Jon E. Kirchner52Chief Executive Officer and Director
V. Sue Molina71Director
George A. Riedel62Director
Christopher A. Seams57Director
"} {"question": "Who would be the oldest among all board members if the age of V. Sue Molina is 65 years old?", "answer": ["Richard S. Hill"], "context": "Item 10. Directors, Executive Officers and Corporate Governance Information About Our Board of Directors Set forth below are the name, age and position of each member of our board of directors. The following are biographical summaries of our board members. Darcy Antonellis has served on the Board since December 2018. Since January 2014, Ms. Antonellis has been the Chief Executive Officer of Vubiquity, Inc., a wholly owned subsidiary of Amdocs Limited since February 22, 2018, the largest global provider of premium content services and technical solutions serving clients in 120 countries and in 80 languages. From June 1998 until December 2013, Ms. Antonellis held numerous positions at Warner Bros. Entertainment Inc., a Time Warner company, including President, Technical Operations and Chief Technology Officer. Ms. Antonellis has also served as a member of the Board of Directors of Cinemark Holdings, Inc. since July 7, 2015. Ms, Antonellis received a B.S. in electrical engineering from Temple University and an M.B.A. from Fordham University. The Board believes Ms. Antonellis brings her extensive expertise in executive management, operations and engineering and her in-depth understanding of content services, media and entertainment industry to her role as a member of the Board. David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a soft David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a soft David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a software company focused on construction management, from May 2015 until its sale to Oracle in June 2016. From May 2011 to August 2012, he served as the Chief Executive Officer of NDS Group Ltd., a provider of video software and content security solutions. Mr. Habiger worked with the founding members of Sonic Solutions (“Sonic”), a computer software company, from 1992 to 2011 and served as President and Chief Executive Officer of Sonic from 2005 to 2011. He serves as a director for Echo Global Logistics, Inc., GrubHub Inc., and Stamps.com Inc., and previously served as a director for Control4 Corporation, Enova International, Inc., Immersion Corporation, RealD Inc., Textura Corporation, DTS, and Sonic Solutions. He is a member of the National Association of Corporate Directors and is on the Advisory Board of the University of Chicago Center for Entrepreneurship. Mr. Habiger received a bachelor’s degree in business administration from St. Norbert College and an M.B.A. from the University of Chicago. The Board believes that Mr. Habiger brings extensive experience in the digital media and entertainment industries and his in-depth knowledge and understanding of the consumer electronics industry to his role as a member of the Board. Richard S. Hill has served as a member of the Board since August 2012 and as Chairman of the Board since March 2013. Mr. Hill also served as the Company’s Interim Chief Executive Officer from April 15, 2013 until May 29, 2013. Mr. Hill previously served as the Chief Executive Officer and member of the board of directors of Novellus Systems Inc., until its acquisition by Lam Research Corporation in June 2012. During his nearly 20 years leading Novellus Systems, a designer, manufacturer, and marketer of semiconductor equipment used in fabricating integrated circuits, Mr. Hill grew annual revenues from approximately $100 million to over $1 billion. Presently, Mr. Hill is Chairman of Marvell Technology Group Ltd. (“Marvell”), a producer of storage, communications and consumer semiconductor products, and a member of its board of directors. Mr. Hill served as Interim Chief Executive Officer of Marvell from May 2016 until July 2016. Mr. Hill is a member of the boards of directors of Arrow Electronics, Inc., a global provider of products and services to industrial and commercial users of electronic components and enterprise computing, and Cabot Microelectronics Corporation, the leading global supplier of chemical mechanical planarization (CMP) slurries and a growing CMP pad supplier to the semiconductor industry. Mr. Hill previously served on the board of directors of Symantec Corporation, LSI Corporation, Planar Systems, Autodesk, Inc. and Yahoo Inc. Mr. Hill received a B.S. in Bioengineering from the University of Illinois in Chicago and an M.B.A. from Syracuse University. The Board believes that Mr. Hill brings extensive expertise in executive management and engineering for technology and defenserelated companies to his role as Chairman of the Board. Jon E. Kirchner has served on the Board and as Chief Executive Officer since June 2017. Previously he was president of Xperi following the completion of the acquisition of DTS in December 2016. He served as DTS’s Chairman of the board of directors and Chief Executive Officer from 2010 to December 2016 and had been a member of DTS’s board of directors from 2002 to December 2016. From 2001 to 2010, he served as DTS’s Chief Executive Officer. Prior to his tenure as Chief Executive Officer, Mr. Kirchner served at DTS from 1993 to 2001 in a number of senior leadership roles including President, Chief Operating Officer and Chief Financial Officer. Prior to joining DTS, Mr. Kirchner worked for the consulting and audit groups at Price Waterhouse LLP (now PricewaterhouseCoopers LLP), an international accounting firm. In 2012, Mr. Kirchner received the Ernst & Young Technology Entrepreneur of the Year Award for Greater Los Angeles. In 2011, Mr. Kirchner was honored by the Producers Guild of America, receiving the “Digital 25: Leaders in Emerging Entertainment” award for being among the visionaries that have made significant contributions to the advancement of digital entertainment and storytelling. Mr. Kirchner currently serves on the board of directors of Free Stream Media Corporation (Samba TV), a leader in developing cross platform TV experiences for consumers and advertisers. Mr. Kirchner is a Certified Public Accountant and received a B.A. in Economics, cum laude, from Claremont McKenna College. The Board believes that Mr. Kirchner brings his experience in the senior management of public companies, including service as chairman, president, Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, his extensive experience in the digital media and entertainment industries, as well as his knowledge of the Company as its Chief Executive Officer, to his role as a member of the Board. V. Sue Molina has served on the Board since February 2018. Most recently she served on the Board of Directors of DTS from January 2008 until December 2016, and served as Chair of the Audit Committee and Nominating and Corporate Governance Committee. From November 1997 until her retirement in May 2004, Ms. Molina was a tax partner at Deloitte & Touche LLP, an international accounting firm, serving from 2000 until May 2004 as the national partner in charge of Deloitte’s Initiative for the Retention and Advancement of Women. Prior to that, she spent twenty years with Ernst & Young LLP, an international accounting firm, the last ten years as a partner. Ms. Molina has prior board experience serving on the Board of Directors, chair of the Compensation Committee and member of the Audit Committee of Sucampo Pharmaceuticals, Inc., and on the Board of Directors, chair of the Audit Committee and a member of the Compensation Committee of Royal Neighbors of America. She received a B.S.B.A. and a Masters of Accounting degree from the University of Arizona. The Board believes that Ms. Molina brings her extensive accounting and financial expertise, her experience in advising boards and her past service on boards of public companies, to her role as a member of the Board. George A. Riedel has served on the Board since May 2013. He also has served on the board of Cerner Corporation, a leading supplier of health care information technology solutions and tech-enabled services, since May 2019. Since January 2018, Mr. Riedel has been a Senior Lecturer at Harvard Business School. Prior to that, he was the Chairman of the Board of Montreal-based Accedian Networks, where he had served as a director since 2010. Until January 2017, Mr. Riedel also served as Chairman and CEO of Cloudmark, Inc., a private network security company. Mr. Riedel joined the board at Cloudmark in June 2013, became Chairman in January 2014 and CEO in December 2014. Mr. Riedel also served on the board of directors of PeerApp from 2011 until 2014 and on the board of directors of Blade Network Technologies from 2009 until its sale to IBM in 2010. In March 2006, Mr. Riedel joined Nortel Networks Corporation, a publicly-traded, multinational, telecommunications equipment manufacturer (“Nortel”), as part of the turnaround team as the Chief Strategy Officer. His role changed after Nortel initiated creditor protection under the respective restructuring regimes of Canada under the Companies’ Creditors Arrangement Act, in the U.S. under the Bankruptcy Code, the United Kingdom under the Insolvency Act 1986, on January 14, 2009, and subsequently, Israel, to lead the sale/restructuring of various carrier and enterprise business units through a series of transactions to leading industry players such as Ericsson, Avaya and Ciena. Mr. Riedel led the efforts to create stand-alone business units, carve out the relevant P&L and balance sheet elements and assign patents to enable sales of the assets. In 2010, Mr. Riedel’s role changed to President of Business Units and CSO as he took leadership of the effort to monetize the remaining 6,500 patents and applications patents as well as manage the P&L for several business units that were held for sale. The 2011 patent sale led to an unprecedented transaction of $4.5 billion to a consortium of Apple, Ericsson, RIM, Microsoft and EMC. Prior to Nortel, Mr. Riedel was the Vice President of Strategy and Corporate Development of Juniper Networks, Inc., a publicly-traded designer, developer and manufacturer of networking products, from 2003 until 2006. Previously, Mr. Riedel was also a Director at McKinsey & Company, a global management consulting firm, where he spent 15 years serving clients in the telecom and technology sectors in Asia and North America on a range of strategy and growth issues. Mr. Riedel received a B.S. with Distinction in Mechanical Engineering from the University of Virginia and his M.B.A. from Harvard Business School. Mr. Riedel holds a Stanford Directors’ College certification based on completion of its corporate directors training. The Board believes that Mr. Riedel brings his experience from his direct involvement in the restructuring of Nortel, including the sale of Nortel’s patent portfolio for $4.5 billion, as well as his knowledge of the technology industry and leadership experience, to his role as a member of the Board. Christopher A. Seams has served on the Board since March 2013. Mr. Seams served as the Chief Executive Officer and a director of Deca Technologies Inc., a subsidiary of Cypress Semiconductor Corporation, a global semiconductor company, from May 2013 until August 2016. Mr. Seams previously was an Executive Vice President of Sales & Marketing at Cypress Semiconductor Corporation, from July 2005 until June 2013. He previously served as an Executive Vice President of Worldwide Manufacturing & Research and Development of Cypress Semiconductor Corporation. Mr. Seams joined Cypress in 1990 and held a variety of positions in process and assembly technology research and development and manufacturing operations. Prior to joining Cypress in 1990, he worked as a process development Engineer or Manager for Advanced Micro Devices and Philips Research Laboratories. Mr. Seams currently serves as the Chairman of the Board of Directors of Onto Innovation Inc. (formerly Nanometrics Inc.). Mr. Seams is a senior member of IEEE, a member of NACD and ACCD, served on the Engineering Advisory Council for Texas A&M University and was a board member of Joint Venture Silicon Valley. Mr. Seams received a B.S. in Electrical Engineering from Texas A&M University and a M.S. in Electrical and Computer Engineering from the University of Texas at Austin. Mr. Seams has a Professional Certificate in Advanced Computer Security from Stanford University. Mr. Seams also holds a National Association of Corporate Directors certification which was awarded to him based on NACD training and examination standards. The Board believes that Mr. Seams brings extensive management, sales and marketing, and engineering experience in the semiconductor industry to his role as a member of the Board.
NameAgePosition(s)
Darcy Antonellis57Director
David C. Habiger51Director
Richard S. Hill68Chairman of the Board of Directors
Jon E. Kirchner52Chief Executive Officer and Director
V. Sue Molina71Director
George A. Riedel62Director
Christopher A. Seams57Director
"} {"question": "What would be the proportion of years that David C. Habiger worked in Sonic Solutions throughout his whole life if Habiger worked from 1990 to 2012?", "answer": ["0.43"], "context": "Item 10. Directors, Executive Officers and Corporate Governance Information About Our Board of Directors Set forth below are the name, age and position of each member of our board of directors. The following are biographical summaries of our board members. Darcy Antonellis has served on the Board since December 2018. Since January 2014, Ms. Antonellis has been the Chief Executive Officer of Vubiquity, Inc., a wholly owned subsidiary of Amdocs Limited since February 22, 2018, the largest global provider of premium content services and technical solutions serving clients in 120 countries and in 80 languages. From June 1998 until December 2013, Ms. Antonellis held numerous positions at Warner Bros. Entertainment Inc., a Time Warner company, including President, Technical Operations and Chief Technology Officer. Ms. Antonellis has also served as a member of the Board of Directors of Cinemark Holdings, Inc. since July 7, 2015. Ms, Antonellis received a B.S. in electrical engineering from Temple University and an M.B.A. from Fordham University. The Board believes Ms. Antonellis brings her extensive expertise in executive management, operations and engineering and her in-depth understanding of content services, media and entertainment industry to her role as a member of the Board. David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a soft David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a soft David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a software company focused on construction management, from May 2015 until its sale to Oracle in June 2016. From May 2011 to August 2012, he served as the Chief Executive Officer of NDS Group Ltd., a provider of video software and content security solutions. Mr. Habiger worked with the founding members of Sonic Solutions (“Sonic”), a computer software company, from 1992 to 2011 and served as President and Chief Executive Officer of Sonic from 2005 to 2011. He serves as a director for Echo Global Logistics, Inc., GrubHub Inc., and Stamps.com Inc., and previously served as a director for Control4 Corporation, Enova International, Inc., Immersion Corporation, RealD Inc., Textura Corporation, DTS, and Sonic Solutions. He is a member of the National Association of Corporate Directors and is on the Advisory Board of the University of Chicago Center for Entrepreneurship. Mr. Habiger received a bachelor’s degree in business administration from St. Norbert College and an M.B.A. from the University of Chicago. The Board believes that Mr. Habiger brings extensive experience in the digital media and entertainment industries and his in-depth knowledge and understanding of the consumer electronics industry to his role as a member of the Board. Richard S. Hill has served as a member of the Board since August 2012 and as Chairman of the Board since March 2013. Mr. Hill also served as the Company’s Interim Chief Executive Officer from April 15, 2013 until May 29, 2013. Mr. Hill previously served as the Chief Executive Officer and member of the board of directors of Novellus Systems Inc., until its acquisition by Lam Research Corporation in June 2012. During his nearly 20 years leading Novellus Systems, a designer, manufacturer, and marketer of semiconductor equipment used in fabricating integrated circuits, Mr. Hill grew annual revenues from approximately $100 million to over $1 billion. Presently, Mr. Hill is Chairman of Marvell Technology Group Ltd. (“Marvell”), a producer of storage, communications and consumer semiconductor products, and a member of its board of directors. Mr. Hill served as Interim Chief Executive Officer of Marvell from May 2016 until July 2016. Mr. Hill is a member of the boards of directors of Arrow Electronics, Inc., a global provider of products and services to industrial and commercial users of electronic components and enterprise computing, and Cabot Microelectronics Corporation, the leading global supplier of chemical mechanical planarization (CMP) slurries and a growing CMP pad supplier to the semiconductor industry. Mr. Hill previously served on the board of directors of Symantec Corporation, LSI Corporation, Planar Systems, Autodesk, Inc. and Yahoo Inc. Mr. Hill received a B.S. in Bioengineering from the University of Illinois in Chicago and an M.B.A. from Syracuse University. The Board believes that Mr. Hill brings extensive expertise in executive management and engineering for technology and defenserelated companies to his role as Chairman of the Board. Jon E. Kirchner has served on the Board and as Chief Executive Officer since June 2017. Previously he was president of Xperi following the completion of the acquisition of DTS in December 2016. He served as DTS’s Chairman of the board of directors and Chief Executive Officer from 2010 to December 2016 and had been a member of DTS’s board of directors from 2002 to December 2016. From 2001 to 2010, he served as DTS’s Chief Executive Officer. Prior to his tenure as Chief Executive Officer, Mr. Kirchner served at DTS from 1993 to 2001 in a number of senior leadership roles including President, Chief Operating Officer and Chief Financial Officer. Prior to joining DTS, Mr. Kirchner worked for the consulting and audit groups at Price Waterhouse LLP (now PricewaterhouseCoopers LLP), an international accounting firm. In 2012, Mr. Kirchner received the Ernst & Young Technology Entrepreneur of the Year Award for Greater Los Angeles. In 2011, Mr. Kirchner was honored by the Producers Guild of America, receiving the “Digital 25: Leaders in Emerging Entertainment” award for being among the visionaries that have made significant contributions to the advancement of digital entertainment and storytelling. Mr. Kirchner currently serves on the board of directors of Free Stream Media Corporation (Samba TV), a leader in developing cross platform TV experiences for consumers and advertisers. Mr. Kirchner is a Certified Public Accountant and received a B.A. in Economics, cum laude, from Claremont McKenna College. The Board believes that Mr. Kirchner brings his experience in the senior management of public companies, including service as chairman, president, Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, his extensive experience in the digital media and entertainment industries, as well as his knowledge of the Company as its Chief Executive Officer, to his role as a member of the Board. V. Sue Molina has served on the Board since February 2018. Most recently she served on the Board of Directors of DTS from January 2008 until December 2016, and served as Chair of the Audit Committee and Nominating and Corporate Governance Committee. From November 1997 until her retirement in May 2004, Ms. Molina was a tax partner at Deloitte & Touche LLP, an international accounting firm, serving from 2000 until May 2004 as the national partner in charge of Deloitte’s Initiative for the Retention and Advancement of Women. Prior to that, she spent twenty years with Ernst & Young LLP, an international accounting firm, the last ten years as a partner. Ms. Molina has prior board experience serving on the Board of Directors, chair of the Compensation Committee and member of the Audit Committee of Sucampo Pharmaceuticals, Inc., and on the Board of Directors, chair of the Audit Committee and a member of the Compensation Committee of Royal Neighbors of America. She received a B.S.B.A. and a Masters of Accounting degree from the University of Arizona. The Board believes that Ms. Molina brings her extensive accounting and financial expertise, her experience in advising boards and her past service on boards of public companies, to her role as a member of the Board. George A. Riedel has served on the Board since May 2013. He also has served on the board of Cerner Corporation, a leading supplier of health care information technology solutions and tech-enabled services, since May 2019. Since January 2018, Mr. Riedel has been a Senior Lecturer at Harvard Business School. Prior to that, he was the Chairman of the Board of Montreal-based Accedian Networks, where he had served as a director since 2010. Until January 2017, Mr. Riedel also served as Chairman and CEO of Cloudmark, Inc., a private network security company. Mr. Riedel joined the board at Cloudmark in June 2013, became Chairman in January 2014 and CEO in December 2014. Mr. Riedel also served on the board of directors of PeerApp from 2011 until 2014 and on the board of directors of Blade Network Technologies from 2009 until its sale to IBM in 2010. In March 2006, Mr. Riedel joined Nortel Networks Corporation, a publicly-traded, multinational, telecommunications equipment manufacturer (“Nortel”), as part of the turnaround team as the Chief Strategy Officer. His role changed after Nortel initiated creditor protection under the respective restructuring regimes of Canada under the Companies’ Creditors Arrangement Act, in the U.S. under the Bankruptcy Code, the United Kingdom under the Insolvency Act 1986, on January 14, 2009, and subsequently, Israel, to lead the sale/restructuring of various carrier and enterprise business units through a series of transactions to leading industry players such as Ericsson, Avaya and Ciena. Mr. Riedel led the efforts to create stand-alone business units, carve out the relevant P&L and balance sheet elements and assign patents to enable sales of the assets. In 2010, Mr. Riedel’s role changed to President of Business Units and CSO as he took leadership of the effort to monetize the remaining 6,500 patents and applications patents as well as manage the P&L for several business units that were held for sale. The 2011 patent sale led to an unprecedented transaction of $4.5 billion to a consortium of Apple, Ericsson, RIM, Microsoft and EMC. Prior to Nortel, Mr. Riedel was the Vice President of Strategy and Corporate Development of Juniper Networks, Inc., a publicly-traded designer, developer and manufacturer of networking products, from 2003 until 2006. Previously, Mr. Riedel was also a Director at McKinsey & Company, a global management consulting firm, where he spent 15 years serving clients in the telecom and technology sectors in Asia and North America on a range of strategy and growth issues. Mr. Riedel received a B.S. with Distinction in Mechanical Engineering from the University of Virginia and his M.B.A. from Harvard Business School. Mr. Riedel holds a Stanford Directors’ College certification based on completion of its corporate directors training. The Board believes that Mr. Riedel brings his experience from his direct involvement in the restructuring of Nortel, including the sale of Nortel’s patent portfolio for $4.5 billion, as well as his knowledge of the technology industry and leadership experience, to his role as a member of the Board. Christopher A. Seams has served on the Board since March 2013. Mr. Seams served as the Chief Executive Officer and a director of Deca Technologies Inc., a subsidiary of Cypress Semiconductor Corporation, a global semiconductor company, from May 2013 until August 2016. Mr. Seams previously was an Executive Vice President of Sales & Marketing at Cypress Semiconductor Corporation, from July 2005 until June 2013. He previously served as an Executive Vice President of Worldwide Manufacturing & Research and Development of Cypress Semiconductor Corporation. Mr. Seams joined Cypress in 1990 and held a variety of positions in process and assembly technology research and development and manufacturing operations. Prior to joining Cypress in 1990, he worked as a process development Engineer or Manager for Advanced Micro Devices and Philips Research Laboratories. Mr. Seams currently serves as the Chairman of the Board of Directors of Onto Innovation Inc. (formerly Nanometrics Inc.). Mr. Seams is a senior member of IEEE, a member of NACD and ACCD, served on the Engineering Advisory Council for Texas A&M University and was a board member of Joint Venture Silicon Valley. Mr. Seams received a B.S. in Electrical Engineering from Texas A&M University and a M.S. in Electrical and Computer Engineering from the University of Texas at Austin. Mr. Seams has a Professional Certificate in Advanced Computer Security from Stanford University. Mr. Seams also holds a National Association of Corporate Directors certification which was awarded to him based on NACD training and examination standards. The Board believes that Mr. Seams brings extensive management, sales and marketing, and engineering experience in the semiconductor industry to his role as a member of the Board.
NameAgePosition(s)
Darcy Antonellis57Director
David C. Habiger51Director
Richard S. Hill68Chairman of the Board of Directors
Jon E. Kirchner52Chief Executive Officer and Director
V. Sue Molina71Director
George A. Riedel62Director
Christopher A. Seams57Director
"} {"question": "What would be the company's net assets measured at fair value as at December 31, 2019 if its long term liabilities are doubled while its cash equivalents are decreased by $5,000 thousand?", "answer": ["252223"], "context": "Assets and Liabilities Measured at Fair Value The following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis at December 31, 2019: The carrying amount of money market funds approximates fair value as of each reporting date because of the short maturity of those instruments. The Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of December 31, 2019.
Level 1Level 2Level 3
(In thousands)
Assets
Cash equivalents: Money market funds$256,915$ -$ -
Other current assets:
Indemnification - Sale of SSL$ -$ -$ 598
Liabilities
Long term liabilities:
Indemnification - Globalstar do Brasil S.A.$ -$ -$145
"} {"question": "What would be the fair value of the company's total assets as at December 31, 2019 if its cash equivalents is decreased by 10%?", "answer": ["231821.5"], "context": "Assets and Liabilities Measured at Fair Value The following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis at December 31, 2019: The carrying amount of money market funds approximates fair value as of each reporting date because of the short maturity of those instruments. The Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of December 31, 2019.
Level 1Level 2Level 3
(In thousands)
Assets
Cash equivalents: Money market funds$256,915$ -$ -
Other current assets:
Indemnification - Sale of SSL$ -$ -$ 598
Liabilities
Long term liabilities:
Indemnification - Globalstar do Brasil S.A.$ -$ -$145
"} {"question": "What would be the total fair value of the company's Level 3 net assets if the total net fair value is doubled and then decreased by $5 thousand?", "answer": ["901"], "context": "Assets and Liabilities Measured at Fair Value The following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis at December 31, 2019: The carrying amount of money market funds approximates fair value as of each reporting date because of the short maturity of those instruments. The Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of December 31, 2019.
Level 1Level 2Level 3
(In thousands)
Assets
Cash equivalents: Money market funds$256,915$ -$ -
Other current assets:
Indemnification - Sale of SSL$ -$ -$ 598
Liabilities
Long term liabilities:
Indemnification - Globalstar do Brasil S.A.$ -$ -$145
"} {"question": "If revenue in 2019 was 300,000 thousands, what would be the increase / (decrease) in revenue from 2018 to 2019?", "answer": ["38747"], "context": "A. Selected Financial Data The table set forth below presents our selected historical consolidated financial data for the periods and at the dates indicated. The selected historical consolidated statements of income data for each of the three years ended March 31, 2019, 2018, and 2017 and the selected statements of financial position data as of March 31, 2019 and 2018 have been derived from and should be read in conjunction with “Part I — Item 5. Operating and Financial Review and Prospects” and our consolidated financial statements included elsewhere in this Annual Report on Form 20-F. The selected historical consolidated statements of income data for each of the two years ended March 31, 2016 and 2015 and the selected historical statements of financial position data as of March 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 20-F. (1) References to “net income” in this document correspond to “profit/(loss) for the period” or “profit/(loss) for the year” line items in our consolidated financial statement appearing elsewhere in this document. (2) Gross Revenue is defined as reported revenue adjusted in respect of significant financing component that arises on account of normal credit terms provided to catalogue customers. (3) We use EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as supplemental financial measures. EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization (excluding amortization of capitalized film content and debt issuance costs). Adjusted EBITDA is defined as EBITDA adjusted for (gain)/impairment of available-for-sale financial assets, profit/loss on held for trading liabilities (including profit/loss on derivative financial instruments), transactions costs relating to equity transactions, share based payments, Loss / (Gain) on sale of property and equipment, Loss on de-recognition of financial assets measured at amortized cost, net, Credit impairment loss, net, Loss on financial liability (convertible notes) measured at fair value through profit and loss, Loss on deconsolidation of a subsidiary and exceptional items such as impairment of goodwill, trademark, film & content rights and content advances. Gross Adjusted EBITDA is defined as Adjusted EBITDA adjusted for amortization of intangible films and content rights. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as used and defined by us, may not be comparable to similarly-titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. EBITDA Adjusted EBITDA and Gross Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA provide no information regarding a Company’s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.
Year ended March 31,
20192018201720162015
(in thousands, except (Loss)/Earnings per share)
Selected Statement of Income Data
Revenue$270,126$261,253$252,994$274,428$284,175
Cost of sales(155,396)(134,708)(164,240)(172,764)(155,777)
Gross profit114,730126,54588,754101,664128,398
Administrative costs(87,134)(68,029)(63,309)(64,019)(49,546)
Operating profit before exceptional item27,59658,51625,44537,64578,852
Impairment loss(423,335)————
Operating profit/(loss)(395,739)58,51625,44537,64578,852
Net finance costs(7,674)(17,813)(17,156)(8,010)(5,861)
Other gains/(losses), net288(41,321)14,205(3,636)(10,483)
Profit/(loss) before tax(403,125)(618)22,49425,99962,508
Income tax(7,328)(9,127)(11,039)(12,711)(13,178)
Profit/(loss) for the year (1)$(410,453)$(9,745)$11,455$13,288$49,330
(Loss)/Earnings per share (cents)
Basic (loss)/earnings per share(599.5)(36.3)6.46.674.3
Diluted (loss)/earnings per share(599.5)(36.3)5.15.272.4
Weighted average number of ordinary shares
Basic70,70762,15159,41057,73254,278
Diluted72,17063,48260,94359,03654,969
Other non-GAAP measures
Gross Revenue (2)$304,593$268,069$252,994$274,428$284,175
EBITDA (3)$(393,188)$20,186$42,548$36,294$70,066
Adjusted EBITDA (3)$103,845$82,955$55,664$70,852$101,150
Gross Adjusted EBITDA (3)$234,000$198,240$190,980$199,155$218,404
"} {"question": "If gross profit in 2019 was 125,000 thousands, what would be the average gross profit?", "answer": ["114072.2"], "context": "A. Selected Financial Data The table set forth below presents our selected historical consolidated financial data for the periods and at the dates indicated. The selected historical consolidated statements of income data for each of the three years ended March 31, 2019, 2018, and 2017 and the selected statements of financial position data as of March 31, 2019 and 2018 have been derived from and should be read in conjunction with “Part I — Item 5. Operating and Financial Review and Prospects” and our consolidated financial statements included elsewhere in this Annual Report on Form 20-F. The selected historical consolidated statements of income data for each of the two years ended March 31, 2016 and 2015 and the selected historical statements of financial position data as of March 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 20-F. (1) References to “net income” in this document correspond to “profit/(loss) for the period” or “profit/(loss) for the year” line items in our consolidated financial statement appearing elsewhere in this document. (2) Gross Revenue is defined as reported revenue adjusted in respect of significant financing component that arises on account of normal credit terms provided to catalogue customers. (3) We use EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as supplemental financial measures. EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization (excluding amortization of capitalized film content and debt issuance costs). Adjusted EBITDA is defined as EBITDA adjusted for (gain)/impairment of available-for-sale financial assets, profit/loss on held for trading liabilities (including profit/loss on derivative financial instruments), transactions costs relating to equity transactions, share based payments, Loss / (Gain) on sale of property and equipment, Loss on de-recognition of financial assets measured at amortized cost, net, Credit impairment loss, net, Loss on financial liability (convertible notes) measured at fair value through profit and loss, Loss on deconsolidation of a subsidiary and exceptional items such as impairment of goodwill, trademark, film & content rights and content advances. Gross Adjusted EBITDA is defined as Adjusted EBITDA adjusted for amortization of intangible films and content rights. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as used and defined by us, may not be comparable to similarly-titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. EBITDA Adjusted EBITDA and Gross Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA provide no information regarding a Company’s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.
Year ended March 31,
20192018201720162015
(in thousands, except (Loss)/Earnings per share)
Selected Statement of Income Data
Revenue$270,126$261,253$252,994$274,428$284,175
Cost of sales(155,396)(134,708)(164,240)(172,764)(155,777)
Gross profit114,730126,54588,754101,664128,398
Administrative costs(87,134)(68,029)(63,309)(64,019)(49,546)
Operating profit before exceptional item27,59658,51625,44537,64578,852
Impairment loss(423,335)————
Operating profit/(loss)(395,739)58,51625,44537,64578,852
Net finance costs(7,674)(17,813)(17,156)(8,010)(5,861)
Other gains/(losses), net288(41,321)14,205(3,636)(10,483)
Profit/(loss) before tax(403,125)(618)22,49425,99962,508
Income tax(7,328)(9,127)(11,039)(12,711)(13,178)
Profit/(loss) for the year (1)$(410,453)$(9,745)$11,455$13,288$49,330
(Loss)/Earnings per share (cents)
Basic (loss)/earnings per share(599.5)(36.3)6.46.674.3
Diluted (loss)/earnings per share(599.5)(36.3)5.15.272.4
Weighted average number of ordinary shares
Basic70,70762,15159,41057,73254,278
Diluted72,17063,48260,94359,03654,969
Other non-GAAP measures
Gross Revenue (2)$304,593$268,069$252,994$274,428$284,175
EBITDA (3)$(393,188)$20,186$42,548$36,294$70,066
Adjusted EBITDA (3)$103,845$82,955$55,664$70,852$101,150
Gross Adjusted EBITDA (3)$234,000$198,240$190,980$199,155$218,404
"} {"question": "If Operating profit before exceptional item in 2019 was 60,000 thousands, what would be the percentage increase / (decrease) in the Operating profit before exceptional item from 2018 to 2019?", "answer": ["2.54"], "context": "A. Selected Financial Data The table set forth below presents our selected historical consolidated financial data for the periods and at the dates indicated. The selected historical consolidated statements of income data for each of the three years ended March 31, 2019, 2018, and 2017 and the selected statements of financial position data as of March 31, 2019 and 2018 have been derived from and should be read in conjunction with “Part I — Item 5. Operating and Financial Review and Prospects” and our consolidated financial statements included elsewhere in this Annual Report on Form 20-F. The selected historical consolidated statements of income data for each of the two years ended March 31, 2016 and 2015 and the selected historical statements of financial position data as of March 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 20-F. (1) References to “net income” in this document correspond to “profit/(loss) for the period” or “profit/(loss) for the year” line items in our consolidated financial statement appearing elsewhere in this document. (2) Gross Revenue is defined as reported revenue adjusted in respect of significant financing component that arises on account of normal credit terms provided to catalogue customers. (3) We use EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as supplemental financial measures. EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization (excluding amortization of capitalized film content and debt issuance costs). Adjusted EBITDA is defined as EBITDA adjusted for (gain)/impairment of available-for-sale financial assets, profit/loss on held for trading liabilities (including profit/loss on derivative financial instruments), transactions costs relating to equity transactions, share based payments, Loss / (Gain) on sale of property and equipment, Loss on de-recognition of financial assets measured at amortized cost, net, Credit impairment loss, net, Loss on financial liability (convertible notes) measured at fair value through profit and loss, Loss on deconsolidation of a subsidiary and exceptional items such as impairment of goodwill, trademark, film & content rights and content advances. Gross Adjusted EBITDA is defined as Adjusted EBITDA adjusted for amortization of intangible films and content rights. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as used and defined by us, may not be comparable to similarly-titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. EBITDA Adjusted EBITDA and Gross Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA provide no information regarding a Company’s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.
Year ended March 31,
20192018201720162015
(in thousands, except (Loss)/Earnings per share)
Selected Statement of Income Data
Revenue$270,126$261,253$252,994$274,428$284,175
Cost of sales(155,396)(134,708)(164,240)(172,764)(155,777)
Gross profit114,730126,54588,754101,664128,398
Administrative costs(87,134)(68,029)(63,309)(64,019)(49,546)
Operating profit before exceptional item27,59658,51625,44537,64578,852
Impairment loss(423,335)————
Operating profit/(loss)(395,739)58,51625,44537,64578,852
Net finance costs(7,674)(17,813)(17,156)(8,010)(5,861)
Other gains/(losses), net288(41,321)14,205(3,636)(10,483)
Profit/(loss) before tax(403,125)(618)22,49425,99962,508
Income tax(7,328)(9,127)(11,039)(12,711)(13,178)
Profit/(loss) for the year (1)$(410,453)$(9,745)$11,455$13,288$49,330
(Loss)/Earnings per share (cents)
Basic (loss)/earnings per share(599.5)(36.3)6.46.674.3
Diluted (loss)/earnings per share(599.5)(36.3)5.15.272.4
Weighted average number of ordinary shares
Basic70,70762,15159,41057,73254,278
Diluted72,17063,48260,94359,03654,969
Other non-GAAP measures
Gross Revenue (2)$304,593$268,069$252,994$274,428$284,175
EBITDA (3)$(393,188)$20,186$42,548$36,294$70,066
Adjusted EBITDA (3)$103,845$82,955$55,664$70,852$101,150
Gross Adjusted EBITDA (3)$234,000$198,240$190,980$199,155$218,404
"} {"question": "What would be the change in Employee separation costs between 2017 and 2018 if Employee separation costs in 2018 was $40 million instead?", "answer": ["0.9"], "context": "Note 4. Special Charges and Other, Net The following table summarizes activity included in the \"special charges and other, net\" caption on the Company's consolidated statements of income (in millions): The Company continuously evaluates its existing operations in an attempt to identify and realize cost savings opportunities and operational efficiencies. This same approach is applied to businesses that are acquired by the Company and often the operating models of acquired companies are not as efficient as the Company's operating model which enables the Company to realize significant savings and efficiencies. As a result, following an acquisition, the Company will from time to time incur restructuring expenses; however, the Company is often not able to estimate the timing or amount of such costs in advance of the period in which they occur. The primary reason for this is that the Company regularly reviews and evaluates each position, contract and expense against the Company's strategic objectives, long-term operating targets and other operational priorities. Decisions related to restructuring activities are made on a \"rolling basis\" during the course of the integration of an acquisition whereby department managers, executives and other leaders work together to evaluate each of these expenses and make recommendations. As a result of this approach, at the time of an acquisition, the Company is not able to estimate the future amount of expected employee separation or exit costs that it will incur in connection with its restructuring activities. The Company's restructuring expenses during the fiscal year ended March 31, 2019 were related to the Company's most recent business acquisitions, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs and intangible asset impairment charges. The impairment charges in the fiscal year ended March 31, 2019 were primarily recognized as a result of writing off intangible assets purchased from Microsemi prior to the close of the acquisition and other intangible assets that were impaired as a result of changes in the combined product roadmaps after the acquisition that affected the use and life of the assets. Additional costs will be incurred in the future as additional synergies or operational efficiencies are identified in connection with the Microsemi transaction and other previous acquisitions. The Company is not able to estimate the amount of such future expenses at this time. During fiscal 2018, the Company incurred expenses including non-restructuring contract exit costs of $19.5 million for fees associated with transitioning from the public utility provider in Oregon to a lower cost direct access provider. The fee is paid monthly and will depend on the amount of actual energy consumed by the Company's wafer fabrication facility in Oregon over the next five years. In connection with the transition to a direct access provider, the Company signed a ten-year supply agreement to purchase monthly amounts of energy that are less than the current average usage and priced on a per mega watt hour published index rate in effect at those future dates. Also during fiscal 2018, the Company incurred $1.2 million of employee separation costs in connection with the acquisition of Atmel. The Company's restructuring expenses during fiscal 2017 were related to the Company's acquisitions of Atmel and Micrel, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs, contract exit costs, other operating expenses and intangible asset impairment losses. The impairment charges in fiscal 2017 were recognized as a result of changes in the combined product roadmaps after the acquisition of Atmel that affected the use and life of these assets. At March 31, 2017, these activities were substantially complete. All of the Company's restructuring activities occurred in its semiconductor products segment. The Company incurred $115.2 million in costs since the start of fiscal 2016 in connection with employee separation activities, of which $65.3 million, $1.2 million and $39.1 million was incurred during the fiscal years ended March 31, 2019, 2018 and 2017, respectively. The Company could incur future expenses as additional synergies or operational efficiencies are identified. The Company is not able to estimate future expenses, if any, to be incurred in employee separation costs. The Company has incurred $40.8 million in costs in connection with contract exit activities since the start of fiscal 2016 which includes $4.7 million of income incurred for the year ended March 31, 2019 and $0.7 million and $44.1 million of costs incurred for the years ended March 31, 2018 and 2017, respectively. The amounts recognized during the fiscal year ended March 31, 2019 were primarily related to vacated lease liabilities. While the Company expects to incur further acquisition-related contract exit expenses, it is not able to estimate the amount at this time. In the three months ended June 30, 2017, the Company completed the sale of an asset it acquired as part of its acquisition of Micrel for proceeds of $10.0 million and the gain of $4.4 million is included in the gain on sale of assets in the above table.
For The Years Ended March 31,
201920182017
Restructuring
Employee separation costs$65.3$1.2$39.1
Gain on sale of assets—(4.4)—
Impairment charges3.6—12.6
Contract exit costs(4.7)0.744.1
Other(0.3)—2.8
Legal contingencies(30.2)——
Non-restructuring contract exit costs and other—20.0—
Total$33.7$17.5$98.6
"} {"question": "What would be the change in Impairment charges between 2017 and 2019 if Impairment charges in 2019 was $20 million instead?", "answer": ["7.4"], "context": "Note 4. Special Charges and Other, Net The following table summarizes activity included in the \"special charges and other, net\" caption on the Company's consolidated statements of income (in millions): The Company continuously evaluates its existing operations in an attempt to identify and realize cost savings opportunities and operational efficiencies. This same approach is applied to businesses that are acquired by the Company and often the operating models of acquired companies are not as efficient as the Company's operating model which enables the Company to realize significant savings and efficiencies. As a result, following an acquisition, the Company will from time to time incur restructuring expenses; however, the Company is often not able to estimate the timing or amount of such costs in advance of the period in which they occur. The primary reason for this is that the Company regularly reviews and evaluates each position, contract and expense against the Company's strategic objectives, long-term operating targets and other operational priorities. Decisions related to restructuring activities are made on a \"rolling basis\" during the course of the integration of an acquisition whereby department managers, executives and other leaders work together to evaluate each of these expenses and make recommendations. As a result of this approach, at the time of an acquisition, the Company is not able to estimate the future amount of expected employee separation or exit costs that it will incur in connection with its restructuring activities. The Company's restructuring expenses during the fiscal year ended March 31, 2019 were related to the Company's most recent business acquisitions, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs and intangible asset impairment charges. The impairment charges in the fiscal year ended March 31, 2019 were primarily recognized as a result of writing off intangible assets purchased from Microsemi prior to the close of the acquisition and other intangible assets that were impaired as a result of changes in the combined product roadmaps after the acquisition that affected the use and life of the assets. Additional costs will be incurred in the future as additional synergies or operational efficiencies are identified in connection with the Microsemi transaction and other previous acquisitions. The Company is not able to estimate the amount of such future expenses at this time. During fiscal 2018, the Company incurred expenses including non-restructuring contract exit costs of $19.5 million for fees associated with transitioning from the public utility provider in Oregon to a lower cost direct access provider. The fee is paid monthly and will depend on the amount of actual energy consumed by the Company's wafer fabrication facility in Oregon over the next five years. In connection with the transition to a direct access provider, the Company signed a ten-year supply agreement to purchase monthly amounts of energy that are less than the current average usage and priced on a per mega watt hour published index rate in effect at those future dates. Also during fiscal 2018, the Company incurred $1.2 million of employee separation costs in connection with the acquisition of Atmel. The Company's restructuring expenses during fiscal 2017 were related to the Company's acquisitions of Atmel and Micrel, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs, contract exit costs, other operating expenses and intangible asset impairment losses. The impairment charges in fiscal 2017 were recognized as a result of changes in the combined product roadmaps after the acquisition of Atmel that affected the use and life of these assets. At March 31, 2017, these activities were substantially complete. All of the Company's restructuring activities occurred in its semiconductor products segment. The Company incurred $115.2 million in costs since the start of fiscal 2016 in connection with employee separation activities, of which $65.3 million, $1.2 million and $39.1 million was incurred during the fiscal years ended March 31, 2019, 2018 and 2017, respectively. The Company could incur future expenses as additional synergies or operational efficiencies are identified. The Company is not able to estimate future expenses, if any, to be incurred in employee separation costs. The Company has incurred $40.8 million in costs in connection with contract exit activities since the start of fiscal 2016 which includes $4.7 million of income incurred for the year ended March 31, 2019 and $0.7 million and $44.1 million of costs incurred for the years ended March 31, 2018 and 2017, respectively. The amounts recognized during the fiscal year ended March 31, 2019 were primarily related to vacated lease liabilities. While the Company expects to incur further acquisition-related contract exit expenses, it is not able to estimate the amount at this time. In the three months ended June 30, 2017, the Company completed the sale of an asset it acquired as part of its acquisition of Micrel for proceeds of $10.0 million and the gain of $4.4 million is included in the gain on sale of assets in the above table.
For The Years Ended March 31,
201920182017
Restructuring
Employee separation costs$65.3$1.2$39.1
Gain on sale of assets—(4.4)—
Impairment charges3.6—12.6
Contract exit costs(4.7)0.744.1
Other(0.3)—2.8
Legal contingencies(30.2)——
Non-restructuring contract exit costs and other—20.0—
Total$33.7$17.5$98.6
"} {"question": "What would be the change in the total between 2018 and 2019 if the total in 2019 was $50 million instead?", "answer": ["185.71"], "context": "Note 4. Special Charges and Other, Net The following table summarizes activity included in the \"special charges and other, net\" caption on the Company's consolidated statements of income (in millions): The Company continuously evaluates its existing operations in an attempt to identify and realize cost savings opportunities and operational efficiencies. This same approach is applied to businesses that are acquired by the Company and often the operating models of acquired companies are not as efficient as the Company's operating model which enables the Company to realize significant savings and efficiencies. As a result, following an acquisition, the Company will from time to time incur restructuring expenses; however, the Company is often not able to estimate the timing or amount of such costs in advance of the period in which they occur. The primary reason for this is that the Company regularly reviews and evaluates each position, contract and expense against the Company's strategic objectives, long-term operating targets and other operational priorities. Decisions related to restructuring activities are made on a \"rolling basis\" during the course of the integration of an acquisition whereby department managers, executives and other leaders work together to evaluate each of these expenses and make recommendations. As a result of this approach, at the time of an acquisition, the Company is not able to estimate the future amount of expected employee separation or exit costs that it will incur in connection with its restructuring activities. The Company's restructuring expenses during the fiscal year ended March 31, 2019 were related to the Company's most recent business acquisitions, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs and intangible asset impairment charges. The impairment charges in the fiscal year ended March 31, 2019 were primarily recognized as a result of writing off intangible assets purchased from Microsemi prior to the close of the acquisition and other intangible assets that were impaired as a result of changes in the combined product roadmaps after the acquisition that affected the use and life of the assets. Additional costs will be incurred in the future as additional synergies or operational efficiencies are identified in connection with the Microsemi transaction and other previous acquisitions. The Company is not able to estimate the amount of such future expenses at this time. During fiscal 2018, the Company incurred expenses including non-restructuring contract exit costs of $19.5 million for fees associated with transitioning from the public utility provider in Oregon to a lower cost direct access provider. The fee is paid monthly and will depend on the amount of actual energy consumed by the Company's wafer fabrication facility in Oregon over the next five years. In connection with the transition to a direct access provider, the Company signed a ten-year supply agreement to purchase monthly amounts of energy that are less than the current average usage and priced on a per mega watt hour published index rate in effect at those future dates. Also during fiscal 2018, the Company incurred $1.2 million of employee separation costs in connection with the acquisition of Atmel. The Company's restructuring expenses during fiscal 2017 were related to the Company's acquisitions of Atmel and Micrel, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs, contract exit costs, other operating expenses and intangible asset impairment losses. The impairment charges in fiscal 2017 were recognized as a result of changes in the combined product roadmaps after the acquisition of Atmel that affected the use and life of these assets. At March 31, 2017, these activities were substantially complete. All of the Company's restructuring activities occurred in its semiconductor products segment. The Company incurred $115.2 million in costs since the start of fiscal 2016 in connection with employee separation activities, of which $65.3 million, $1.2 million and $39.1 million was incurred during the fiscal years ended March 31, 2019, 2018 and 2017, respectively. The Company could incur future expenses as additional synergies or operational efficiencies are identified. The Company is not able to estimate future expenses, if any, to be incurred in employee separation costs. The Company has incurred $40.8 million in costs in connection with contract exit activities since the start of fiscal 2016 which includes $4.7 million of income incurred for the year ended March 31, 2019 and $0.7 million and $44.1 million of costs incurred for the years ended March 31, 2018 and 2017, respectively. The amounts recognized during the fiscal year ended March 31, 2019 were primarily related to vacated lease liabilities. While the Company expects to incur further acquisition-related contract exit expenses, it is not able to estimate the amount at this time. In the three months ended June 30, 2017, the Company completed the sale of an asset it acquired as part of its acquisition of Micrel for proceeds of $10.0 million and the gain of $4.4 million is included in the gain on sale of assets in the above table.
For The Years Ended March 31,
201920182017
Restructuring
Employee separation costs$65.3$1.2$39.1
Gain on sale of assets—(4.4)—
Impairment charges3.6—12.6
Contract exit costs(4.7)0.744.1
Other(0.3)—2.8
Legal contingencies(30.2)——
Non-restructuring contract exit costs and other—20.0—
Total$33.7$17.5$98.6
"} {"question": "What would be the average value of finished goods in 2018 and 2019 if the value of finished goods in 2019 is decreased by $5,000?", "answer": ["773"], "context": "NOTE 7. INVENTORIES The following table details the components of inventories (in thousands).
December 31
20192018
Finished goods$698$853
Raw materials903
Packaging110102
Inventories$ 898$ 958
"} {"question": "What would be the average value of raw materials in 2018 and 2019 if the value of raw materials in 2019 is doubled?", "answer": ["91.5"], "context": "NOTE 7. INVENTORIES The following table details the components of inventories (in thousands).
December 31
20192018
Finished goods$698$853
Raw materials903
Packaging110102
Inventories$ 898$ 958
"} {"question": "What would be the average value of packaging in 2018 and 2019 if the value of packaging in 2019 is decreased by 10%?", "answer": ["100.5"], "context": "NOTE 7. INVENTORIES The following table details the components of inventories (in thousands).
December 31
20192018
Finished goods$698$853
Raw materials903
Packaging110102
Inventories$ 898$ 958
"} {"question": "In which year would the amortization of Day 1 gain be lower if the amount in 2018 was 4,110 thousand?", "answer": ["2018"], "context": "b) Liquefaction services revenue: The Hilli is moored in close proximity to the Customer’s gasfields, providing liquefaction service capacity over the term of the LTA. Liquefaction services revenue recognized comprises the following amounts: (1) The LTA bills at a base rate in periods when the oil price is $60 or less per barrel (included in \"Liquefaction services revenue\" in the consolidated statements of income), and at an increased rate when the oil price is greater than $60 per barrel (recognized as a derivative and included in \"Realized and unrealized gain on oil derivative instrument\" in the consolidated statements of income, excluded from revenue and from the transaction price). (2) Customer billing during the commissioning period, prior to vessel acceptance and commencement of the contract term, of $33.8 million is considered an upfront payment for services. These amounts billed were deferred (included in \"Other current liabilities\" and \"Other non-current liabilities\" in the consolidated balance sheets) and recognized as part of \"Liquefaction services revenue\" in the consolidated statements of income evenly over the contract term. (3) The Day 1 gain was established when the oil derivative instrument was initially recognized in December 2017 for $79.6 million (recognized in \"Other current liabilities\" and \"Other non-current liabilities\" in the consolidated balance sheets). This amount is amortized and recognized as part of \"Liquefaction services revenue\" in the consolidated statements of income evenly over the contract term. We expect to recognize liquefaction services revenue related to the partially unsatisfied performance obligation at the reporting date evenly over the remaining contract term of less than eight years, including the components of transaction price described above.
Year Ended December 31,
(in thousands of $)20192018
Base tolling fee (1)204,501119,677
Amortization of deferred commissioning period revenue (2)4,2202,467
Amortization of Day 1 gain (3)9,9505,817
Other(575)(336)
Total218,096127,625
"} {"question": "What would be the change in base tolling fee between 2018 and 2019 if the fee in 2019 was 150,809 thousand instead?", "answer": ["31132"], "context": "b) Liquefaction services revenue: The Hilli is moored in close proximity to the Customer’s gasfields, providing liquefaction service capacity over the term of the LTA. Liquefaction services revenue recognized comprises the following amounts: (1) The LTA bills at a base rate in periods when the oil price is $60 or less per barrel (included in \"Liquefaction services revenue\" in the consolidated statements of income), and at an increased rate when the oil price is greater than $60 per barrel (recognized as a derivative and included in \"Realized and unrealized gain on oil derivative instrument\" in the consolidated statements of income, excluded from revenue and from the transaction price). (2) Customer billing during the commissioning period, prior to vessel acceptance and commencement of the contract term, of $33.8 million is considered an upfront payment for services. These amounts billed were deferred (included in \"Other current liabilities\" and \"Other non-current liabilities\" in the consolidated balance sheets) and recognized as part of \"Liquefaction services revenue\" in the consolidated statements of income evenly over the contract term. (3) The Day 1 gain was established when the oil derivative instrument was initially recognized in December 2017 for $79.6 million (recognized in \"Other current liabilities\" and \"Other non-current liabilities\" in the consolidated balance sheets). This amount is amortized and recognized as part of \"Liquefaction services revenue\" in the consolidated statements of income evenly over the contract term. We expect to recognize liquefaction services revenue related to the partially unsatisfied performance obligation at the reporting date evenly over the remaining contract term of less than eight years, including the components of transaction price described above.
Year Ended December 31,
(in thousands of $)20192018
Base tolling fee (1)204,501119,677
Amortization of deferred commissioning period revenue (2)4,2202,467
Amortization of Day 1 gain (3)9,9505,817
Other(575)(336)
Total218,096127,625
"} {"question": "What would be the percentage change in the total liquefaction services revenue between 2018 and 2019 if the amount in 2019 was 188,328 thousand?", "answer": ["47.56"], "context": "b) Liquefaction services revenue: The Hilli is moored in close proximity to the Customer’s gasfields, providing liquefaction service capacity over the term of the LTA. Liquefaction services revenue recognized comprises the following amounts: (1) The LTA bills at a base rate in periods when the oil price is $60 or less per barrel (included in \"Liquefaction services revenue\" in the consolidated statements of income), and at an increased rate when the oil price is greater than $60 per barrel (recognized as a derivative and included in \"Realized and unrealized gain on oil derivative instrument\" in the consolidated statements of income, excluded from revenue and from the transaction price). (2) Customer billing during the commissioning period, prior to vessel acceptance and commencement of the contract term, of $33.8 million is considered an upfront payment for services. These amounts billed were deferred (included in \"Other current liabilities\" and \"Other non-current liabilities\" in the consolidated balance sheets) and recognized as part of \"Liquefaction services revenue\" in the consolidated statements of income evenly over the contract term. (3) The Day 1 gain was established when the oil derivative instrument was initially recognized in December 2017 for $79.6 million (recognized in \"Other current liabilities\" and \"Other non-current liabilities\" in the consolidated balance sheets). This amount is amortized and recognized as part of \"Liquefaction services revenue\" in the consolidated statements of income evenly over the contract term. We expect to recognize liquefaction services revenue related to the partially unsatisfied performance obligation at the reporting date evenly over the remaining contract term of less than eight years, including the components of transaction price described above.
Year Ended December 31,
(in thousands of $)20192018
Base tolling fee (1)204,501119,677
Amortization of deferred commissioning period revenue (2)4,2202,467
Amortization of Day 1 gain (3)9,9505,817
Other(575)(336)
Total218,096127,625
"} {"question": "What would be the change in Cash flows from operating activities between 2017 and 2018 if cash flows from operating activities in 2017 was $60,000 thousand instead?", "answer": ["710"], "context": "Historical Cash Flows The following table sets forth our cash flows for the periods indicated (in thousands):
Year Ended December 31,
201920182017
Cash flows from operating activities$47,112$60,710$57,187
Cash flows used in investing activities(73,414)(13,377)(168,795)
Cash flows (used in) / from financing activities(130)2,39967,303
"} {"question": "What would be the sum of cash flows in 2019 if Cash flows (used in) / from financing activities in 2019 was $10,000 thousand instead?", "answer": ["-16302"], "context": "Historical Cash Flows The following table sets forth our cash flows for the periods indicated (in thousands):
Year Ended December 31,
201920182017
Cash flows from operating activities$47,112$60,710$57,187
Cash flows used in investing activities(73,414)(13,377)(168,795)
Cash flows (used in) / from financing activities(130)2,39967,303
"} {"question": "What would be the percentage change in the Cash flows (used in) / from financing activities between 2017 and 2018 if cash flows (used in) / from financing activities in 2019 was $70,000 thousand instead?", "answer": ["4.01"], "context": "Historical Cash Flows The following table sets forth our cash flows for the periods indicated (in thousands):
Year Ended December 31,
201920182017
Cash flows from operating activities$47,112$60,710$57,187
Cash flows used in investing activities(73,414)(13,377)(168,795)
Cash flows (used in) / from financing activities(130)2,39967,303
"} {"question": "In which year would the Average invested capital less average impairment be the largest if the amount in 2017 was $1,781.9 million instead?", "answer": ["2017"], "context": "Adjusted Return on Invested Capital (Adjusted RoIC): TORM defines Adjusted RoIC as earnings before interest and tax (EBIT) less tax and impairment losses and reversals, divided by the average invested capital less average impairment for the period. Invested capital is defined below. The Adjusted RoIC expresses the returns generated on capital invested in the Group adjusted for impacts related to the impairment of the fleet. The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors. Adjusted RoIC is calculated as follows: ¹⁾ Average invested capital is calculated as the average of the opening and closing balance of invested capital. ²⁾ Average impairment is calculated as the average of the opening and closing balances of impairment charges on vessels and goodwill in the balance sheet.
USDm201920182017
EBIT less Tax205.11.238.8
Impairment reversal-120.0--
EBIT less tax and impairment85.11.238.8
Average invested capital¹⁾1,627.71,437.71,396.9
Average impairment ²⁾98.2185.0185.0
Average invested capital less average impairment1,725.91,622.71,581.9
Adjusted RoIC4.9%0.1%2.4%
"} {"question": "What would the change in the Average invested capital less average impairment in 2019 from 2018 be if the amount in 2019 was $1,700.0 million instead?", "answer": ["77.3"], "context": "Adjusted Return on Invested Capital (Adjusted RoIC): TORM defines Adjusted RoIC as earnings before interest and tax (EBIT) less tax and impairment losses and reversals, divided by the average invested capital less average impairment for the period. Invested capital is defined below. The Adjusted RoIC expresses the returns generated on capital invested in the Group adjusted for impacts related to the impairment of the fleet. The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors. Adjusted RoIC is calculated as follows: ¹⁾ Average invested capital is calculated as the average of the opening and closing balance of invested capital. ²⁾ Average impairment is calculated as the average of the opening and closing balances of impairment charges on vessels and goodwill in the balance sheet.
USDm201920182017
EBIT less Tax205.11.238.8
Impairment reversal-120.0--
EBIT less tax and impairment85.11.238.8
Average invested capital¹⁾1,627.71,437.71,396.9
Average impairment ²⁾98.2185.0185.0
Average invested capital less average impairment1,725.91,622.71,581.9
Adjusted RoIC4.9%0.1%2.4%
"} {"question": "What would the percentage change in the Average invested capital less average impairment in 2019 from 2018 be if the amount in 2019 was $1,700.0 million instead?", "answer": ["4.76"], "context": "Adjusted Return on Invested Capital (Adjusted RoIC): TORM defines Adjusted RoIC as earnings before interest and tax (EBIT) less tax and impairment losses and reversals, divided by the average invested capital less average impairment for the period. Invested capital is defined below. The Adjusted RoIC expresses the returns generated on capital invested in the Group adjusted for impacts related to the impairment of the fleet. The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors. Adjusted RoIC is calculated as follows: ¹⁾ Average invested capital is calculated as the average of the opening and closing balance of invested capital. ²⁾ Average impairment is calculated as the average of the opening and closing balances of impairment charges on vessels and goodwill in the balance sheet.
USDm201920182017
EBIT less Tax205.11.238.8
Impairment reversal-120.0--
EBIT less tax and impairment85.11.238.8
Average invested capital¹⁾1,627.71,437.71,396.9
Average impairment ²⁾98.2185.0185.0
Average invested capital less average impairment1,725.91,622.71,581.9
Adjusted RoIC4.9%0.1%2.4%
"} {"question": "If raw materials in 2018 increased to 4,000,000 thousands, what was the increase / (decrease) from 2018 to 2019?", "answer": ["1102571"], "context": "a. For the years ended December 31, 2017, 2018 and 2019, the Company recognized NT$118,252 million, NT$123,795 million and NT$122,999 million, respectively, in operating costs, of which NT$2,256 million, NT$1,698 million and NT$820 million in 2017, 2018 and 2019, respectively, were related to write-down of inventories. b. None of the aforementioned inventories were pledged.
As of December 31,
20182019
NT$NT$
(In Thousands)(In Thousands)
Raw materials$3,766,056$5,102,571
Supplies and spare parts3,133,7373,548,376
Work in process10,034,48811,309,718
Finished goods1,268,8381,754,137
Total$18,203,119$21,714,802
"} {"question": "If the Supplies and spare parts in 2018 increased to 3,500,000 thousands, what was the average?", "answer": ["3524188"], "context": "a. For the years ended December 31, 2017, 2018 and 2019, the Company recognized NT$118,252 million, NT$123,795 million and NT$122,999 million, respectively, in operating costs, of which NT$2,256 million, NT$1,698 million and NT$820 million in 2017, 2018 and 2019, respectively, were related to write-down of inventories. b. None of the aforementioned inventories were pledged.
As of December 31,
20182019
NT$NT$
(In Thousands)(In Thousands)
Raw materials$3,766,056$5,102,571
Supplies and spare parts3,133,7373,548,376
Work in process10,034,48811,309,718
Finished goods1,268,8381,754,137
Total$18,203,119$21,714,802
"} {"question": "If Finished goods in 2019 increased to 1,800,000, what is the percentage increase / (decrease) from 2018 to 2019?", "answer": ["41.86"], "context": "a. For the years ended December 31, 2017, 2018 and 2019, the Company recognized NT$118,252 million, NT$123,795 million and NT$122,999 million, respectively, in operating costs, of which NT$2,256 million, NT$1,698 million and NT$820 million in 2017, 2018 and 2019, respectively, were related to write-down of inventories. b. None of the aforementioned inventories were pledged.
As of December 31,
20182019
NT$NT$
(In Thousands)(In Thousands)
Raw materials$3,766,056$5,102,571
Supplies and spare parts3,133,7373,548,376
Work in process10,034,48811,309,718
Finished goods1,268,8381,754,137
Total$18,203,119$21,714,802
"} {"question": "How many companies accounted for more than 15% of the company's net revenue in 2019 if Westcon Group Inc. accounted for 16% of the company's net revenue instead?", "answer": ["3"], "context": "Concentrations The Company may be subject to concentration of credit risk as a result of certain financial instruments consisting of accounts receivable and short term investments. The Company performs ongoing credit evaluations of its customers and generally does not require collateral in exchange for credit. The following table sets forth major customers accounting for 10% or more of the Company’s net revenue:
Year Ended
June 30, 2019June 30, 2018June 30, 2017
Tech Data Corporation18%14%16%
Jenne Corporation17%13%15%
Westcon Group Inc.12%13%12%
"} {"question": "What would be the change in the percentage that Tech Data Corporation accounted for between 2018 and 2019 if they occupied 15% in 2018 instead?", "answer": ["3"], "context": "Concentrations The Company may be subject to concentration of credit risk as a result of certain financial instruments consisting of accounts receivable and short term investments. The Company performs ongoing credit evaluations of its customers and generally does not require collateral in exchange for credit. The following table sets forth major customers accounting for 10% or more of the Company’s net revenue:
Year Ended
June 30, 2019June 30, 2018June 30, 2017
Tech Data Corporation18%14%16%
Jenne Corporation17%13%15%
Westcon Group Inc.12%13%12%
"} {"question": "How much would all three companies account for in the company's net revenue in 2017 if Westcon Group Inc. accounted for 15% instead?", "answer": ["46"], "context": "Concentrations The Company may be subject to concentration of credit risk as a result of certain financial instruments consisting of accounts receivable and short term investments. The Company performs ongoing credit evaluations of its customers and generally does not require collateral in exchange for credit. The following table sets forth major customers accounting for 10% or more of the Company’s net revenue:
Year Ended
June 30, 2019June 30, 2018June 30, 2017
Tech Data Corporation18%14%16%
Jenne Corporation17%13%15%
Westcon Group Inc.12%13%12%
"} {"question": "In which year would accrued income be larger if the amount in 2018 was 28.7 million instead?", "answer": ["2018"], "context": "Contract balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. Accrued income relates to the Group’s rights to consideration for services provided but not invoiced at the reporting date. Accrued income is transferred to receivables when invoiced. Deferred income relates to advanced consideration received for which revenue is recognised as or when services are provided. Included within deferred income is £11.2m (2018: £nil) relating to consideration received from Auto Trader Auto Stock Limited (which forms part of the Group’s joint venture) for the provision of data services (note 16). Revenue relating to this service is recognised on a straight-line basis over a period of 20 years.
20192018
£m£m
Receivables, which are included in trade and other receivables27.028.8
Accrued income28.026.7
Deferred income(13.2)(1.8)
"} {"question": "What would the change in accrued income in 2019 from 2018 be if the amount in 2019 was 28.7 million instead?", "answer": ["2"], "context": "Contract balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. Accrued income relates to the Group’s rights to consideration for services provided but not invoiced at the reporting date. Accrued income is transferred to receivables when invoiced. Deferred income relates to advanced consideration received for which revenue is recognised as or when services are provided. Included within deferred income is £11.2m (2018: £nil) relating to consideration received from Auto Trader Auto Stock Limited (which forms part of the Group’s joint venture) for the provision of data services (note 16). Revenue relating to this service is recognised on a straight-line basis over a period of 20 years.
20192018
£m£m
Receivables, which are included in trade and other receivables27.028.8
Accrued income28.026.7
Deferred income(13.2)(1.8)
"} {"question": "What would the percentage change in accrued income in 2019 from 2018 be if the amount in 2019 was 28.7 million instead?", "answer": ["7.49"], "context": "Contract balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. Accrued income relates to the Group’s rights to consideration for services provided but not invoiced at the reporting date. Accrued income is transferred to receivables when invoiced. Deferred income relates to advanced consideration received for which revenue is recognised as or when services are provided. Included within deferred income is £11.2m (2018: £nil) relating to consideration received from Auto Trader Auto Stock Limited (which forms part of the Group’s joint venture) for the provision of data services (note 16). Revenue relating to this service is recognised on a straight-line basis over a period of 20 years.
20192018
£m£m
Receivables, which are included in trade and other receivables27.028.8
Accrued income28.026.7
Deferred income(13.2)(1.8)
"} {"question": "What would be the ratio of dividends that the company received from equity method investments to total earning after income taxes in fiscal 2019 if the total earning after income taxes was $200 million?", "answer": ["0.28"], "context": "7. INVESTMENTS IN JOINT VENTURES The total carrying value of our equity method investments at the end of fiscal 2019 and 2018 was $796.3 million and $776.2 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and 50% ownership interests in other joint ventures. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month. In fiscal 2019, we had purchases from our equity method investees of $39.4 million. Total dividends received from equity method investments in fiscal 2019 were $55.0 million. In fiscal 2018, we had purchases from our equity method investees of $34.9 million. Total dividends received from equity method investments in fiscal 2018 were $62.5 million. In fiscal 2017, we had purchases from our equity method investees of $41.8 million. Total dividends received from equity method investments in fiscal 2017 were $68.2 million. Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Summarized combined financial information for our equity method investments on a 100% basis is as follows:
201920182017
Net Sales:
Ardent Mills .$3,476.0$3,344.1$3,180.0
Others195.4198.8177.7
Total net sales .$3,671.4$3,542.9$3,357.7
Gross margin:
Ardent Mills .$281.9$386.5$340.3
Others45.534.834.6
Total gross margin$327.4$421.3$374.9
Earnings after income taxes:
Ardent Mills .$151.9$197.0$152.0
Others18.110.110.1
Total earnings after income taxes$170.0$207.1$162.1
"} {"question": "What would be the average of Ardent Mills’ net sales from 2017 to 2019 if the net sales in 2018 were $3,500 million? ", "answer": ["3385.33"], "context": "7. INVESTMENTS IN JOINT VENTURES The total carrying value of our equity method investments at the end of fiscal 2019 and 2018 was $796.3 million and $776.2 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and 50% ownership interests in other joint ventures. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month. In fiscal 2019, we had purchases from our equity method investees of $39.4 million. Total dividends received from equity method investments in fiscal 2019 were $55.0 million. In fiscal 2018, we had purchases from our equity method investees of $34.9 million. Total dividends received from equity method investments in fiscal 2018 were $62.5 million. In fiscal 2017, we had purchases from our equity method investees of $41.8 million. Total dividends received from equity method investments in fiscal 2017 were $68.2 million. Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Summarized combined financial information for our equity method investments on a 100% basis is as follows:
201920182017
Net Sales:
Ardent Mills .$3,476.0$3,344.1$3,180.0
Others195.4198.8177.7
Total net sales .$3,671.4$3,542.9$3,357.7
Gross margin:
Ardent Mills .$281.9$386.5$340.3
Others45.534.834.6
Total gross margin$327.4$421.3$374.9
Earnings after income taxes:
Ardent Mills .$151.9$197.0$152.0
Others18.110.110.1
Total earnings after income taxes$170.0$207.1$162.1
"} {"question": "What would be Ardent Mills’ gross profit margin ratio for the fiscal year 2017 if the net sales were $2,750 million?", "answer": ["0.12"], "context": "7. INVESTMENTS IN JOINT VENTURES The total carrying value of our equity method investments at the end of fiscal 2019 and 2018 was $796.3 million and $776.2 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and 50% ownership interests in other joint ventures. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month. In fiscal 2019, we had purchases from our equity method investees of $39.4 million. Total dividends received from equity method investments in fiscal 2019 were $55.0 million. In fiscal 2018, we had purchases from our equity method investees of $34.9 million. Total dividends received from equity method investments in fiscal 2018 were $62.5 million. In fiscal 2017, we had purchases from our equity method investees of $41.8 million. Total dividends received from equity method investments in fiscal 2017 were $68.2 million. Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Summarized combined financial information for our equity method investments on a 100% basis is as follows:
201920182017
Net Sales:
Ardent Mills .$3,476.0$3,344.1$3,180.0
Others195.4198.8177.7
Total net sales .$3,671.4$3,542.9$3,357.7
Gross margin:
Ardent Mills .$281.9$386.5$340.3
Others45.534.834.6
Total gross margin$327.4$421.3$374.9
Earnings after income taxes:
Ardent Mills .$151.9$197.0$152.0
Others18.110.110.1
Total earnings after income taxes$170.0$207.1$162.1
"} {"question": "What would be the change in depreciation and amortization cost between 2019 and 2018 if 2019 depreciation cost doubles?", "answer": ["7.4"], "context": "Property and Equipment Property and equipment is recorded at cost and consists of furniture, computers, other office equipment, and leasehold improvements. We depreciate the cost of furniture, computers, and other office equipment on a straight-line basis over their estimated useful lives (five years for office equipment, seven years for furniture and fixtures). Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Depreciation and amortization expense for 2019, 2018, and 2017 was approximately $8.0 million, $8.6 million, and $9.1 million, respectively, and was included in “Depreciation and amortization” in the Consolidated Statements of Income. Amortization expense on intangible assets in 2019, 2018 and 2017 was immaterial. Property and equipment, at cost, consist of the following (in thousands):
December 31
20192018
Office equipment$ 38,373$ 39,633
Furniture and fixtures5,0174,610
Leasehold improvement23,53419,430
Property and equipment, gross66,92463,673
Less accumulated depreciation(44,199 )(49,355 )
Property and equipment, net$ 22,725$ 14,318
"} {"question": "What would be the change in office equipment cost in 2019 and 2018 if the office equipment cost in 2018 decreases by 50%?", "answer": ["18556.5"], "context": "Property and Equipment Property and equipment is recorded at cost and consists of furniture, computers, other office equipment, and leasehold improvements. We depreciate the cost of furniture, computers, and other office equipment on a straight-line basis over their estimated useful lives (five years for office equipment, seven years for furniture and fixtures). Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Depreciation and amortization expense for 2019, 2018, and 2017 was approximately $8.0 million, $8.6 million, and $9.1 million, respectively, and was included in “Depreciation and amortization” in the Consolidated Statements of Income. Amortization expense on intangible assets in 2019, 2018 and 2017 was immaterial. Property and equipment, at cost, consist of the following (in thousands):
December 31
20192018
Office equipment$ 38,373$ 39,633
Furniture and fixtures5,0174,610
Leasehold improvement23,53419,430
Property and equipment, gross66,92463,673
Less accumulated depreciation(44,199 )(49,355 )
Property and equipment, net$ 22,725$ 14,318
"} {"question": "What would be the change in property and equipment, net cost in 2019 and 2018 if 2019 property and equipment, net decreases by 50%?", "answer": ["2955.5"], "context": "Property and Equipment Property and equipment is recorded at cost and consists of furniture, computers, other office equipment, and leasehold improvements. We depreciate the cost of furniture, computers, and other office equipment on a straight-line basis over their estimated useful lives (five years for office equipment, seven years for furniture and fixtures). Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Depreciation and amortization expense for 2019, 2018, and 2017 was approximately $8.0 million, $8.6 million, and $9.1 million, respectively, and was included in “Depreciation and amortization” in the Consolidated Statements of Income. Amortization expense on intangible assets in 2019, 2018 and 2017 was immaterial. Property and equipment, at cost, consist of the following (in thousands):
December 31
20192018
Office equipment$ 38,373$ 39,633
Furniture and fixtures5,0174,610
Leasehold improvement23,53419,430
Property and equipment, gross66,92463,673
Less accumulated depreciation(44,199 )(49,355 )
Property and equipment, net$ 22,725$ 14,318
"} {"question": "What would be the percentage change in pro forma revenue from 2018 to 2019 if the pro forma revenue in 2018 was $76,500 thousand?", "answer": ["12.69"], "context": "The following unaudited pro forma financial information is presented as if the acquisitions had taken place at the beginning of the periods presented and should not be taken as representative of the Company’s future consolidated results of operations. The following unaudited pro forma information includes adjustments for the amortization expense related to the identified intangible assets. The following table summarizes the Company’s unaudited pro forma financial information is presented as if the acquisitions occurred on October 1, 2017 (amounts shown in thousands): For the year ended September 30, 2018, revenue of $9.1 million and a net loss of $5.3 million related to the A2iA and ICAR businesses since the respective acquisition dates are included in the Company's consolidated statements of operations.
For the years ended September 30,
20192018
Pro forma revenue$86,206$78,130
Pro forma net income (loss)$889$(12,268)
"} {"question": "What would be the average pro forma net income (loss) for the last 2 years, i.e. 2018 and 2019, if the pro forma net income in 2019 was $4,000 thousand?", "answer": ["-4134"], "context": "The following unaudited pro forma financial information is presented as if the acquisitions had taken place at the beginning of the periods presented and should not be taken as representative of the Company’s future consolidated results of operations. The following unaudited pro forma information includes adjustments for the amortization expense related to the identified intangible assets. The following table summarizes the Company’s unaudited pro forma financial information is presented as if the acquisitions occurred on October 1, 2017 (amounts shown in thousands): For the year ended September 30, 2018, revenue of $9.1 million and a net loss of $5.3 million related to the A2iA and ICAR businesses since the respective acquisition dates are included in the Company's consolidated statements of operations.
For the years ended September 30,
20192018
Pro forma revenue$86,206$78,130
Pro forma net income (loss)$889$(12,268)
"} {"question": "Which year would have a higher amount of pro forma revenue if the value in 2018 was $80,000 thousand instead?", "answer": ["2019"], "context": "The following unaudited pro forma financial information is presented as if the acquisitions had taken place at the beginning of the periods presented and should not be taken as representative of the Company’s future consolidated results of operations. The following unaudited pro forma information includes adjustments for the amortization expense related to the identified intangible assets. The following table summarizes the Company’s unaudited pro forma financial information is presented as if the acquisitions occurred on October 1, 2017 (amounts shown in thousands): For the year ended September 30, 2018, revenue of $9.1 million and a net loss of $5.3 million related to the A2iA and ICAR businesses since the respective acquisition dates are included in the Company's consolidated statements of operations.
For the years ended September 30,
20192018
Pro forma revenue$86,206$78,130
Pro forma net income (loss)$889$(12,268)
"} {"question": "What would be the change in the Dividends per share declared between 2018 and 2019 if the dividends per share declared in 2018 was $1.00 instead?", "answer": ["0.6"], "context": "Dividends The following is a summary of our fiscal 2019, 2018 and 2017 activities related to dividends on our common stock (in millions, except per share amounts). On May 22, 2019, we declared a cash dividend of $0.48 per share of common stock, payable on July 24, 2019 to shareholders of record as of the close of business on July 5, 2019. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements. All dividends declared have been determined by the Company to be legally authorized under the laws of the state in which we are incorporated.
Year Ended
April 26, 2019April 27, 2018April 28, 2017
Dividends per share declared$ 1.60$ 0.80$ 0.76
Dividend payments allocated to additional paid-in capital$ 403$ 106$ 88
Dividend payments allocated to retained earnings (accumulated deficit)$ —$ 108$ 120
"} {"question": "What would be the change in the Dividend payments allocated to retained earnings (accumulated deficit) between 2017 and 2018 if the amount of dividend payments allocated in 2018 was $150 million instead?", "answer": ["30"], "context": "Dividends The following is a summary of our fiscal 2019, 2018 and 2017 activities related to dividends on our common stock (in millions, except per share amounts). On May 22, 2019, we declared a cash dividend of $0.48 per share of common stock, payable on July 24, 2019 to shareholders of record as of the close of business on July 5, 2019. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements. All dividends declared have been determined by the Company to be legally authorized under the laws of the state in which we are incorporated.
Year Ended
April 26, 2019April 27, 2018April 28, 2017
Dividends per share declared$ 1.60$ 0.80$ 0.76
Dividend payments allocated to additional paid-in capital$ 403$ 106$ 88
Dividend payments allocated to retained earnings (accumulated deficit)$ —$ 108$ 120
"} {"question": "What would be the percentage change in the Dividend payments allocated to additional paid-in capital between 2017 and 2018 if Dividend payments allocated to additional paid-in capital in 2018 was $200 million instead?", "answer": ["127.27"], "context": "Dividends The following is a summary of our fiscal 2019, 2018 and 2017 activities related to dividends on our common stock (in millions, except per share amounts). On May 22, 2019, we declared a cash dividend of $0.48 per share of common stock, payable on July 24, 2019 to shareholders of record as of the close of business on July 5, 2019. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements. All dividends declared have been determined by the Company to be legally authorized under the laws of the state in which we are incorporated.
Year Ended
April 26, 2019April 27, 2018April 28, 2017
Dividends per share declared$ 1.60$ 0.80$ 0.76
Dividend payments allocated to additional paid-in capital$ 403$ 106$ 88
Dividend payments allocated to retained earnings (accumulated deficit)$ —$ 108$ 120
"} {"question": "What would be the percentage change in total income before tax between 2017 and 2018 if income in 2018 is increased by $50,000?", "answer": ["73.2"], "context": "NOTE 13 – INCOME TAX The domestic and foreign components of loss before income taxes from operations for the years ended December 31, 2019, 2018 and 2017 are as follows:
For the Years Ended December 31,
201920182017
(in thousands)
Domestic$(22,708)$29,110$17,120
Foreign—(320)(469)
$(22,708)$28,790$16,651
"} {"question": "What would be the average income before tax in 2017 and 2018 if income before tax in 2018 is decreased by 5,000,000?", "answer": ["20220.5"], "context": "NOTE 13 – INCOME TAX The domestic and foreign components of loss before income taxes from operations for the years ended December 31, 2019, 2018 and 2017 are as follows:
For the Years Ended December 31,
201920182017
(in thousands)
Domestic$(22,708)$29,110$17,120
Foreign—(320)(469)
$(22,708)$28,790$16,651
"} {"question": "What would be the total foreign component of loss before income tax in 2017 and 2018 if the total loss in doubled and then decreased by $1,000,000?", "answer": ["578"], "context": "NOTE 13 – INCOME TAX The domestic and foreign components of loss before income taxes from operations for the years ended December 31, 2019, 2018 and 2017 are as follows:
For the Years Ended December 31,
201920182017
(in thousands)
Domestic$(22,708)$29,110$17,120
Foreign—(320)(469)
$(22,708)$28,790$16,651
"} {"question": " What percentage change is the number of employees in the Sales and Marketing department from 2019 to 2020 if there were 2 times the number of employees originally in 2020?", "answer": ["115.79"], "context": "Our number of employees is as follows: On August 3, 2018, we implemented a plan to restructure our organization, which included a reduction in workforce of approximately 40 employees, representing approximately 30% of the Company’s total pre-restructuring workforce. We recorded a charge of $381,000 in the third quarter of 2018 relating to this reduction in force, consisting primarily of one-time severance payments and termination benefits. The Company’s goal in the restructuring is to better focus our workforce on retaining current clients, gaining incremental business from current clients, and winning new business in the market segments where we can leverage our expertise and long history as an EFT pioneer. Employees
March 1,
Department20202019
Sales and Marketing4138
Engineering139
Professional Services66
Customer Support2222
Management and Administration1817
Total10092
"} {"question": "By what percentage did the number of employees in the Engineering department decrease by from 2019 to 2020 if there were 1.5 times the number of employees originally in 2020?", "answer": ["116.67"], "context": "Our number of employees is as follows: On August 3, 2018, we implemented a plan to restructure our organization, which included a reduction in workforce of approximately 40 employees, representing approximately 30% of the Company’s total pre-restructuring workforce. We recorded a charge of $381,000 in the third quarter of 2018 relating to this reduction in force, consisting primarily of one-time severance payments and termination benefits. The Company’s goal in the restructuring is to better focus our workforce on retaining current clients, gaining incremental business from current clients, and winning new business in the market segments where we can leverage our expertise and long history as an EFT pioneer. Employees
March 1,
Department20202019
Sales and Marketing4138
Engineering139
Professional Services66
Customer Support2222
Management and Administration1817
Total10092
"} {"question": "How much was the company charged approximately for each employee that was dismissed if the cost were to double?", "answer": ["19050"], "context": "Our number of employees is as follows: On August 3, 2018, we implemented a plan to restructure our organization, which included a reduction in workforce of approximately 40 employees, representing approximately 30% of the Company’s total pre-restructuring workforce. We recorded a charge of $381,000 in the third quarter of 2018 relating to this reduction in force, consisting primarily of one-time severance payments and termination benefits. The Company’s goal in the restructuring is to better focus our workforce on retaining current clients, gaining incremental business from current clients, and winning new business in the market segments where we can leverage our expertise and long history as an EFT pioneer. Employees
March 1,
Department20202019
Sales and Marketing4138
Engineering139
Professional Services66
Customer Support2222
Management and Administration1817
Total10092
"} {"question": "In which year would the accrued interest be higher if the accrued interest in 2019 is 37,829 thousand?", "answer": ["2018"], "context": "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) 14. Other Payables and Accruals An analysis of other payables and accruals is as follows: The unearned revenue represents charter hires received in advance in December 2019 relating to the hire period of January 2020 for 22 vessels (December 2018: 17 vessels).
As of December 31,
20182019
Unearned revenue38,68048,183
Accrued off-hire7,3766,968
Accrued purchases18,5789,759
Accrued interest38,10736,746
Other accruals24,70934,586
Total127,450136,242
"} {"question": "What would be the change in accrued purchases from 2018 to 2019 if the accrued purchases in 2018 is 7,920 thousand?", "answer": ["1839"], "context": "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) 14. Other Payables and Accruals An analysis of other payables and accruals is as follows: The unearned revenue represents charter hires received in advance in December 2019 relating to the hire period of January 2020 for 22 vessels (December 2018: 17 vessels).
As of December 31,
20182019
Unearned revenue38,68048,183
Accrued off-hire7,3766,968
Accrued purchases18,5789,759
Accrued interest38,10736,746
Other accruals24,70934,586
Total127,450136,242
"} {"question": "What would be the percentage change in total payables and accruals from 2018 to 2019 if the total payables and accruals in 2019 is 140,321 thousand?", "answer": ["10.1"], "context": "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) 14. Other Payables and Accruals An analysis of other payables and accruals is as follows: The unearned revenue represents charter hires received in advance in December 2019 relating to the hire period of January 2020 for 22 vessels (December 2018: 17 vessels).
As of December 31,
20182019
Unearned revenue38,68048,183
Accrued off-hire7,3766,968
Accrued purchases18,5789,759
Accrued interest38,10736,746
Other accruals24,70934,586
Total127,450136,242
"} {"question": "If the Profit (loss) from continuing operations increase to 94,410 in 2017, what is the revised?", "answer": ["275468"], "context": "Financial information of associates and joint ventures: There is no individually significant associate or joint venture for the Company. For individually immaterial associates and joint ventures, the following tables summarize the amount recognized by the Company at its share of those associates and joint ventures separately. When an associate or a joint venture is a foreign operation, and the functional currency of the foreign entity is different from the Company, an exchange difference arising from translation of the foreign entity will be recognized in other comprehensive income (loss). Such exchange differences recognized in other comprehensive income (loss) in the financial statements for the years ended December 31, 2017, 2018 and 2019 were NT$45 million, NT$(16) million and NT$(9) million, respectively, which were not included in the following table. The aggregate amount of the Company’s share of all its individually immaterial associates that are accounted for using the equity method was as follows:
For the years ended December 31,
201720182019
$NT(In Thousands)$NT (In Thousands)$NT (In Thousands)
Profit (loss) from continuing operations$77,589$(616,665)$115,329
Post-tax profit from discontinued operations80,248——
Other comprehensive income (loss)526,773(82,871)873,308
Total comprehensive income (loss)$684,610$(699,536)$988,637
"} {"question": "What would be the increase/ (decrease) in Total comprehensive income (loss) if the value in 2018 is reduced to 572,577?", "answer": ["-126959"], "context": "Financial information of associates and joint ventures: There is no individually significant associate or joint venture for the Company. For individually immaterial associates and joint ventures, the following tables summarize the amount recognized by the Company at its share of those associates and joint ventures separately. When an associate or a joint venture is a foreign operation, and the functional currency of the foreign entity is different from the Company, an exchange difference arising from translation of the foreign entity will be recognized in other comprehensive income (loss). Such exchange differences recognized in other comprehensive income (loss) in the financial statements for the years ended December 31, 2017, 2018 and 2019 were NT$45 million, NT$(16) million and NT$(9) million, respectively, which were not included in the following table. The aggregate amount of the Company’s share of all its individually immaterial associates that are accounted for using the equity method was as follows:
For the years ended December 31,
201720182019
$NT(In Thousands)$NT (In Thousands)$NT (In Thousands)
Profit (loss) from continuing operations$77,589$(616,665)$115,329
Post-tax profit from discontinued operations80,248——
Other comprehensive income (loss)526,773(82,871)873,308
Total comprehensive income (loss)$684,610$(699,536)$988,637
"} {"question": "What would be the increase/ (decrease) in Profit (loss) from continuing operations if the value in 2018 is reduced to 562,127?", "answer": ["-54538"], "context": "Financial information of associates and joint ventures: There is no individually significant associate or joint venture for the Company. For individually immaterial associates and joint ventures, the following tables summarize the amount recognized by the Company at its share of those associates and joint ventures separately. When an associate or a joint venture is a foreign operation, and the functional currency of the foreign entity is different from the Company, an exchange difference arising from translation of the foreign entity will be recognized in other comprehensive income (loss). Such exchange differences recognized in other comprehensive income (loss) in the financial statements for the years ended December 31, 2017, 2018 and 2019 were NT$45 million, NT$(16) million and NT$(9) million, respectively, which were not included in the following table. The aggregate amount of the Company’s share of all its individually immaterial associates that are accounted for using the equity method was as follows:
For the years ended December 31,
201720182019
$NT(In Thousands)$NT (In Thousands)$NT (In Thousands)
Profit (loss) from continuing operations$77,589$(616,665)$115,329
Post-tax profit from discontinued operations80,248——
Other comprehensive income (loss)526,773(82,871)873,308
Total comprehensive income (loss)$684,610$(699,536)$988,637
"} {"question": "Which year would have a higher weighted-average exercise price for options outstanding and exercisable if the price in 2019 is $27.04 instead?", "answer": ["2018"], "context": "Stock Options The following table summarizes activity involving stock option awards for the year ended December 31, 2019: The aggregate intrinsic value of our options outstanding and exercisable at December 31, 2019 was less than $1 million. The weighted-average remaining contractual term for such options was 0.18 years. During 2019, we received net cash proceeds of less than $1 million in connection with our option exercises. The tax benefit realized from these exercises was less than $1 million. The total intrinsic value of options exercised for the years ended December 31, 2019, 2018 and 2017, was less than $1 million each year.
Number of optionsWeighted-Average Exercise Price
(in thousands)
Outstanding and Exercisable at December 31, 2018543$27.46
Exercised(6)11.38
Forfeited/Expired(68)24.78
Outstanding and Exercisable at December 31, 201946928.04
"} {"question": "What would the change in the number of options outstanding and exercisable in 2019 from 2018 be if the amount for 2019 is 500,000 instead?", "answer": ["-43"], "context": "Stock Options The following table summarizes activity involving stock option awards for the year ended December 31, 2019: The aggregate intrinsic value of our options outstanding and exercisable at December 31, 2019 was less than $1 million. The weighted-average remaining contractual term for such options was 0.18 years. During 2019, we received net cash proceeds of less than $1 million in connection with our option exercises. The tax benefit realized from these exercises was less than $1 million. The total intrinsic value of options exercised for the years ended December 31, 2019, 2018 and 2017, was less than $1 million each year.
Number of optionsWeighted-Average Exercise Price
(in thousands)
Outstanding and Exercisable at December 31, 2018543$27.46
Exercised(6)11.38
Forfeited/Expired(68)24.78
Outstanding and Exercisable at December 31, 201946928.04
"} {"question": "What would the percentage change in the weighted-average exercise price for options outstanding and exercisable in 2019 from 2018 be if the price in 2019 is $28.46 instead?", "answer": ["3.64"], "context": "Stock Options The following table summarizes activity involving stock option awards for the year ended December 31, 2019: The aggregate intrinsic value of our options outstanding and exercisable at December 31, 2019 was less than $1 million. The weighted-average remaining contractual term for such options was 0.18 years. During 2019, we received net cash proceeds of less than $1 million in connection with our option exercises. The tax benefit realized from these exercises was less than $1 million. The total intrinsic value of options exercised for the years ended December 31, 2019, 2018 and 2017, was less than $1 million each year.
Number of optionsWeighted-Average Exercise Price
(in thousands)
Outstanding and Exercisable at December 31, 2018543$27.46
Exercised(6)11.38
Forfeited/Expired(68)24.78
Outstanding and Exercisable at December 31, 201946928.04
"} {"question": "If the Cost of services in 2019 reduced to 8,254 million what would be the revised change?", "answer": ["-2605"], "context": "Cost of Services Cost of services decreased $204 million, or 1.9%, during 2019 compared to 2018, primarily due to lower access costs resulting from a decline in voice connections, as well as lower employee-related costs associated with the lower headcount resulting from the Voluntary Separation Program, offset by an increase in regulatory fees. Cost of Wireless Equipment Cost of wireless equipment increased $173 million, or 3.8%, during 2019 compared to 2018, primarily driven by a shift to higher priced units in the mix of wireless devices sold and an increase in the number of wireless devices sold. Selling, General and Administrative Expense Selling, general and administrative expense increased $499 million, or 6.5%, during 2019 compared to 2018, due to increases in advertising expenses and sales commission expense, which were partially offset by decreases in employee-related costs resulting from the Voluntary Separation Program. The increase in sales commission expense was primarily due to a lower net deferral of commission costs in 2019 as compared to 2018 as a result of the adoption of Topic 606 on January 1, 2018 using a modified retrospective approach. Depreciation and Amortization Expense Depreciation and amortization expense decreased $153 million, or 3.6%, during 2019 compared to 2018, driven by the change in the mix of total Verizon depreciable assets and Business’s usage of those assets.
(dollars in millions) Increase/ (Decrease)
Years Ended December 31,201920182019 vs. 2018
Cost of services$10,655$10,859$(204)(1.9)%
Cost of wireless equipment4,7334,5601733.8
Selling, general and administrative expense8,1887,6894996.5
Depreciation and amortization expense4,1054,258(153)(3.6)
Total Operating Expenses$ 27,681$ 27,366$ 3151.2
"} {"question": "If the Cost of wireless equipment in 2019 increased to 5,987 million what would be the revised change?", "answer": ["1427"], "context": "Cost of Services Cost of services decreased $204 million, or 1.9%, during 2019 compared to 2018, primarily due to lower access costs resulting from a decline in voice connections, as well as lower employee-related costs associated with the lower headcount resulting from the Voluntary Separation Program, offset by an increase in regulatory fees. Cost of Wireless Equipment Cost of wireless equipment increased $173 million, or 3.8%, during 2019 compared to 2018, primarily driven by a shift to higher priced units in the mix of wireless devices sold and an increase in the number of wireless devices sold. Selling, General and Administrative Expense Selling, general and administrative expense increased $499 million, or 6.5%, during 2019 compared to 2018, due to increases in advertising expenses and sales commission expense, which were partially offset by decreases in employee-related costs resulting from the Voluntary Separation Program. The increase in sales commission expense was primarily due to a lower net deferral of commission costs in 2019 as compared to 2018 as a result of the adoption of Topic 606 on January 1, 2018 using a modified retrospective approach. Depreciation and Amortization Expense Depreciation and amortization expense decreased $153 million, or 3.6%, during 2019 compared to 2018, driven by the change in the mix of total Verizon depreciable assets and Business’s usage of those assets.
(dollars in millions) Increase/ (Decrease)
Years Ended December 31,201920182019 vs. 2018
Cost of services$10,655$10,859$(204)(1.9)%
Cost of wireless equipment4,7334,5601733.8
Selling, general and administrative expense8,1887,6894996.5
Depreciation and amortization expense4,1054,258(153)(3.6)
Total Operating Expenses$ 27,681$ 27,366$ 3151.2
"} {"question": "If the Selling, general and administrative expense in 2019 reduced to 6,814 million what would be the revised change?", "answer": ["-875"], "context": "Cost of Services Cost of services decreased $204 million, or 1.9%, during 2019 compared to 2018, primarily due to lower access costs resulting from a decline in voice connections, as well as lower employee-related costs associated with the lower headcount resulting from the Voluntary Separation Program, offset by an increase in regulatory fees. Cost of Wireless Equipment Cost of wireless equipment increased $173 million, or 3.8%, during 2019 compared to 2018, primarily driven by a shift to higher priced units in the mix of wireless devices sold and an increase in the number of wireless devices sold. Selling, General and Administrative Expense Selling, general and administrative expense increased $499 million, or 6.5%, during 2019 compared to 2018, due to increases in advertising expenses and sales commission expense, which were partially offset by decreases in employee-related costs resulting from the Voluntary Separation Program. The increase in sales commission expense was primarily due to a lower net deferral of commission costs in 2019 as compared to 2018 as a result of the adoption of Topic 606 on January 1, 2018 using a modified retrospective approach. Depreciation and Amortization Expense Depreciation and amortization expense decreased $153 million, or 3.6%, during 2019 compared to 2018, driven by the change in the mix of total Verizon depreciable assets and Business’s usage of those assets.
(dollars in millions) Increase/ (Decrease)
Years Ended December 31,201920182019 vs. 2018
Cost of services$10,655$10,859$(204)(1.9)%
Cost of wireless equipment4,7334,5601733.8
Selling, general and administrative expense8,1887,6894996.5
Depreciation and amortization expense4,1054,258(153)(3.6)
Total Operating Expenses$ 27,681$ 27,366$ 3151.2
"} {"question": "What would be the change in net cash from operating activities between 2018 and 2019 if net cash from operating activities in 2018 was $200,000 thousand instead?", "answer": ["62351"], "context": "Cash Flows The following table sets forth summary cash flow data for the periods indicated (in thousands). Cash Flow from Operating Activities Net cash flows provided by operating activities for the year ended December 31, 2019, were $137.6 million as compared to $183.9 million during the same period in 2018. Net cash provided by operating activities primarily consists of net income adjusted to add back depreciation, amortization, and stock-based compensation. Cash flows provided by operating activities were $46.3 million lower for the year ended December 31, 2019, compared to the same period in 2018, due to the timing of working capital. Our current policy is to use our operating cash flow primarily for funding capital expenditures, lease payments, stock repurchases, and acquisitions. Cash Flow from Investing Activities During the year ended December 31, 2019, we paid $753.9 million, net of $0.1 million in cash acquired, to acquire Speedpay. We also used cash of $18.5 million to invest in a payment technology and services company in India and $7.0 million to acquire the technology assets of RevChip, LLC and TranSend Integrated Technologies Inc. In addition, we used cash of $48.0 million to purchase software, property and equipment, as compared to $43.9 million during the same period in 2018. Cash Flow from Financing Activities Net cash flows provided by financing activities for the year ended December 31, 2019, were $667.2 million, as compared to net cash flows used by financing activities of $57.7 million during the same period in 2018. During 2019, we received proceeds of $500.0 million from our Delayed Draw Term Loan and $280.0 million from our Revolving Credit Facility to fund our purchase of Speedpay and stock repurchases, and we repaid $28.9 million on the Initial Term Loan and $41.0 million on the Revolving Credit Facility. In addition, we received proceeds of $16.6 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $4.0 million for the repurchase of stock-based compensation awards for tax withholdings. During 2019, we also used $35.6 million to repurchase common stock. During 2018, we received proceeds of $400.0 million from the issuance of the 2026 Notes. We used $300.0 million of the proceeds to redeem, in full, our outstanding 6.375% Senior Notes due 2020 and repaid $109.3 million on the Initial Term Loan. In addition, during 2018, we received proceeds of $22.8 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $2.6 million for the repurchase of restricted share awards (\"RSAs\") for tax withholdings. During 2018, we also used $54.5 million to repurchase common stock.
Years Ended December 31,
20192018
Net cash provided by (used in):
Operating activities$137,649$183,932
Investing activities-830,481-45,360
Financing activities667,223-57,704
"} {"question": "What would be the change in net cash used in investing activities between 2018 and 2019 if net cash used in investing activities in 2018 was -$800,000 thousand instead?", "answer": ["-30481"], "context": "Cash Flows The following table sets forth summary cash flow data for the periods indicated (in thousands). Cash Flow from Operating Activities Net cash flows provided by operating activities for the year ended December 31, 2019, were $137.6 million as compared to $183.9 million during the same period in 2018. Net cash provided by operating activities primarily consists of net income adjusted to add back depreciation, amortization, and stock-based compensation. Cash flows provided by operating activities were $46.3 million lower for the year ended December 31, 2019, compared to the same period in 2018, due to the timing of working capital. Our current policy is to use our operating cash flow primarily for funding capital expenditures, lease payments, stock repurchases, and acquisitions. Cash Flow from Investing Activities During the year ended December 31, 2019, we paid $753.9 million, net of $0.1 million in cash acquired, to acquire Speedpay. We also used cash of $18.5 million to invest in a payment technology and services company in India and $7.0 million to acquire the technology assets of RevChip, LLC and TranSend Integrated Technologies Inc. In addition, we used cash of $48.0 million to purchase software, property and equipment, as compared to $43.9 million during the same period in 2018. Cash Flow from Financing Activities Net cash flows provided by financing activities for the year ended December 31, 2019, were $667.2 million, as compared to net cash flows used by financing activities of $57.7 million during the same period in 2018. During 2019, we received proceeds of $500.0 million from our Delayed Draw Term Loan and $280.0 million from our Revolving Credit Facility to fund our purchase of Speedpay and stock repurchases, and we repaid $28.9 million on the Initial Term Loan and $41.0 million on the Revolving Credit Facility. In addition, we received proceeds of $16.6 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $4.0 million for the repurchase of stock-based compensation awards for tax withholdings. During 2019, we also used $35.6 million to repurchase common stock. During 2018, we received proceeds of $400.0 million from the issuance of the 2026 Notes. We used $300.0 million of the proceeds to redeem, in full, our outstanding 6.375% Senior Notes due 2020 and repaid $109.3 million on the Initial Term Loan. In addition, during 2018, we received proceeds of $22.8 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $2.6 million for the repurchase of restricted share awards (\"RSAs\") for tax withholdings. During 2018, we also used $54.5 million to repurchase common stock.
Years Ended December 31,
20192018
Net cash provided by (used in):
Operating activities$137,649$183,932
Investing activities-830,481-45,360
Financing activities667,223-57,704
"} {"question": "What would be the percentage change in net cash from financing activities between 2018 and 2019 if net cash from financing activities in 2018 was $500,000 thousand instead?", "answer": ["33.44"], "context": "Cash Flows The following table sets forth summary cash flow data for the periods indicated (in thousands). Cash Flow from Operating Activities Net cash flows provided by operating activities for the year ended December 31, 2019, were $137.6 million as compared to $183.9 million during the same period in 2018. Net cash provided by operating activities primarily consists of net income adjusted to add back depreciation, amortization, and stock-based compensation. Cash flows provided by operating activities were $46.3 million lower for the year ended December 31, 2019, compared to the same period in 2018, due to the timing of working capital. Our current policy is to use our operating cash flow primarily for funding capital expenditures, lease payments, stock repurchases, and acquisitions. Cash Flow from Investing Activities During the year ended December 31, 2019, we paid $753.9 million, net of $0.1 million in cash acquired, to acquire Speedpay. We also used cash of $18.5 million to invest in a payment technology and services company in India and $7.0 million to acquire the technology assets of RevChip, LLC and TranSend Integrated Technologies Inc. In addition, we used cash of $48.0 million to purchase software, property and equipment, as compared to $43.9 million during the same period in 2018. Cash Flow from Financing Activities Net cash flows provided by financing activities for the year ended December 31, 2019, were $667.2 million, as compared to net cash flows used by financing activities of $57.7 million during the same period in 2018. During 2019, we received proceeds of $500.0 million from our Delayed Draw Term Loan and $280.0 million from our Revolving Credit Facility to fund our purchase of Speedpay and stock repurchases, and we repaid $28.9 million on the Initial Term Loan and $41.0 million on the Revolving Credit Facility. In addition, we received proceeds of $16.6 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $4.0 million for the repurchase of stock-based compensation awards for tax withholdings. During 2019, we also used $35.6 million to repurchase common stock. During 2018, we received proceeds of $400.0 million from the issuance of the 2026 Notes. We used $300.0 million of the proceeds to redeem, in full, our outstanding 6.375% Senior Notes due 2020 and repaid $109.3 million on the Initial Term Loan. In addition, during 2018, we received proceeds of $22.8 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $2.6 million for the repurchase of restricted share awards (\"RSAs\") for tax withholdings. During 2018, we also used $54.5 million to repurchase common stock.
Years Ended December 31,
20192018
Net cash provided by (used in):
Operating activities$137,649$183,932
Investing activities-830,481-45,360
Financing activities667,223-57,704
"} {"question": "In which year would the amortization of purchased intangibles included in the CTS operating results be lower if the value in 2017 was $4.7 million instead?", "answer": ["2017"], "context": "Cubic Transportation Systems Sales: CTS sales increased 16% to $670.7 million in 2018 compared to $578.6 million in 2017 and were higher in North America and the U.K., but were slightly lower in Australia. Sales in 2018 were higher in the U.S. primarily due to system development on the New York New Fare Payment System contract, which was awarded in October 2017. Increased work on both development and service contracts, including work on new change orders in London also increased CTS sales for the year. Sales were also positively impacted in the U.K. and Australia due to the impact of exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in an increase in CTS sales of $12.4 million for 2018 compared to 2017, primarily due to the strengthening of the British Pound against the U.S. dollar. Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $5.2 million in 2018 and $5.7 million in 2017. Operating Income: CTS operating income increased 52% in 2018 to $60.4 million compared to $39.8 million in 2017. For 2018, operating income was higher from increased volumes of system development work and services, including work on new projects and change orders, primarily in North America and the U.K. Operating income was also higher due to operational efficiencies and reductions in R&D spending. R&D expenses for CTS in 2017 included $6.4 million of system development expenses related to our anticipated contract with the New York Metropolitan Transit Authority that was awarded in early fiscal 2018; such expenses incurred in 2018 on this contract are classified as cost of sales. During the first quarter of fiscal year 2018 CTS implemented our new enterprise resource planning (ERP) system, and as a result began depreciating the cost of certain capitalized software into its operating results. This resulted in a decrease in operating income of $4.2 million between fiscal 2017 and fiscal 2018. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in an increase in CTS operating income of $2.2 million for 2018 compared to 2017. Adjusted EBITDA: CTS Adjusted EBITDA increased 50% to $73.3 million in 2018 compared to $48.8 million in 2017 primarily due to the same items described in the operating income section above. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increase in depreciation and decrease in amortization which are excluded from Adjusted EBITDA.
Fiscal 2018Fiscal 2017% Change
(in millions)
Sales$ 670.7$ 578.616 %
Operating income60.439.852
Adjusted EBITDA73.348.850
"} {"question": "What would the change in CTS adjusted EBITDA be if the amount in 2018 was $73.8 million instead?", "answer": ["25"], "context": "Cubic Transportation Systems Sales: CTS sales increased 16% to $670.7 million in 2018 compared to $578.6 million in 2017 and were higher in North America and the U.K., but were slightly lower in Australia. Sales in 2018 were higher in the U.S. primarily due to system development on the New York New Fare Payment System contract, which was awarded in October 2017. Increased work on both development and service contracts, including work on new change orders in London also increased CTS sales for the year. Sales were also positively impacted in the U.K. and Australia due to the impact of exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in an increase in CTS sales of $12.4 million for 2018 compared to 2017, primarily due to the strengthening of the British Pound against the U.S. dollar. Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $5.2 million in 2018 and $5.7 million in 2017. Operating Income: CTS operating income increased 52% in 2018 to $60.4 million compared to $39.8 million in 2017. For 2018, operating income was higher from increased volumes of system development work and services, including work on new projects and change orders, primarily in North America and the U.K. Operating income was also higher due to operational efficiencies and reductions in R&D spending. R&D expenses for CTS in 2017 included $6.4 million of system development expenses related to our anticipated contract with the New York Metropolitan Transit Authority that was awarded in early fiscal 2018; such expenses incurred in 2018 on this contract are classified as cost of sales. During the first quarter of fiscal year 2018 CTS implemented our new enterprise resource planning (ERP) system, and as a result began depreciating the cost of certain capitalized software into its operating results. This resulted in a decrease in operating income of $4.2 million between fiscal 2017 and fiscal 2018. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in an increase in CTS operating income of $2.2 million for 2018 compared to 2017. Adjusted EBITDA: CTS Adjusted EBITDA increased 50% to $73.3 million in 2018 compared to $48.8 million in 2017 primarily due to the same items described in the operating income section above. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increase in depreciation and decrease in amortization which are excluded from Adjusted EBITDA.
Fiscal 2018Fiscal 2017% Change
(in millions)
Sales$ 670.7$ 578.616 %
Operating income60.439.852
Adjusted EBITDA73.348.850
"} {"question": "What would the average operating income in 2017 and 2018 be if the amount in 2017 was $39.6 million instead?", "answer": ["50"], "context": "Cubic Transportation Systems Sales: CTS sales increased 16% to $670.7 million in 2018 compared to $578.6 million in 2017 and were higher in North America and the U.K., but were slightly lower in Australia. Sales in 2018 were higher in the U.S. primarily due to system development on the New York New Fare Payment System contract, which was awarded in October 2017. Increased work on both development and service contracts, including work on new change orders in London also increased CTS sales for the year. Sales were also positively impacted in the U.K. and Australia due to the impact of exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in an increase in CTS sales of $12.4 million for 2018 compared to 2017, primarily due to the strengthening of the British Pound against the U.S. dollar. Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $5.2 million in 2018 and $5.7 million in 2017. Operating Income: CTS operating income increased 52% in 2018 to $60.4 million compared to $39.8 million in 2017. For 2018, operating income was higher from increased volumes of system development work and services, including work on new projects and change orders, primarily in North America and the U.K. Operating income was also higher due to operational efficiencies and reductions in R&D spending. R&D expenses for CTS in 2017 included $6.4 million of system development expenses related to our anticipated contract with the New York Metropolitan Transit Authority that was awarded in early fiscal 2018; such expenses incurred in 2018 on this contract are classified as cost of sales. During the first quarter of fiscal year 2018 CTS implemented our new enterprise resource planning (ERP) system, and as a result began depreciating the cost of certain capitalized software into its operating results. This resulted in a decrease in operating income of $4.2 million between fiscal 2017 and fiscal 2018. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in an increase in CTS operating income of $2.2 million for 2018 compared to 2017. Adjusted EBITDA: CTS Adjusted EBITDA increased 50% to $73.3 million in 2018 compared to $48.8 million in 2017 primarily due to the same items described in the operating income section above. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increase in depreciation and decrease in amortization which are excluded from Adjusted EBITDA.
Fiscal 2018Fiscal 2017% Change
(in millions)
Sales$ 670.7$ 578.616 %
Operating income60.439.852
Adjusted EBITDA73.348.850
"} {"question": "Which period would have a larger total estimated aggregate consideration if the total estimated aggregate consideration under the balance as of October 31, 2018 is $19,622 million?", "answer": ["October 31, 2018"], "context": "The aggregate cash payments required to be paid on or about the closing date were funded with the proceeds of $7.945 billion of term loans and $400 million of funds borrowed under our revolving credit facility together with other available funds, which included $1.825 billion borrowed from Level 3 Parent, LLC. For additional information regarding CenturyLink’s financing of the Level 3 acquisition see Note 7—Long-Term Debt and Credit Facilities. We recognized the assets and liabilities of Level 3 based on the fair value of the acquired tangible and intangible assets and assumed liabilities of Level 3 as of November 1, 2017, the consummation date of the acquisition, with the excess aggregate consideration recorded as goodwill. The estimation of such fair values and the estimation of lives of depreciable tangible assets and amortizable intangible assets required significant judgment. We completed our final fair value determination during the fourth quarter of 2018, which differed from those reflected in our consolidated financial statements at December 31, 2017. In connection with receiving approval from the U.S. Department of Justice to complete the Level 3 acquisition we agreed to divest certain Level 3 network assets. All of those assets were sold by December 31, 2018. The proceeds from these sales were included in the proceeds from sale of property, plant and equipment in our consolidated statements of cash flows. No gain or loss was recognized with these transactions. As of October 31, 2018, the aggregate consideration exceeded the aggregate estimated fair value of the acquired assets and assumed liabilities by $11.2 billion, which we have recognized as goodwill. The goodwill is attributable to strategic benefits, including enhanced financial and operational scale, market diversification and leveraged combined networks that we expect to realize. None of the goodwill associated with this acquisition is deductible for income tax purposes. The following is our assignment of the aggregate consideration: (1) Includes accounts receivable, which had a gross contractual value of $884 million on November 1, 2017 and October 31, 2018. (2) The weighted-average amortization period for the acquired intangible assets is approximately 12.0 years. On the acquisition date, we assumed Level 3’s contingencies. For more information on our contingencies, see Note 19—Commitments, Contingencies and Other Items.
Adjusted November 1, 2017 Balance as of December 31, 2017Purchase Price AdjustmentsAdjusted November 1, 2017 Balance as of October 31, 2018
(Dollars in millions)
Cash,accounts receivable and other current assets(1)$3,317(26)3,291
Property, plant and equipment9,3111579,468
Identifiable intangible assets(2)
Customer relationships8,964(533)8,431
Other391(13)378
Other non current assets782216998
Current liabilities, excluding current maturities of long-term debt(1,461)(32)(1,493)
Current maturities of long-term debt(7)—(7)
Long-term debt(10,888)—(10,888)
Deferred revenue and other liabilities(1,629)(114)(1,743)
Goodwill10,83734011,177
Total estimated aggregate consideration$19,617(5)19,612
"} {"question": "What would property, plant and equipment expressed as a ratio of the total estimated aggregate consideration under the balance as of December 31, 2017 be if the amount for property, plant and equipment is $9,000 million?", "answer": ["46.62"], "context": "The aggregate cash payments required to be paid on or about the closing date were funded with the proceeds of $7.945 billion of term loans and $400 million of funds borrowed under our revolving credit facility together with other available funds, which included $1.825 billion borrowed from Level 3 Parent, LLC. For additional information regarding CenturyLink’s financing of the Level 3 acquisition see Note 7—Long-Term Debt and Credit Facilities. We recognized the assets and liabilities of Level 3 based on the fair value of the acquired tangible and intangible assets and assumed liabilities of Level 3 as of November 1, 2017, the consummation date of the acquisition, with the excess aggregate consideration recorded as goodwill. The estimation of such fair values and the estimation of lives of depreciable tangible assets and amortizable intangible assets required significant judgment. We completed our final fair value determination during the fourth quarter of 2018, which differed from those reflected in our consolidated financial statements at December 31, 2017. In connection with receiving approval from the U.S. Department of Justice to complete the Level 3 acquisition we agreed to divest certain Level 3 network assets. All of those assets were sold by December 31, 2018. The proceeds from these sales were included in the proceeds from sale of property, plant and equipment in our consolidated statements of cash flows. No gain or loss was recognized with these transactions. As of October 31, 2018, the aggregate consideration exceeded the aggregate estimated fair value of the acquired assets and assumed liabilities by $11.2 billion, which we have recognized as goodwill. The goodwill is attributable to strategic benefits, including enhanced financial and operational scale, market diversification and leveraged combined networks that we expect to realize. None of the goodwill associated with this acquisition is deductible for income tax purposes. The following is our assignment of the aggregate consideration: (1) Includes accounts receivable, which had a gross contractual value of $884 million on November 1, 2017 and October 31, 2018. (2) The weighted-average amortization period for the acquired intangible assets is approximately 12.0 years. On the acquisition date, we assumed Level 3’s contingencies. For more information on our contingencies, see Note 19—Commitments, Contingencies and Other Items.
Adjusted November 1, 2017 Balance as of December 31, 2017Purchase Price AdjustmentsAdjusted November 1, 2017 Balance as of October 31, 2018
(Dollars in millions)
Cash,accounts receivable and other current assets(1)$3,317(26)3,291
Property, plant and equipment9,3111579,468
Identifiable intangible assets(2)
Customer relationships8,964(533)8,431
Other391(13)378
Other non current assets782216998
Current liabilities, excluding current maturities of long-term debt(1,461)(32)(1,493)
Current maturities of long-term debt(7)—(7)
Long-term debt(10,888)—(10,888)
Deferred revenue and other liabilities(1,629)(114)(1,743)
Goodwill10,83734011,177
Total estimated aggregate consideration$19,617(5)19,612
"} {"question": "What would the percentage change in other non currrent assets in 2018 be if the amount in the balance as of October 31, 2018 is 900 million?", "answer": ["15.09"], "context": "The aggregate cash payments required to be paid on or about the closing date were funded with the proceeds of $7.945 billion of term loans and $400 million of funds borrowed under our revolving credit facility together with other available funds, which included $1.825 billion borrowed from Level 3 Parent, LLC. For additional information regarding CenturyLink’s financing of the Level 3 acquisition see Note 7—Long-Term Debt and Credit Facilities. We recognized the assets and liabilities of Level 3 based on the fair value of the acquired tangible and intangible assets and assumed liabilities of Level 3 as of November 1, 2017, the consummation date of the acquisition, with the excess aggregate consideration recorded as goodwill. The estimation of such fair values and the estimation of lives of depreciable tangible assets and amortizable intangible assets required significant judgment. We completed our final fair value determination during the fourth quarter of 2018, which differed from those reflected in our consolidated financial statements at December 31, 2017. In connection with receiving approval from the U.S. Department of Justice to complete the Level 3 acquisition we agreed to divest certain Level 3 network assets. All of those assets were sold by December 31, 2018. The proceeds from these sales were included in the proceeds from sale of property, plant and equipment in our consolidated statements of cash flows. No gain or loss was recognized with these transactions. As of October 31, 2018, the aggregate consideration exceeded the aggregate estimated fair value of the acquired assets and assumed liabilities by $11.2 billion, which we have recognized as goodwill. The goodwill is attributable to strategic benefits, including enhanced financial and operational scale, market diversification and leveraged combined networks that we expect to realize. None of the goodwill associated with this acquisition is deductible for income tax purposes. The following is our assignment of the aggregate consideration: (1) Includes accounts receivable, which had a gross contractual value of $884 million on November 1, 2017 and October 31, 2018. (2) The weighted-average amortization period for the acquired intangible assets is approximately 12.0 years. On the acquisition date, we assumed Level 3’s contingencies. For more information on our contingencies, see Note 19—Commitments, Contingencies and Other Items.
Adjusted November 1, 2017 Balance as of December 31, 2017Purchase Price AdjustmentsAdjusted November 1, 2017 Balance as of October 31, 2018
(Dollars in millions)
Cash,accounts receivable and other current assets(1)$3,317(26)3,291
Property, plant and equipment9,3111579,468
Identifiable intangible assets(2)
Customer relationships8,964(533)8,431
Other391(13)378
Other non current assets782216998
Current liabilities, excluding current maturities of long-term debt(1,461)(32)(1,493)
Current maturities of long-term debt(7)—(7)
Long-term debt(10,888)—(10,888)
Deferred revenue and other liabilities(1,629)(114)(1,743)
Goodwill10,83734011,177
Total estimated aggregate consideration$19,617(5)19,612
"} {"question": "In which year would Accrued roadside assistance claim costs be larger if the amount in 2019 was $1,309 thousand instead?", "answer": ["2018"], "context": "Note 17. Other Accrued Expenses and Current Liabilities Other accrued expenses and current liabilities consisted of the following (in thousands):
December 31,
20192018
Accrued purchases$4,328$1,679
Accrued legal and professional fees3,8603,380
Accrued customer-acquisition advertising costs (Note 1)3,7452,831
Deferred Symphony acquisition purchase price (Note 4)3,5173,394
Accrued roadside assistance claim costs1,7091,330
Accrued telephone charges1,6052,000
Financial derivatives (Note 12)2512,859
Accrued restructuring (Note 5)56976
Accrued rent (Note 3)—3,283
Other10,2599,503
$29,330$31,235
"} {"question": "What would the change in Accrued roadside assistance claim costs in 2019 from 2018 be if the amount in 2019 was $1,730 thousand instead?", "answer": ["400"], "context": "Note 17. Other Accrued Expenses and Current Liabilities Other accrued expenses and current liabilities consisted of the following (in thousands):
December 31,
20192018
Accrued purchases$4,328$1,679
Accrued legal and professional fees3,8603,380
Accrued customer-acquisition advertising costs (Note 1)3,7452,831
Deferred Symphony acquisition purchase price (Note 4)3,5173,394
Accrued roadside assistance claim costs1,7091,330
Accrued telephone charges1,6052,000
Financial derivatives (Note 12)2512,859
Accrued restructuring (Note 5)56976
Accrued rent (Note 3)—3,283
Other10,2599,503
$29,330$31,235
"} {"question": "What would the percentage change in Accrued roadside assistance claim costs in 2019 from 2018 be if the amount in 2019 was $1,730 thousand instead?", "answer": ["30.08"], "context": "Note 17. Other Accrued Expenses and Current Liabilities Other accrued expenses and current liabilities consisted of the following (in thousands):
December 31,
20192018
Accrued purchases$4,328$1,679
Accrued legal and professional fees3,8603,380
Accrued customer-acquisition advertising costs (Note 1)3,7452,831
Deferred Symphony acquisition purchase price (Note 4)3,5173,394
Accrued roadside assistance claim costs1,7091,330
Accrued telephone charges1,6052,000
Financial derivatives (Note 12)2512,859
Accrued restructuring (Note 5)56976
Accrued rent (Note 3)—3,283
Other10,2599,503
$29,330$31,235
"} {"question": "In which year would the amount of Issued DSUs be larger if the amount issued in 2019 is 94,588?", "answer": ["2019"], "context": "DSUs Eligible bonuses and RSUs/PSUs may be paid in the form of DSUs when executives or other eligible employees elect to or are required to participate in the plan. The value of a DSU at the issuance date is equal to the value of one BCE common share. For non-management directors, compensation is paid in DSUs until the minimum share ownership requirement is met; thereafter, at least 50% of their compensation is paid in DSUs. There are no vesting requirements relating to DSUs. Dividends in the form of additional DSUs are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares. DSUs are settled when the holder leaves the company. The following table summarizes the status of outstanding DSUs at December 31, 2019 and 2018. (1) The weighted average fair value of the DSUs issued was $59 in 2019 and $55 in 2018.
NUMBER OF DSUs20192018
Outstanding, January 14,391,9974,309,528
Issued (1)84,58894,580
Settlement of RSUs/PSUs146,960112,675
Dividends credited236,079240,879
Settled(236,525)(365,665)
Outstanding, December 314,623,0994,391,997
"} {"question": "What would the fair value of the DSUs issued in 2019 be if the weighted average fair value of the DSUs issued in 2019 is $61?", "answer": ["5159868"], "context": "DSUs Eligible bonuses and RSUs/PSUs may be paid in the form of DSUs when executives or other eligible employees elect to or are required to participate in the plan. The value of a DSU at the issuance date is equal to the value of one BCE common share. For non-management directors, compensation is paid in DSUs until the minimum share ownership requirement is met; thereafter, at least 50% of their compensation is paid in DSUs. There are no vesting requirements relating to DSUs. Dividends in the form of additional DSUs are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares. DSUs are settled when the holder leaves the company. The following table summarizes the status of outstanding DSUs at December 31, 2019 and 2018. (1) The weighted average fair value of the DSUs issued was $59 in 2019 and $55 in 2018.
NUMBER OF DSUs20192018
Outstanding, January 14,391,9974,309,528
Issued (1)84,58894,580
Settlement of RSUs/PSUs146,960112,675
Dividends credited236,079240,879
Settled(236,525)(365,665)
Outstanding, December 314,623,0994,391,997
"} {"question": "What would the average value of the weighted average fair value of the DSUs issued in 2018 and 2019 be if the weighted average fair value of the DSUs issued was $61 in 2019?", "answer": ["58"], "context": "DSUs Eligible bonuses and RSUs/PSUs may be paid in the form of DSUs when executives or other eligible employees elect to or are required to participate in the plan. The value of a DSU at the issuance date is equal to the value of one BCE common share. For non-management directors, compensation is paid in DSUs until the minimum share ownership requirement is met; thereafter, at least 50% of their compensation is paid in DSUs. There are no vesting requirements relating to DSUs. Dividends in the form of additional DSUs are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares. DSUs are settled when the holder leaves the company. The following table summarizes the status of outstanding DSUs at December 31, 2019 and 2018. (1) The weighted average fair value of the DSUs issued was $59 in 2019 and $55 in 2018.
NUMBER OF DSUs20192018
Outstanding, January 14,391,9974,309,528
Issued (1)84,58894,580
Settlement of RSUs/PSUs146,960112,675
Dividends credited236,079240,879
Settled(236,525)(365,665)
Outstanding, December 314,623,0994,391,997
"} {"question": "How many equity shares would 67.9% shareholding represent? ", "answer": ["2547869215.37"], "context": "b. Categories of equity shareholding as on March 31, 2019: c. Top ten equity shareholders of the Company as on March 31, 2019: * Shareholding is consolidated based on Permanent Account Number (PAN) of the shareholder.
CategoryNumber of equity shares heldPercentage of holding
Promoters2,702,450,94772.0
Other Entities of the Promoter Group1,091,053-
Mutual Funds & UTI93,357,6682.5
Banks, Financial Institutions, States and Central Government2,750,1130.1
Insurance Companies196,172,8075.2
Foreign Institutional Investors and Foreign Portfolio Investors - Corporate592,842,60115.8
NRI's / OCB's / Foreign Nationals4,854,6820.1
Corporate Bodies / Trust26,208,1510.7
Indian Public & Others130,744,3993.6
Alternate Investment Fund1,663,495-
IEPF account248,790-
GRAND TOTAL3,752,384,706100.0
Name of the shareholder*Number of equity shares heldPercentage of holding
1. Tata Sons Private Limited2,702,450,94772.0
2. Life Insurance Corporation of India152,493,9274.1
3. SBI Mutual Fund21,680,5610.6
4. First State Investments Icvc- Stewart Investors Asia Pacific Leaders Fund19,248,4380.5
5. Government of Singapore18,028,4750.5
6. Oppenheimer Developing Markets Fund16,731,9060.5
7. ICICI Prudential Life Insurance Company Ltd16,139,3160.4
8. Axis Mutual Fund Trustee Limited15,244,6140.4
9. Abu Dhabi Investment Authority15,036,9840.4
10. Vanguard Emerging Markets Stock Index Fund, A Series of Vanguard International Equity Index Funds14,112,2130.4
"} {"question": "How many shares would ICICI Prudential Life Insurance hold if it has 0.4% shareholding? ", "answer": ["15009538.82"], "context": "b. Categories of equity shareholding as on March 31, 2019: c. Top ten equity shareholders of the Company as on March 31, 2019: * Shareholding is consolidated based on Permanent Account Number (PAN) of the shareholder.
CategoryNumber of equity shares heldPercentage of holding
Promoters2,702,450,94772.0
Other Entities of the Promoter Group1,091,053-
Mutual Funds & UTI93,357,6682.5
Banks, Financial Institutions, States and Central Government2,750,1130.1
Insurance Companies196,172,8075.2
Foreign Institutional Investors and Foreign Portfolio Investors - Corporate592,842,60115.8
NRI's / OCB's / Foreign Nationals4,854,6820.1
Corporate Bodies / Trust26,208,1510.7
Indian Public & Others130,744,3993.6
Alternate Investment Fund1,663,495-
IEPF account248,790-
GRAND TOTAL3,752,384,706100.0
Name of the shareholder*Number of equity shares heldPercentage of holding
1. Tata Sons Private Limited2,702,450,94772.0
2. Life Insurance Corporation of India152,493,9274.1
3. SBI Mutual Fund21,680,5610.6
4. First State Investments Icvc- Stewart Investors Asia Pacific Leaders Fund19,248,4380.5
5. Government of Singapore18,028,4750.5
6. Oppenheimer Developing Markets Fund16,731,9060.5
7. ICICI Prudential Life Insurance Company Ltd16,139,3160.4
8. Axis Mutual Fund Trustee Limited15,244,6140.4
9. Abu Dhabi Investment Authority15,036,9840.4
10. Vanguard Emerging Markets Stock Index Fund, A Series of Vanguard International Equity Index Funds14,112,2130.4
"} {"question": "If the percentage difference in shareholding between Promoters and Insurance Companies is 66.8%, how many equity shares would that represent?", "answer": ["2506592983.61"], "context": "b. Categories of equity shareholding as on March 31, 2019: c. Top ten equity shareholders of the Company as on March 31, 2019: * Shareholding is consolidated based on Permanent Account Number (PAN) of the shareholder.
CategoryNumber of equity shares heldPercentage of holding
Promoters2,702,450,94772.0
Other Entities of the Promoter Group1,091,053-
Mutual Funds & UTI93,357,6682.5
Banks, Financial Institutions, States and Central Government2,750,1130.1
Insurance Companies196,172,8075.2
Foreign Institutional Investors and Foreign Portfolio Investors - Corporate592,842,60115.8
NRI's / OCB's / Foreign Nationals4,854,6820.1
Corporate Bodies / Trust26,208,1510.7
Indian Public & Others130,744,3993.6
Alternate Investment Fund1,663,495-
IEPF account248,790-
GRAND TOTAL3,752,384,706100.0
Name of the shareholder*Number of equity shares heldPercentage of holding
1. Tata Sons Private Limited2,702,450,94772.0
2. Life Insurance Corporation of India152,493,9274.1
3. SBI Mutual Fund21,680,5610.6
4. First State Investments Icvc- Stewart Investors Asia Pacific Leaders Fund19,248,4380.5
5. Government of Singapore18,028,4750.5
6. Oppenheimer Developing Markets Fund16,731,9060.5
7. ICICI Prudential Life Insurance Company Ltd16,139,3160.4
8. Axis Mutual Fund Trustee Limited15,244,6140.4
9. Abu Dhabi Investment Authority15,036,9840.4
10. Vanguard Emerging Markets Stock Index Fund, A Series of Vanguard International Equity Index Funds14,112,2130.4
"} {"question": "What is the percentage change in the revenue from 2018 to 2019 if the revenue in 2018 is now 150,000,000?", "answer": ["14.55"], "context": "4. Link between Group performance and remuneration outcomes The Altium Remuneration Framework is designed to align key employee remuneration to shareholder returns (in the form of capital appreciation and dividends). The table below shows the Group performance on key financial results and performance metrics over the last five years. Altium’s remuneration strategy has evolved over the past seven years and we believe that it is linked intrinsically to the success of the Group. Strong payout results for STI and LTI have reflected the strong financial performance of the Group. In addition, STI and LTI hurdles have changed over time to better reflect what is most important for Group growth. 1 Normalised EPS and Profit for the year excludes deferred tax asset of US$77 million recognised on the transfer of core business assets to the USA. 2 The maximum STI payable based on the above performance hurdles is 100%, however based on achievement of individual personal goals, the overall achievement level may be modified up to 150% or down to 0%.
20192018201720162015
US$’000US$’000US$’000US$’000US$’000
Revenue171,819140,176110,86593,59780,216
EBITDA62,72144,86933,25427,43022,697
EPS40.5728.8621.7017.8912.47 1
Profit for the year52,89337,48928,07723,02015,398 1
Dividend declared - AU cents3427232016
Share price - AU$$34.222.518.576.464.43
STI Achievement100% - 150% 2131%103%97%63%
STI performance hurdles70% Revenue 30% EBITDA50% Revenue 50% EBITDA70% Revenue 30% EBITDA50% Revenue 50% EBITDADifferent metrics related to subscriber related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development
LTI Achievement100%100%100%100%50%
LTI performance hurdles50% RevenueEPSEPSEPS50% Subscriber growth 50% EPS
"} {"question": "What is the percentage change in profits from 2018 to 2019 if the profits in 2019 is now 60,000,000?", "answer": ["60.05"], "context": "4. Link between Group performance and remuneration outcomes The Altium Remuneration Framework is designed to align key employee remuneration to shareholder returns (in the form of capital appreciation and dividends). The table below shows the Group performance on key financial results and performance metrics over the last five years. Altium’s remuneration strategy has evolved over the past seven years and we believe that it is linked intrinsically to the success of the Group. Strong payout results for STI and LTI have reflected the strong financial performance of the Group. In addition, STI and LTI hurdles have changed over time to better reflect what is most important for Group growth. 1 Normalised EPS and Profit for the year excludes deferred tax asset of US$77 million recognised on the transfer of core business assets to the USA. 2 The maximum STI payable based on the above performance hurdles is 100%, however based on achievement of individual personal goals, the overall achievement level may be modified up to 150% or down to 0%.
20192018201720162015
US$’000US$’000US$’000US$’000US$’000
Revenue171,819140,176110,86593,59780,216
EBITDA62,72144,86933,25427,43022,697
EPS40.5728.8621.7017.8912.47 1
Profit for the year52,89337,48928,07723,02015,398 1
Dividend declared - AU cents3427232016
Share price - AU$$34.222.518.576.464.43
STI Achievement100% - 150% 2131%103%97%63%
STI performance hurdles70% Revenue 30% EBITDA50% Revenue 50% EBITDA70% Revenue 30% EBITDA50% Revenue 50% EBITDADifferent metrics related to subscriber related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development
LTI Achievement100%100%100%100%50%
LTI performance hurdles50% RevenueEPSEPSEPS50% Subscriber growth 50% EPS
"} {"question": "What is the percentage change in EBITDA from 2017 to 2018 if the amount in 2018 is now 50,000,000?", "answer": ["50.36"], "context": "4. Link between Group performance and remuneration outcomes The Altium Remuneration Framework is designed to align key employee remuneration to shareholder returns (in the form of capital appreciation and dividends). The table below shows the Group performance on key financial results and performance metrics over the last five years. Altium’s remuneration strategy has evolved over the past seven years and we believe that it is linked intrinsically to the success of the Group. Strong payout results for STI and LTI have reflected the strong financial performance of the Group. In addition, STI and LTI hurdles have changed over time to better reflect what is most important for Group growth. 1 Normalised EPS and Profit for the year excludes deferred tax asset of US$77 million recognised on the transfer of core business assets to the USA. 2 The maximum STI payable based on the above performance hurdles is 100%, however based on achievement of individual personal goals, the overall achievement level may be modified up to 150% or down to 0%.
20192018201720162015
US$’000US$’000US$’000US$’000US$’000
Revenue171,819140,176110,86593,59780,216
EBITDA62,72144,86933,25427,43022,697
EPS40.5728.8621.7017.8912.47 1
Profit for the year52,89337,48928,07723,02015,398 1
Dividend declared - AU cents3427232016
Share price - AU$$34.222.518.576.464.43
STI Achievement100% - 150% 2131%103%97%63%
STI performance hurdles70% Revenue 30% EBITDA50% Revenue 50% EBITDA70% Revenue 30% EBITDA50% Revenue 50% EBITDADifferent metrics related to subscriber related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development
LTI Achievement100%100%100%100%50%
LTI performance hurdles50% RevenueEPSEPSEPS50% Subscriber growth 50% EPS
"} {"question": "If the Software in 2019 increased to 165,074 thousand, what would be the revised change between 2018 and 2019?", "answer": ["-5253"], "context": "(4) Property and Equipment Property and equipment consist of the following (in thousands): Depreciation and amortization expense related to property and equipment was $22,538,000, $21,721,000 and $25,787,000 in 2019, 2018 and 2017, respectively. On November 1, 2019, we completed the purchase of real estate in Chandler, Arizona for approximately $48,000,000 that we intend to use as our global corporate headquarters. The property contains a building and some infrastructure in place that we will complete readying for our use over the next year. We intend to sell our current properties in Tempe, Arizona. Included within the software, buildings and land values presented above are assets in the process of being readied for use in the amounts of approximately $12,138,000, $27,658,000 and $11,700,000, respectively. Depreciation on these assets will commence, as appropriate, when they are ready for use and placed in service.
December 31,
20192018
Software$114,674$170,327
Buildings92,09264,263
Equipment60,661100,421
Furniture and fixtures34,76838,200
Lease hold improvements33,66826,319
Land31,3745,124
367,237404,654
Accumulated depreciation and amortization(236,330)(331,700)
Property and equipment, net$130,907$72,954
"} {"question": "If the Buildings in 2019 increased to 99,699 thousand, what would be the revised change between 2018 and 2019?", "answer": ["35436"], "context": "(4) Property and Equipment Property and equipment consist of the following (in thousands): Depreciation and amortization expense related to property and equipment was $22,538,000, $21,721,000 and $25,787,000 in 2019, 2018 and 2017, respectively. On November 1, 2019, we completed the purchase of real estate in Chandler, Arizona for approximately $48,000,000 that we intend to use as our global corporate headquarters. The property contains a building and some infrastructure in place that we will complete readying for our use over the next year. We intend to sell our current properties in Tempe, Arizona. Included within the software, buildings and land values presented above are assets in the process of being readied for use in the amounts of approximately $12,138,000, $27,658,000 and $11,700,000, respectively. Depreciation on these assets will commence, as appropriate, when they are ready for use and placed in service.
December 31,
20192018
Software$114,674$170,327
Buildings92,09264,263
Equipment60,661100,421
Furniture and fixtures34,76838,200
Lease hold improvements33,66826,319
Land31,3745,124
367,237404,654
Accumulated depreciation and amortization(236,330)(331,700)
Property and equipment, net$130,907$72,954
"} {"question": "If the Software in 2019 increased to 165,074 thousand, what would be the revised average for 2018 and 2019?", "answer": ["167700.5"], "context": "(4) Property and Equipment Property and equipment consist of the following (in thousands): Depreciation and amortization expense related to property and equipment was $22,538,000, $21,721,000 and $25,787,000 in 2019, 2018 and 2017, respectively. On November 1, 2019, we completed the purchase of real estate in Chandler, Arizona for approximately $48,000,000 that we intend to use as our global corporate headquarters. The property contains a building and some infrastructure in place that we will complete readying for our use over the next year. We intend to sell our current properties in Tempe, Arizona. Included within the software, buildings and land values presented above are assets in the process of being readied for use in the amounts of approximately $12,138,000, $27,658,000 and $11,700,000, respectively. Depreciation on these assets will commence, as appropriate, when they are ready for use and placed in service.
December 31,
20192018
Software$114,674$170,327
Buildings92,09264,263
Equipment60,661100,421
Furniture and fixtures34,76838,200
Lease hold improvements33,66826,319
Land31,3745,124
367,237404,654
Accumulated depreciation and amortization(236,330)(331,700)
Property and equipment, net$130,907$72,954
"} {"question": "If Assets held for sale in 2018 was 6,000 thousands, what would be the change from 2018 to 2019?", "answer": ["-4893"], "context": "10.8. Non-financial assets fair value measurement The Group has classified its non-financial assets held at fair value into the three levels prescribed in note 9.8 to provide an indication about the reliability of inputs used to determine fair value. Recognised fair value measurements The Group’s policy is to recognise transfers into and out of fair value hierarchy levels at the end of the reporting period. There were no transfers between levels 1 and 2 for recurring fair value measurements during the year. During the year ended 30 June 2019 the Group transferred $2.1m from level 3 to level 2 following the reclassification of assets from freehold investment properties to assets held for sale, and $5.7m from level 2 to level 3 following the reclassification of assets from assets held for sale to freehold investment properties, as detailed in note 10.2. In the prior year ended 30 June 2018 the Group transferred $4.4m from level 3 to level 2 following the reclassification of an asset from freehold investment properties to assets held for sale. Fair value measurements using significant observable inputs (level 2) The fair value of assets held for sale is determined using valuation techniques which maximise the use of observable market data. For the years ended 30 June 2019 and 30 June 2018, the Group has valued assets classified as held for sale at the contractually agreed sales price less estimated cost of sale or other observable evidence of market value. Fair value measurements using significant unobservable inputs (level 3) Valuation techniques used to determine level 3 fair values and valuation process Investment properties, principally storage buildings, are held for rental to customers requiring selfstorage facilities and are carried at fair value. Changes in fair values are presented in profit or loss as fair value adjustments. Fair values are determined by a combination of independent valuations and Director valuations. The independent valuations are performed by an accredited independent valuer. Investment properties are independently valued on a rotational basis every three years unless the underlying financing requires a more frequent valuation cycle. For properties subject to an independent valuation report the Directors verify all major inputs to the valuation and review the results with the independent valuer. The Director valuations are completed by the NSH Group Board. The valuations are determined using the same techniques and similar estimates to those applied by the independent valuer. The Group obtains the majority of its external independent valuations at each financial year end. The Group’s policy is to maintain the valuation of the investment property valued in the preceding year at external valuation, unless there is an indication of a significant change to the property’s valuation inputs.
Level 1Level 2Level 3Total
Notes$'000$'000$'000$'000
At 30 June 2019
Assets held for sale10.2-1,107-1,107
Leasehold investment properties10.4--215,279215,279
Freehold investment properties10.4--1,874,6981,874,698
-1,1072,089,9772,091,084
At 30 June 2018
Assets held for sale10.2-5,713-5,713
Leasehold investment properties10.4--207,664207,664
Freehold investment properties10.4-1,377,9241,377,924
"} {"question": "If Assets held for sale in 2018 was 1,900 thousands, in which year would it be lower than 2,000 thousands?", "answer": ["2019", "2018"], "context": "10.8. Non-financial assets fair value measurement The Group has classified its non-financial assets held at fair value into the three levels prescribed in note 9.8 to provide an indication about the reliability of inputs used to determine fair value. Recognised fair value measurements The Group’s policy is to recognise transfers into and out of fair value hierarchy levels at the end of the reporting period. There were no transfers between levels 1 and 2 for recurring fair value measurements during the year. During the year ended 30 June 2019 the Group transferred $2.1m from level 3 to level 2 following the reclassification of assets from freehold investment properties to assets held for sale, and $5.7m from level 2 to level 3 following the reclassification of assets from assets held for sale to freehold investment properties, as detailed in note 10.2. In the prior year ended 30 June 2018 the Group transferred $4.4m from level 3 to level 2 following the reclassification of an asset from freehold investment properties to assets held for sale. Fair value measurements using significant observable inputs (level 2) The fair value of assets held for sale is determined using valuation techniques which maximise the use of observable market data. For the years ended 30 June 2019 and 30 June 2018, the Group has valued assets classified as held for sale at the contractually agreed sales price less estimated cost of sale or other observable evidence of market value. Fair value measurements using significant unobservable inputs (level 3) Valuation techniques used to determine level 3 fair values and valuation process Investment properties, principally storage buildings, are held for rental to customers requiring selfstorage facilities and are carried at fair value. Changes in fair values are presented in profit or loss as fair value adjustments. Fair values are determined by a combination of independent valuations and Director valuations. The independent valuations are performed by an accredited independent valuer. Investment properties are independently valued on a rotational basis every three years unless the underlying financing requires a more frequent valuation cycle. For properties subject to an independent valuation report the Directors verify all major inputs to the valuation and review the results with the independent valuer. The Director valuations are completed by the NSH Group Board. The valuations are determined using the same techniques and similar estimates to those applied by the independent valuer. The Group obtains the majority of its external independent valuations at each financial year end. The Group’s policy is to maintain the valuation of the investment property valued in the preceding year at external valuation, unless there is an indication of a significant change to the property’s valuation inputs.
Level 1Level 2Level 3Total
Notes$'000$'000$'000$'000
At 30 June 2019
Assets held for sale10.2-1,107-1,107
Leasehold investment properties10.4--215,279215,279
Freehold investment properties10.4--1,874,6981,874,698
-1,1072,089,9772,091,084
At 30 June 2018
Assets held for sale10.2-5,713-5,713
Leasehold investment properties10.4--207,664207,664
Freehold investment properties10.4-1,377,9241,377,924
"} {"question": "If Leasehold investment properties in 2018 was 200,000 thousands, what would be the average for 2018 and 2019?", "answer": ["207639.5"], "context": "10.8. Non-financial assets fair value measurement The Group has classified its non-financial assets held at fair value into the three levels prescribed in note 9.8 to provide an indication about the reliability of inputs used to determine fair value. Recognised fair value measurements The Group’s policy is to recognise transfers into and out of fair value hierarchy levels at the end of the reporting period. There were no transfers between levels 1 and 2 for recurring fair value measurements during the year. During the year ended 30 June 2019 the Group transferred $2.1m from level 3 to level 2 following the reclassification of assets from freehold investment properties to assets held for sale, and $5.7m from level 2 to level 3 following the reclassification of assets from assets held for sale to freehold investment properties, as detailed in note 10.2. In the prior year ended 30 June 2018 the Group transferred $4.4m from level 3 to level 2 following the reclassification of an asset from freehold investment properties to assets held for sale. Fair value measurements using significant observable inputs (level 2) The fair value of assets held for sale is determined using valuation techniques which maximise the use of observable market data. For the years ended 30 June 2019 and 30 June 2018, the Group has valued assets classified as held for sale at the contractually agreed sales price less estimated cost of sale or other observable evidence of market value. Fair value measurements using significant unobservable inputs (level 3) Valuation techniques used to determine level 3 fair values and valuation process Investment properties, principally storage buildings, are held for rental to customers requiring selfstorage facilities and are carried at fair value. Changes in fair values are presented in profit or loss as fair value adjustments. Fair values are determined by a combination of independent valuations and Director valuations. The independent valuations are performed by an accredited independent valuer. Investment properties are independently valued on a rotational basis every three years unless the underlying financing requires a more frequent valuation cycle. For properties subject to an independent valuation report the Directors verify all major inputs to the valuation and review the results with the independent valuer. The Director valuations are completed by the NSH Group Board. The valuations are determined using the same techniques and similar estimates to those applied by the independent valuer. The Group obtains the majority of its external independent valuations at each financial year end. The Group’s policy is to maintain the valuation of the investment property valued in the preceding year at external valuation, unless there is an indication of a significant change to the property’s valuation inputs.
Level 1Level 2Level 3Total
Notes$'000$'000$'000$'000
At 30 June 2019
Assets held for sale10.2-1,107-1,107
Leasehold investment properties10.4--215,279215,279
Freehold investment properties10.4--1,874,6981,874,698
-1,1072,089,9772,091,084
At 30 June 2018
Assets held for sale10.2-5,713-5,713
Leasehold investment properties10.4--207,664207,664
Freehold investment properties10.4-1,377,9241,377,924
"} {"question": "What was the change in volatility between 2018 and 2019 if volatility in 2018 was 35.0% instead?", "answer": ["-5"], "context": "Fair Value Valuation Assumptions Valuation of Stock Options The fair value of stock options granted are principally estimated using a binomial-lattice model. The inputs in our binomial-lattice model include expected stock price volatility, risk-free interest rate, dividend yield, contractual term, and vesting schedule, as well as measures of employees’ cancellations, exercise, and post-vesting termination behavior. Statistical methods are used to estimate employee termination rates. The following table presents the weighted-average assumptions, weighted average grant date fair value, and the range of expected stock price volatilities: Expected life The expected life of employee stock options is a derived output of the binomial-lattice model and represents the weighted-average period the stock options are expected to remain outstanding. A binomial-lattice model assumes that employees will exercise their options when the stock price equals or exceeds an exercise multiple. The exercise multiple is based on historical employee exercise behaviors. Volatility To estimate volatility for the binomial-lattice model, we consider the implied volatility of exchange-traded options on our stock to estimate short-term volatility, the historical volatility of our common shares during the option’s contractual term to estimate long-term volatility, and a statistical model to estimate the transition from short-term volatility to long-term volatility. Risk-free interest rate As is the case for volatility, the risk-free interest rate is assumed to change during the option’s contractual term. The riskfree interest rate, which is based on U.S. Treasury yield curves, reflects the expected movement in the interest rate from one time period to the next (“forward rate”). Dividend yield The expected dividend yield assumption is based on our historical and expected future amount of dividend payouts. Share-based compensation expense recognized is based on awards ultimately expected to vest and therefore has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Employee and Director Options
For the Years Ended December 31,
201920182017
Expected life (in years)7.857.647.01
Volatility30.00%32.37%35.00%
Risk free interest rate1.90%3.10%2.14%
Dividend yield0.76%0.61%0.50%
Weighted-average grant date fair value$17.12$21.03$21.11
Stock price volatility range:
Low30.00%31.72%28.19%
High38.17%36.73%35.00%
"} {"question": "What was the change in risk free interest rate between 2017 and 2018 if the risk free interest rate in 2017 was 3.00% instead?", "answer": ["0.1"], "context": "Fair Value Valuation Assumptions Valuation of Stock Options The fair value of stock options granted are principally estimated using a binomial-lattice model. The inputs in our binomial-lattice model include expected stock price volatility, risk-free interest rate, dividend yield, contractual term, and vesting schedule, as well as measures of employees’ cancellations, exercise, and post-vesting termination behavior. Statistical methods are used to estimate employee termination rates. The following table presents the weighted-average assumptions, weighted average grant date fair value, and the range of expected stock price volatilities: Expected life The expected life of employee stock options is a derived output of the binomial-lattice model and represents the weighted-average period the stock options are expected to remain outstanding. A binomial-lattice model assumes that employees will exercise their options when the stock price equals or exceeds an exercise multiple. The exercise multiple is based on historical employee exercise behaviors. Volatility To estimate volatility for the binomial-lattice model, we consider the implied volatility of exchange-traded options on our stock to estimate short-term volatility, the historical volatility of our common shares during the option’s contractual term to estimate long-term volatility, and a statistical model to estimate the transition from short-term volatility to long-term volatility. Risk-free interest rate As is the case for volatility, the risk-free interest rate is assumed to change during the option’s contractual term. The riskfree interest rate, which is based on U.S. Treasury yield curves, reflects the expected movement in the interest rate from one time period to the next (“forward rate”). Dividend yield The expected dividend yield assumption is based on our historical and expected future amount of dividend payouts. Share-based compensation expense recognized is based on awards ultimately expected to vest and therefore has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Employee and Director Options
For the Years Ended December 31,
201920182017
Expected life (in years)7.857.647.01
Volatility30.00%32.37%35.00%
Risk free interest rate1.90%3.10%2.14%
Dividend yield0.76%0.61%0.50%
Weighted-average grant date fair value$17.12$21.03$21.11
Stock price volatility range:
Low30.00%31.72%28.19%
High38.17%36.73%35.00%
"} {"question": "What was the percentage change in the weighted-average grant date fair value between 2018 and 2019 if the weighted-average grant date fair value in 2019 was $30.00 instead?", "answer": ["42.65"], "context": "Fair Value Valuation Assumptions Valuation of Stock Options The fair value of stock options granted are principally estimated using a binomial-lattice model. The inputs in our binomial-lattice model include expected stock price volatility, risk-free interest rate, dividend yield, contractual term, and vesting schedule, as well as measures of employees’ cancellations, exercise, and post-vesting termination behavior. Statistical methods are used to estimate employee termination rates. The following table presents the weighted-average assumptions, weighted average grant date fair value, and the range of expected stock price volatilities: Expected life The expected life of employee stock options is a derived output of the binomial-lattice model and represents the weighted-average period the stock options are expected to remain outstanding. A binomial-lattice model assumes that employees will exercise their options when the stock price equals or exceeds an exercise multiple. The exercise multiple is based on historical employee exercise behaviors. Volatility To estimate volatility for the binomial-lattice model, we consider the implied volatility of exchange-traded options on our stock to estimate short-term volatility, the historical volatility of our common shares during the option’s contractual term to estimate long-term volatility, and a statistical model to estimate the transition from short-term volatility to long-term volatility. Risk-free interest rate As is the case for volatility, the risk-free interest rate is assumed to change during the option’s contractual term. The riskfree interest rate, which is based on U.S. Treasury yield curves, reflects the expected movement in the interest rate from one time period to the next (“forward rate”). Dividend yield The expected dividend yield assumption is based on our historical and expected future amount of dividend payouts. Share-based compensation expense recognized is based on awards ultimately expected to vest and therefore has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Employee and Director Options
For the Years Ended December 31,
201920182017
Expected life (in years)7.857.647.01
Volatility30.00%32.37%35.00%
Risk free interest rate1.90%3.10%2.14%
Dividend yield0.76%0.61%0.50%
Weighted-average grant date fair value$17.12$21.03$21.11
Stock price volatility range:
Low30.00%31.72%28.19%
High38.17%36.73%35.00%
"} {"question": "How many years did restructuring charges exceed $10,000 thousand if Restructuring charges in 2019 was $11,000 thousand instead?", "answer": ["2"], "context": "KEMET CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (Continued) A summary of the expenses aggregated on the Consolidated Statements of Operations line item “Restructuring charges” in the fiscal years ended March 31, 2019, 2018 and 2017, is as follows (amounts in thousands): Fiscal Year Ended March 31, 2019 The Company incurred $8.8 million in restructuring charges in the fiscal year ended March 31, 2019, including $2.8 million in personnel reduction costs and $6.0 million in relocation and exit costs. The personnel reduction costs of $2.8 million were primarily due to $0.9 million in costs related to headcount reductions in the TOKIN legacy group across various internal and operational functions, $0.3 million in severance charges related to personnel reductions in the Film and Electrolytic reportable segment resulting from a reorganization of the segment's management structure, and $1.6 million in costs related to reorganization in the Solid Capacitors reportable segment due to a permanent structural change driven by a decline of MnO2 products. The relocation and exit costs of $6.0 million were primarily due to $3.4 million in costs related to the Company's relocation of its tantalum powder equipment from Carson City, Nevada to its plant in Matamoros, Mexico and $2.3 million in costs related to the relocation of axial electrolytic production equipment from Granna, Sweden to its plant in Evora, Portugal. Fiscal Year Ended March 31, 2018 The Company incurred $14.8 million in restructuring charges in the fiscal year ended March 31, 2018, including $12.6 million related to personnel reduction costs and $2.3 million of relocation and exit costs. The personnel reduction costs of $12.6 million were due to $5.2 million related to a voluntary reduction in force in the Film and Electrolytic reportable segment's Italian operations; $4.4 million related to a headcount reduction in the TOKIN legacy group across various internal and operational functions; $2.7 million in severance charges across various overhead functions in the Simpsonville, South Carolina office as these functions were relocated to the Company's new corporate headquarters in Fort Lauderdale, Florida; and $0.2 million in headcount reductions related to a European sales reorganization. The relocation and exit costs of $2.3 million included $0.9 million in lease termination penalties related to the relocation of global marketing, finance and accounting, and information technology functions to the Company's Fort Lauderdale office, $0.8 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant, $0.4 million in exit costs related to the shut-down of operations for KFM, and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico. Fiscal Year Ended March 31, 2017 The Company incurred $5.4 million in restructuring charges in the fiscal year ended March 31, 2017, including $2.2 million related to personnel reduction costs and $3.2 million of relocation and exit costs. The personnel reduction costs of $2.2 million corresponded with the following: $0.3 million related to the consolidation of certain Solid Capacitor manufacturing in Matamoros, Mexico; $0.4 million for headcount reductions related to the shut-down of operations for KFM; $0.3 million related to headcount reductions in Europe (primarily Italy and Landsberg, Germany) corresponding with the relocation of certain production lines and laboratories to lower cost regions; $0.3 million for overhead reductions in Sweden; $0.3 million in U.S. headcount reductions related to the relocation of global marketing functions to the Company’s Fort Lauderdale, Florida office; $0.3 million in headcount reductions related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico; $0.2 million in overhead reductions for the relocation of research and development operations from Weymouth, England to Evora, Portugal; and $0.1 million in manufacturing headcount reductions related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant. The relocation and exit costs of $3.2 million included $1.9 million in expenses related to contract termination costs related to the shut-down of operations for KFM; $0.6 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant; $0.6 million for transfers of Film and Electrolytic production lines and R&D functions to lower cost regions; and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.
Fiscal Years Ended March 31,
201920182017
Personnel reduction costs$2,823$12,587$2,214
Relocation and exit costs5,9562,2563,190
Restructuring charges$8,779$14,843$5,404
"} {"question": "What would be the change in Personnel reduction costs between 2017 and 2018 if Personnel reduction costs in 2017 was $10,000 thousand instead?", "answer": ["2587"], "context": "KEMET CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (Continued) A summary of the expenses aggregated on the Consolidated Statements of Operations line item “Restructuring charges” in the fiscal years ended March 31, 2019, 2018 and 2017, is as follows (amounts in thousands): Fiscal Year Ended March 31, 2019 The Company incurred $8.8 million in restructuring charges in the fiscal year ended March 31, 2019, including $2.8 million in personnel reduction costs and $6.0 million in relocation and exit costs. The personnel reduction costs of $2.8 million were primarily due to $0.9 million in costs related to headcount reductions in the TOKIN legacy group across various internal and operational functions, $0.3 million in severance charges related to personnel reductions in the Film and Electrolytic reportable segment resulting from a reorganization of the segment's management structure, and $1.6 million in costs related to reorganization in the Solid Capacitors reportable segment due to a permanent structural change driven by a decline of MnO2 products. The relocation and exit costs of $6.0 million were primarily due to $3.4 million in costs related to the Company's relocation of its tantalum powder equipment from Carson City, Nevada to its plant in Matamoros, Mexico and $2.3 million in costs related to the relocation of axial electrolytic production equipment from Granna, Sweden to its plant in Evora, Portugal. Fiscal Year Ended March 31, 2018 The Company incurred $14.8 million in restructuring charges in the fiscal year ended March 31, 2018, including $12.6 million related to personnel reduction costs and $2.3 million of relocation and exit costs. The personnel reduction costs of $12.6 million were due to $5.2 million related to a voluntary reduction in force in the Film and Electrolytic reportable segment's Italian operations; $4.4 million related to a headcount reduction in the TOKIN legacy group across various internal and operational functions; $2.7 million in severance charges across various overhead functions in the Simpsonville, South Carolina office as these functions were relocated to the Company's new corporate headquarters in Fort Lauderdale, Florida; and $0.2 million in headcount reductions related to a European sales reorganization. The relocation and exit costs of $2.3 million included $0.9 million in lease termination penalties related to the relocation of global marketing, finance and accounting, and information technology functions to the Company's Fort Lauderdale office, $0.8 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant, $0.4 million in exit costs related to the shut-down of operations for KFM, and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico. Fiscal Year Ended March 31, 2017 The Company incurred $5.4 million in restructuring charges in the fiscal year ended March 31, 2017, including $2.2 million related to personnel reduction costs and $3.2 million of relocation and exit costs. The personnel reduction costs of $2.2 million corresponded with the following: $0.3 million related to the consolidation of certain Solid Capacitor manufacturing in Matamoros, Mexico; $0.4 million for headcount reductions related to the shut-down of operations for KFM; $0.3 million related to headcount reductions in Europe (primarily Italy and Landsberg, Germany) corresponding with the relocation of certain production lines and laboratories to lower cost regions; $0.3 million for overhead reductions in Sweden; $0.3 million in U.S. headcount reductions related to the relocation of global marketing functions to the Company’s Fort Lauderdale, Florida office; $0.3 million in headcount reductions related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico; $0.2 million in overhead reductions for the relocation of research and development operations from Weymouth, England to Evora, Portugal; and $0.1 million in manufacturing headcount reductions related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant. The relocation and exit costs of $3.2 million included $1.9 million in expenses related to contract termination costs related to the shut-down of operations for KFM; $0.6 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant; $0.6 million for transfers of Film and Electrolytic production lines and R&D functions to lower cost regions; and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.
Fiscal Years Ended March 31,
201920182017
Personnel reduction costs$2,823$12,587$2,214
Relocation and exit costs5,9562,2563,190
Restructuring charges$8,779$14,843$5,404
"} {"question": "What would be the percentage change in the Relocation and exit costs between 2018 and 2019 if the Relocation and exit costs in 2019 was $3,000 thousand instead?", "answer": ["32.98"], "context": "KEMET CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (Continued) A summary of the expenses aggregated on the Consolidated Statements of Operations line item “Restructuring charges” in the fiscal years ended March 31, 2019, 2018 and 2017, is as follows (amounts in thousands): Fiscal Year Ended March 31, 2019 The Company incurred $8.8 million in restructuring charges in the fiscal year ended March 31, 2019, including $2.8 million in personnel reduction costs and $6.0 million in relocation and exit costs. The personnel reduction costs of $2.8 million were primarily due to $0.9 million in costs related to headcount reductions in the TOKIN legacy group across various internal and operational functions, $0.3 million in severance charges related to personnel reductions in the Film and Electrolytic reportable segment resulting from a reorganization of the segment's management structure, and $1.6 million in costs related to reorganization in the Solid Capacitors reportable segment due to a permanent structural change driven by a decline of MnO2 products. The relocation and exit costs of $6.0 million were primarily due to $3.4 million in costs related to the Company's relocation of its tantalum powder equipment from Carson City, Nevada to its plant in Matamoros, Mexico and $2.3 million in costs related to the relocation of axial electrolytic production equipment from Granna, Sweden to its plant in Evora, Portugal. Fiscal Year Ended March 31, 2018 The Company incurred $14.8 million in restructuring charges in the fiscal year ended March 31, 2018, including $12.6 million related to personnel reduction costs and $2.3 million of relocation and exit costs. The personnel reduction costs of $12.6 million were due to $5.2 million related to a voluntary reduction in force in the Film and Electrolytic reportable segment's Italian operations; $4.4 million related to a headcount reduction in the TOKIN legacy group across various internal and operational functions; $2.7 million in severance charges across various overhead functions in the Simpsonville, South Carolina office as these functions were relocated to the Company's new corporate headquarters in Fort Lauderdale, Florida; and $0.2 million in headcount reductions related to a European sales reorganization. The relocation and exit costs of $2.3 million included $0.9 million in lease termination penalties related to the relocation of global marketing, finance and accounting, and information technology functions to the Company's Fort Lauderdale office, $0.8 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant, $0.4 million in exit costs related to the shut-down of operations for KFM, and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico. Fiscal Year Ended March 31, 2017 The Company incurred $5.4 million in restructuring charges in the fiscal year ended March 31, 2017, including $2.2 million related to personnel reduction costs and $3.2 million of relocation and exit costs. The personnel reduction costs of $2.2 million corresponded with the following: $0.3 million related to the consolidation of certain Solid Capacitor manufacturing in Matamoros, Mexico; $0.4 million for headcount reductions related to the shut-down of operations for KFM; $0.3 million related to headcount reductions in Europe (primarily Italy and Landsberg, Germany) corresponding with the relocation of certain production lines and laboratories to lower cost regions; $0.3 million for overhead reductions in Sweden; $0.3 million in U.S. headcount reductions related to the relocation of global marketing functions to the Company’s Fort Lauderdale, Florida office; $0.3 million in headcount reductions related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico; $0.2 million in overhead reductions for the relocation of research and development operations from Weymouth, England to Evora, Portugal; and $0.1 million in manufacturing headcount reductions related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant. The relocation and exit costs of $3.2 million included $1.9 million in expenses related to contract termination costs related to the shut-down of operations for KFM; $0.6 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant; $0.6 million for transfers of Film and Electrolytic production lines and R&D functions to lower cost regions; and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.
Fiscal Years Ended March 31,
201920182017
Personnel reduction costs$2,823$12,587$2,214
Relocation and exit costs5,9562,2563,190
Restructuring charges$8,779$14,843$5,404
"} {"question": "In which year would Foreign be largest if the amount in 2019 was $21.8 million instead?", "answer": ["2019"], "context": "17. Income Taxes Income before income taxes for the Company’s domestic and foreign operations was as follows:
Years Ended June 30,
($ in millions)201920182017
Domestic$204.2$140.3$56.0
Foreign11.819.914.2
Income before income taxes$216.0$160.2$70.2
"} {"question": "What would the change in Foreign in 2019 from 2018 be if the amount in 2019 was $11.9 million instead?", "answer": ["-8"], "context": "17. Income Taxes Income before income taxes for the Company’s domestic and foreign operations was as follows:
Years Ended June 30,
($ in millions)201920182017
Domestic$204.2$140.3$56.0
Foreign11.819.914.2
Income before income taxes$216.0$160.2$70.2
"} {"question": "What would the percentage change in Foreign in 2019 from 2018 be if the amount in 2019 was $11.9 million instead?", "answer": ["-40.2"], "context": "17. Income Taxes Income before income taxes for the Company’s domestic and foreign operations was as follows:
Years Ended June 30,
($ in millions)201920182017
Domestic$204.2$140.3$56.0
Foreign11.819.914.2
Income before income taxes$216.0$160.2$70.2
"} {"question": "If number of centres in Gold Cost were 6, what would be the sum of centres in Brisbane and Gold Coast?", "answer": ["11"], "context": "ACQUISITIONS National Storage has successfully transacted 35 acquisitions and 4 development sites in FY19 and continues to pursue high-quality acquisitions across Australia and New Zealand. The ability to acquire and integrate strategic accretive acquisitions is one of National Storage’s major competitive advantages and a cornerstone of its growth strategy. This active growth strategy also strengthens and scales the National Storage operating platform which drives efficiencies across the business. WINE ARK Wine Ark, Australia’s largest wine storage provider is part of the National Storage group and houses over two million bottles of fine wine across 15 centres for clients located in over 30 countries. There are few businesses in Australia with more experience when it comes to storing and managing premium wine. Throughout FY19 Wine Ark continued to strengthen its relationship and involvement in the greater wine trade supporting the Wine Communicators of Australia, Sommeliers Association of Australia, Wine Australia and Commanderie de Bordeaux (Australian Chapter).
REGIONNUMBER OF CENTRESTOTAL NLA
Brisbane525,000
Gold Coast46,500
Sunshine Coast16,500
Central Coast (NSW)620,600
Wollongong312,700
Melbourne28,600
Adelaide315,500
Perth210,800
Auckland (NZ)327,000
Hamilton (NZ)421,600
Rotorua (NZ)15,000
Tauranga (NZ)13,200
Total Acquisitions35163,000
"} {"question": "If total NLA in Brisbane were 10,000, what would be the difference in the NLA between Sunshine Coast and Brisbane?", "answer": ["3500"], "context": "ACQUISITIONS National Storage has successfully transacted 35 acquisitions and 4 development sites in FY19 and continues to pursue high-quality acquisitions across Australia and New Zealand. The ability to acquire and integrate strategic accretive acquisitions is one of National Storage’s major competitive advantages and a cornerstone of its growth strategy. This active growth strategy also strengthens and scales the National Storage operating platform which drives efficiencies across the business. WINE ARK Wine Ark, Australia’s largest wine storage provider is part of the National Storage group and houses over two million bottles of fine wine across 15 centres for clients located in over 30 countries. There are few businesses in Australia with more experience when it comes to storing and managing premium wine. Throughout FY19 Wine Ark continued to strengthen its relationship and involvement in the greater wine trade supporting the Wine Communicators of Australia, Sommeliers Association of Australia, Wine Australia and Commanderie de Bordeaux (Australian Chapter).
REGIONNUMBER OF CENTRESTOTAL NLA
Brisbane525,000
Gold Coast46,500
Sunshine Coast16,500
Central Coast (NSW)620,600
Wollongong312,700
Melbourne28,600
Adelaide315,500
Perth210,800
Auckland (NZ)327,000
Hamilton (NZ)421,600
Rotorua (NZ)15,000
Tauranga (NZ)13,200
Total Acquisitions35163,000
"} {"question": "If NLA in Gold Coast was 5,000, what would be the average of Sunshine Coast and Gold Coast?", "answer": ["5750"], "context": "ACQUISITIONS National Storage has successfully transacted 35 acquisitions and 4 development sites in FY19 and continues to pursue high-quality acquisitions across Australia and New Zealand. The ability to acquire and integrate strategic accretive acquisitions is one of National Storage’s major competitive advantages and a cornerstone of its growth strategy. This active growth strategy also strengthens and scales the National Storage operating platform which drives efficiencies across the business. WINE ARK Wine Ark, Australia’s largest wine storage provider is part of the National Storage group and houses over two million bottles of fine wine across 15 centres for clients located in over 30 countries. There are few businesses in Australia with more experience when it comes to storing and managing premium wine. Throughout FY19 Wine Ark continued to strengthen its relationship and involvement in the greater wine trade supporting the Wine Communicators of Australia, Sommeliers Association of Australia, Wine Australia and Commanderie de Bordeaux (Australian Chapter).
REGIONNUMBER OF CENTRESTOTAL NLA
Brisbane525,000
Gold Coast46,500
Sunshine Coast16,500
Central Coast (NSW)620,600
Wollongong312,700
Melbourne28,600
Adelaide315,500
Perth210,800
Auckland (NZ)327,000
Hamilton (NZ)421,600
Rotorua (NZ)15,000
Tauranga (NZ)13,200
Total Acquisitions35163,000
"} {"question": "How many years did net sales from APAC exceed $1,500 million if the net sales from APAC in 2018 was $2,000 million instead?", "answer": ["2"], "context": "A discussion of net sales by reportable segment is presented below for the indicated fiscal years (in millions): AMER. Net sales for fiscal 2019 in the AMER segment increased $210.4 million, or 17.3%, as compared to fiscal 2018. The increase in net sales was driven by a $181.7 million increase in production ramps of new products for existing customers, a $13.5 million increase in production ramps for new customers and overall net increased customer end-market demand. The increase was partially offset by a $16.4 million decrease for end-of-life products and a $6.0 million reduction due to disengagements with customers. APAC. Net sales for fiscal 2019 in the APAC segment increased $59.2 million, or 4.0%, as compared to fiscal 2018. The increase in net sales was driven by an $87.3 million increase in production ramps of new products for existing customers and a $58.1 million increase in production ramps for new customers. The increase was partially offset by a $28.4 million reduction due to a disengagement with a customer, a $7.3 million decrease for end-of-life products and overall net decreased customer end-market demand. EMEA. Net sales for fiscal 2019 in the EMEA segment increased $28.4 million, or 10.1%, as compared to fiscal 2018. The increase in net sales was the result of a $20.2 million increase in production ramps of new products for existing customers, a $4.2 million increase in production ramps for new customers and overall net increased customer end-market demand. The increase was partially offset by a $6.2 million reduction due to a disengagement with a customer.
20192018
Net sales:
AMER$1,429.3$1,218.9
APAC1,557.21,498.0
EMEA309.9281.5
Elimination of inter-segment sales(132.0)(124.9)
Total net sales3,164.42,873.5
"} {"question": "What would be the difference in net sales in 2018 between AMER and EMEA regions if the net sales from EMEA was $1,000 million instead?", "answer": ["218.9"], "context": "A discussion of net sales by reportable segment is presented below for the indicated fiscal years (in millions): AMER. Net sales for fiscal 2019 in the AMER segment increased $210.4 million, or 17.3%, as compared to fiscal 2018. The increase in net sales was driven by a $181.7 million increase in production ramps of new products for existing customers, a $13.5 million increase in production ramps for new customers and overall net increased customer end-market demand. The increase was partially offset by a $16.4 million decrease for end-of-life products and a $6.0 million reduction due to disengagements with customers. APAC. Net sales for fiscal 2019 in the APAC segment increased $59.2 million, or 4.0%, as compared to fiscal 2018. The increase in net sales was driven by an $87.3 million increase in production ramps of new products for existing customers and a $58.1 million increase in production ramps for new customers. The increase was partially offset by a $28.4 million reduction due to a disengagement with a customer, a $7.3 million decrease for end-of-life products and overall net decreased customer end-market demand. EMEA. Net sales for fiscal 2019 in the EMEA segment increased $28.4 million, or 10.1%, as compared to fiscal 2018. The increase in net sales was the result of a $20.2 million increase in production ramps of new products for existing customers, a $4.2 million increase in production ramps for new customers and overall net increased customer end-market demand. The increase was partially offset by a $6.2 million reduction due to a disengagement with a customer.
20192018
Net sales:
AMER$1,429.3$1,218.9
APAC1,557.21,498.0
EMEA309.9281.5
Elimination of inter-segment sales(132.0)(124.9)
Total net sales3,164.42,873.5
"} {"question": "What would be the percentage change in the Elimination of inter-segment sales between 2018 and 2019 if the Elimination of inter-segment sales in 2019 was -$100 million instead?", "answer": ["-19.94"], "context": "A discussion of net sales by reportable segment is presented below for the indicated fiscal years (in millions): AMER. Net sales for fiscal 2019 in the AMER segment increased $210.4 million, or 17.3%, as compared to fiscal 2018. The increase in net sales was driven by a $181.7 million increase in production ramps of new products for existing customers, a $13.5 million increase in production ramps for new customers and overall net increased customer end-market demand. The increase was partially offset by a $16.4 million decrease for end-of-life products and a $6.0 million reduction due to disengagements with customers. APAC. Net sales for fiscal 2019 in the APAC segment increased $59.2 million, or 4.0%, as compared to fiscal 2018. The increase in net sales was driven by an $87.3 million increase in production ramps of new products for existing customers and a $58.1 million increase in production ramps for new customers. The increase was partially offset by a $28.4 million reduction due to a disengagement with a customer, a $7.3 million decrease for end-of-life products and overall net decreased customer end-market demand. EMEA. Net sales for fiscal 2019 in the EMEA segment increased $28.4 million, or 10.1%, as compared to fiscal 2018. The increase in net sales was the result of a $20.2 million increase in production ramps of new products for existing customers, a $4.2 million increase in production ramps for new customers and overall net increased customer end-market demand. The increase was partially offset by a $6.2 million reduction due to a disengagement with a customer.
20192018
Net sales:
AMER$1,429.3$1,218.9
APAC1,557.21,498.0
EMEA309.9281.5
Elimination of inter-segment sales(132.0)(124.9)
Total net sales3,164.42,873.5
"} {"question": "In which year would the amount of Property be larger if the amount in 2018 was $14.5 million instead?", "answer": ["2018"], "context": "9 Profit / (loss) on Ordinary Activities The profit (2018: loss) on ordinary activities before taxation is stated after charging:
Year-ended 31 March 2019Year-ended 31 March 2018 Restated See note 2
$M$M
Depreciation of property, plant and equipment11.811.6
Amortisation of intangible assets16.925.2
Research and development expenditure(143.9)(140.3)
Operating lease rentals:
Property14.012.5
Other1.61.6
Pension scheme contributions8.98.4
Impairment of trade receivables0.60.6
Net foreign currency differences(1.5)6.9
"} {"question": "What would the change in the amount of Property in 2019 from 2018 be if the amount in 2019 was $14.5 million instead?", "answer": ["2"], "context": "9 Profit / (loss) on Ordinary Activities The profit (2018: loss) on ordinary activities before taxation is stated after charging:
Year-ended 31 March 2019Year-ended 31 March 2018 Restated See note 2
$M$M
Depreciation of property, plant and equipment11.811.6
Amortisation of intangible assets16.925.2
Research and development expenditure(143.9)(140.3)
Operating lease rentals:
Property14.012.5
Other1.61.6
Pension scheme contributions8.98.4
Impairment of trade receivables0.60.6
Net foreign currency differences(1.5)6.9
"} {"question": "What would the percentage change in the amount of Property in 2019 from 2018 be if the amount in 2019 was $14.5 million instead?", "answer": ["16"], "context": "9 Profit / (loss) on Ordinary Activities The profit (2018: loss) on ordinary activities before taxation is stated after charging:
Year-ended 31 March 2019Year-ended 31 March 2018 Restated See note 2
$M$M
Depreciation of property, plant and equipment11.811.6
Amortisation of intangible assets16.925.2
Research and development expenditure(143.9)(140.3)
Operating lease rentals:
Property14.012.5
Other1.61.6
Pension scheme contributions8.98.4
Impairment of trade receivables0.60.6
Net foreign currency differences(1.5)6.9
"} {"question": "In which year would the total income tax charge be larger if the amount in 2019 was $16.7 million instead?", "answer": ["2018"], "context": "14 Taxation UK corporation tax for the year-ended 31 March 2019 is calculated at 19% (2018: 19%) of the estimated assessable loss for the period.
Year-ended 31 March 2019Year-ended 31 March 2018 Restated See note 2
$M$M
Current income tax:
UK corporation tax1.31.2
Adjustments in respect of previous years UK tax0.30.3
Overseas tax before exceptional items22.223.0
Adjustment in respect of previous years13.110.2
Total current tax charge36.934.7
Deferred tax:
Origination and reversal of temporary differences2.5(16.7)
Impact of changes in US tax rate-5.4
Adjustment in respect of previous years(12.7)(3.5)
Total deferred tax credit(10.2)(14.8)
Total income tax charge26.719.9
"} {"question": "What would the change in Total income tax charge in 2019 from 2018 be if the amount in 2019 was $26.9 million instead?", "answer": ["7"], "context": "14 Taxation UK corporation tax for the year-ended 31 March 2019 is calculated at 19% (2018: 19%) of the estimated assessable loss for the period.
Year-ended 31 March 2019Year-ended 31 March 2018 Restated See note 2
$M$M
Current income tax:
UK corporation tax1.31.2
Adjustments in respect of previous years UK tax0.30.3
Overseas tax before exceptional items22.223.0
Adjustment in respect of previous years13.110.2
Total current tax charge36.934.7
Deferred tax:
Origination and reversal of temporary differences2.5(16.7)
Impact of changes in US tax rate-5.4
Adjustment in respect of previous years(12.7)(3.5)
Total deferred tax credit(10.2)(14.8)
Total income tax charge26.719.9
"} {"question": "What would the percentage change in Total income tax charge in 2019 from 2018 be if the amount in 2019 was $26.9 million instead?", "answer": ["35.18"], "context": "14 Taxation UK corporation tax for the year-ended 31 March 2019 is calculated at 19% (2018: 19%) of the estimated assessable loss for the period.
Year-ended 31 March 2019Year-ended 31 March 2018 Restated See note 2
$M$M
Current income tax:
UK corporation tax1.31.2
Adjustments in respect of previous years UK tax0.30.3
Overseas tax before exceptional items22.223.0
Adjustment in respect of previous years13.110.2
Total current tax charge36.934.7
Deferred tax:
Origination and reversal of temporary differences2.5(16.7)
Impact of changes in US tax rate-5.4
Adjustment in respect of previous years(12.7)(3.5)
Total deferred tax credit(10.2)(14.8)
Total income tax charge26.719.9
"} {"question": "If EBU operating income in 2018 was 1,000, what would be the difference between EBU operating income in 2017 and 2018?", "answer": ["25"], "context": "Operating Income (Loss) by Business Unit Percentages reflect operating income (loss) as a percentage of revenue for each business unit. CNBU operating income for 2019 decreased from 2018 primarily due to declines in pricing and higher R&D costs, partially offset by cost reductions. MBU operating income for 2019 decreased from 2018 primarily due to declines in pricing partially offset by increases in sales of high-value managed NAND products and manufacturing cost reductions. SBU operating margin for 2019 declined from 2018 primarily due to declines in pricing, which were partially offset by manufacturing cost reductions and increases in sales volumes. SBU operating results for 2019 and 2018 were adversely impacted by the underutilization charges at IMFT. EBU operating income for 2019 decreased from 2018 as a result of declines in pricing and higher R&D costs partially offset by manufacturing cost reductions and increases in sales volumes. CNBU operating income for 2018 improved from 2017 primarily due to improved pricing and higher sales volumes resulting from strong demand for our products combined with manufacturing cost reductions. MBU operating income for 2018 improved from 2017 primarily due to increases in pricing and sales volumes for LPDRAM products, higher sales of high-value managed NAND products, and manufacturing cost reductions. SBU operating income for 2018 improved from 2017 primarily due to manufacturing cost reductions enabled by our execution in transitioning to 64-layer TLC 3D NAND products and improvements in product mix. SBU operating income for 2018 was adversely impacted by higher costs associated with IMFT's production of 3D XPoint memory products at less than full capacity. EBU operating income for 2018 increased as compared to 2017 as a result of increases in average selling prices, manufacturing cost reductions, and increases in sales volumes, partially offset by higher R&D costs.
For the year ended201920192018201820172017
CNBU$4,64547%$9,77364%$3,75544%
MBU2,60641%3,03346%92721%
SBU(386)(10)%96419%55212%
EBU92329%1,47342%97536%
All Other1318%——%2335%
$7,801$15,243$6,232
"} {"question": "What would be the ratio of CNBU and MBU total operating income in 2019 to those in 2018 if MBU operating income in 2018 was 2,000?", "answer": ["0.62"], "context": "Operating Income (Loss) by Business Unit Percentages reflect operating income (loss) as a percentage of revenue for each business unit. CNBU operating income for 2019 decreased from 2018 primarily due to declines in pricing and higher R&D costs, partially offset by cost reductions. MBU operating income for 2019 decreased from 2018 primarily due to declines in pricing partially offset by increases in sales of high-value managed NAND products and manufacturing cost reductions. SBU operating margin for 2019 declined from 2018 primarily due to declines in pricing, which were partially offset by manufacturing cost reductions and increases in sales volumes. SBU operating results for 2019 and 2018 were adversely impacted by the underutilization charges at IMFT. EBU operating income for 2019 decreased from 2018 as a result of declines in pricing and higher R&D costs partially offset by manufacturing cost reductions and increases in sales volumes. CNBU operating income for 2018 improved from 2017 primarily due to improved pricing and higher sales volumes resulting from strong demand for our products combined with manufacturing cost reductions. MBU operating income for 2018 improved from 2017 primarily due to increases in pricing and sales volumes for LPDRAM products, higher sales of high-value managed NAND products, and manufacturing cost reductions. SBU operating income for 2018 improved from 2017 primarily due to manufacturing cost reductions enabled by our execution in transitioning to 64-layer TLC 3D NAND products and improvements in product mix. SBU operating income for 2018 was adversely impacted by higher costs associated with IMFT's production of 3D XPoint memory products at less than full capacity. EBU operating income for 2018 increased as compared to 2017 as a result of increases in average selling prices, manufacturing cost reductions, and increases in sales volumes, partially offset by higher R&D costs.
For the year ended201920192018201820172017
CNBU$4,64547%$9,77364%$3,75544%
MBU2,60641%3,03346%92721%
SBU(386)(10)%96419%55212%
EBU92329%1,47342%97536%
All Other1318%——%2335%
$7,801$15,243$6,232
"} {"question": "How much would the difference in the total operating income in 2018 compared to in 2017 be if total operating income in 2017 was $20,000?", "answer": ["4757"], "context": "Operating Income (Loss) by Business Unit Percentages reflect operating income (loss) as a percentage of revenue for each business unit. CNBU operating income for 2019 decreased from 2018 primarily due to declines in pricing and higher R&D costs, partially offset by cost reductions. MBU operating income for 2019 decreased from 2018 primarily due to declines in pricing partially offset by increases in sales of high-value managed NAND products and manufacturing cost reductions. SBU operating margin for 2019 declined from 2018 primarily due to declines in pricing, which were partially offset by manufacturing cost reductions and increases in sales volumes. SBU operating results for 2019 and 2018 were adversely impacted by the underutilization charges at IMFT. EBU operating income for 2019 decreased from 2018 as a result of declines in pricing and higher R&D costs partially offset by manufacturing cost reductions and increases in sales volumes. CNBU operating income for 2018 improved from 2017 primarily due to improved pricing and higher sales volumes resulting from strong demand for our products combined with manufacturing cost reductions. MBU operating income for 2018 improved from 2017 primarily due to increases in pricing and sales volumes for LPDRAM products, higher sales of high-value managed NAND products, and manufacturing cost reductions. SBU operating income for 2018 improved from 2017 primarily due to manufacturing cost reductions enabled by our execution in transitioning to 64-layer TLC 3D NAND products and improvements in product mix. SBU operating income for 2018 was adversely impacted by higher costs associated with IMFT's production of 3D XPoint memory products at less than full capacity. EBU operating income for 2018 increased as compared to 2017 as a result of increases in average selling prices, manufacturing cost reductions, and increases in sales volumes, partially offset by higher R&D costs.
For the year ended201920192018201820172017
CNBU$4,64547%$9,77364%$3,75544%
MBU2,60641%3,03346%92721%
SBU(386)(10)%96419%55212%
EBU92329%1,47342%97536%
All Other1318%——%2335%
$7,801$15,243$6,232
"} {"question": "How many revenue items are there, if \"Devices\" is not a revenue item?", "answer": ["8"], "context": "
(In millions)
Year Ended June 30,201920182017
Server products and cloud services$ 32,622$ 26,129$ 21,649
Office products and cloud services31,76928,31625,573
Windows20,39519,51818,593
Gaming11,38610,3539,051
Search advertising7,6287,0126,219
LinkedIn6,7545,2592,271
Enterprise Services6,1245,8465,542
Devices6,0955,1345,062
Other3,0702,7932,611
Total$ 125,843$ 110,360$ 96,571
Revenue from external customers, classified by significant product and service offerings, was as follows: Our commercial cloud revenue, which includes Office 365 Commercial, Azure, the commercial portion of LinkedIn, Dynamics 365, and other commercial cloud properties, was $38.1 billion, $26.6 billion and $16.2 billion in fiscal years 2019, 2018, and 2017, respectively. These amounts are primarily included in Office products and cloud services, Server products and cloud services, and LinkedIn in the table above."} {"question": "How much of the total revenue in 2019 did not come from commercial cloud revenue, if the total revenue in 2019 was 225,843 million?", "answer": ["187743"], "context": "
(In millions)
Year Ended June 30,201920182017
Server products and cloud services$ 32,622$ 26,129$ 21,649
Office products and cloud services31,76928,31625,573
Windows20,39519,51818,593
Gaming11,38610,3539,051
Search advertising7,6287,0126,219
LinkedIn6,7545,2592,271
Enterprise Services6,1245,8465,542
Devices6,0955,1345,062
Other3,0702,7932,611
Total$ 125,843$ 110,360$ 96,571
Revenue from external customers, classified by significant product and service offerings, was as follows: Our commercial cloud revenue, which includes Office 365 Commercial, Azure, the commercial portion of LinkedIn, Dynamics 365, and other commercial cloud properties, was $38.1 billion, $26.6 billion and $16.2 billion in fiscal years 2019, 2018, and 2017, respectively. These amounts are primarily included in Office products and cloud services, Server products and cloud services, and LinkedIn in the table above."} {"question": "Which were the bottom 2 revenue items for 2017, if the LinkedIn revenue in 2017 was $5,500 million instead?", "answer": ["Devices", "Other"], "context": "
(In millions)
Year Ended June 30,201920182017
Server products and cloud services$ 32,622$ 26,129$ 21,649
Office products and cloud services31,76928,31625,573
Windows20,39519,51818,593
Gaming11,38610,3539,051
Search advertising7,6287,0126,219
LinkedIn6,7545,2592,271
Enterprise Services6,1245,8465,542
Devices6,0955,1345,062
Other3,0702,7932,611
Total$ 125,843$ 110,360$ 96,571
Revenue from external customers, classified by significant product and service offerings, was as follows: Our commercial cloud revenue, which includes Office 365 Commercial, Azure, the commercial portion of LinkedIn, Dynamics 365, and other commercial cloud properties, was $38.1 billion, $26.6 billion and $16.2 billion in fiscal years 2019, 2018, and 2017, respectively. These amounts are primarily included in Office products and cloud services, Server products and cloud services, and LinkedIn in the table above."} {"question": "If Outstanding at the beginning of the period in 2018/19 was 20,500,000, what would be the change from 2017/18 to 2018/19?", "answer": ["268666"], "context": "During the period 5.0 million (2017/18: 5.0 million) options were granted under the Sharesave Plan, with a weighted average exercise price at the date of exercise of 30 pence per ordinary share (2017/18: 33 pence). The options outstanding at 30 March 2019 had a weighted average exercise price of 32 pence (2017/18: 33 pence), and a weighted average remaining contractual life of 1.6 years (2017/18: 1.6 years). In 2018/19, the Group recognised an expense of £2.1m (2017/18: £2.8m), related to all equity-settled share-based payment transactions. Premier Foods plc Sharesave Plan
2018/192017/18
Weighted average exercise priceWeighted average exercise price
Options(p)Options(p)
Outstanding at the beginning of the period17,835,6283320,231,33435
Exercised during the period(4,306,470)32(3,536,539)34
Granted during the period5,022,240304,988,66933
Forfeited/lapsed during the period(2,447,511)33(3,847,836)44
Outstanding at the end of the period16,103,8873217,835,62833
Exercisable at the end of the period2,673,15432792,45135
"} {"question": "If Exercised during the period weighted average exercise price in 2018/19 was 40, what would be the change from 2017/18 to 2018/19?", "answer": ["6"], "context": "During the period 5.0 million (2017/18: 5.0 million) options were granted under the Sharesave Plan, with a weighted average exercise price at the date of exercise of 30 pence per ordinary share (2017/18: 33 pence). The options outstanding at 30 March 2019 had a weighted average exercise price of 32 pence (2017/18: 33 pence), and a weighted average remaining contractual life of 1.6 years (2017/18: 1.6 years). In 2018/19, the Group recognised an expense of £2.1m (2017/18: £2.8m), related to all equity-settled share-based payment transactions. Premier Foods plc Sharesave Plan
2018/192017/18
Weighted average exercise priceWeighted average exercise price
Options(p)Options(p)
Outstanding at the beginning of the period17,835,6283320,231,33435
Exercised during the period(4,306,470)32(3,536,539)34
Granted during the period5,022,240304,988,66933
Forfeited/lapsed during the period(2,447,511)33(3,847,836)44
Outstanding at the end of the period16,103,8873217,835,62833
Exercisable at the end of the period2,673,15432792,45135
"} {"question": "What would be the change in options granted between 2017/18 and 2018/19 if the amount in 2018/19 was 5,000,000 instead?", "answer": ["11331"], "context": "During the period 5.0 million (2017/18: 5.0 million) options were granted under the Sharesave Plan, with a weighted average exercise price at the date of exercise of 30 pence per ordinary share (2017/18: 33 pence). The options outstanding at 30 March 2019 had a weighted average exercise price of 32 pence (2017/18: 33 pence), and a weighted average remaining contractual life of 1.6 years (2017/18: 1.6 years). In 2018/19, the Group recognised an expense of £2.1m (2017/18: £2.8m), related to all equity-settled share-based payment transactions. Premier Foods plc Sharesave Plan
2018/192017/18
Weighted average exercise priceWeighted average exercise price
Options(p)Options(p)
Outstanding at the beginning of the period17,835,6283320,231,33435
Exercised during the period(4,306,470)32(3,536,539)34
Granted during the period5,022,240304,988,66933
Forfeited/lapsed during the period(2,447,511)33(3,847,836)44
Outstanding at the end of the period16,103,8873217,835,62833
Exercisable at the end of the period2,673,15432792,45135
"} {"question": "What would be the change in equity-based compensation between 2018 and 2019 if the equity-based compensation in 2018 was $10 million instead?", "answer": ["2.6"], "context": "(19) Income Taxes As of December 31, 2019 and 2018, the components of deferred tax assets primarily relate to equity method investments, equity-based compensation, deferred revenues, interest rate swaps, employee benefits accruals and deferred compensation. As of December 31, 2019 and 2018, the components of deferred tax liabilities primarily relate to depreciation and amortization of intangible assets, property and equipment and deferred contract costs. The significant components of deferred tax assets and liabilities consist of the following (in millions):
December 31,
20192018
Deferred tax assets:
Equity method investments$25.7$—
Equity-based compensation12.69.2
Deferred revenues6.214.8
Interest rate swaps5.6—
Other13.011.4
Total deferred tax assets63.135.4
Deferred tax liabilities:
Goodwill and other intangibles(168.7)(178.9)
Deferred contract costs(40.3)(41.9)
Property, equipment and computer software(34.3)(28.0)
Other(5.1)(7.5)
Total deferred tax liabilities(248.4)(256.3)
Net deferred tax liability$(185.3)$(220.9)
"} {"question": "How many years did deferred revenues exceed $10 million if deferred revenues in 2019 were $11 million instead?", "answer": ["2"], "context": "(19) Income Taxes As of December 31, 2019 and 2018, the components of deferred tax assets primarily relate to equity method investments, equity-based compensation, deferred revenues, interest rate swaps, employee benefits accruals and deferred compensation. As of December 31, 2019 and 2018, the components of deferred tax liabilities primarily relate to depreciation and amortization of intangible assets, property and equipment and deferred contract costs. The significant components of deferred tax assets and liabilities consist of the following (in millions):
December 31,
20192018
Deferred tax assets:
Equity method investments$25.7$—
Equity-based compensation12.69.2
Deferred revenues6.214.8
Interest rate swaps5.6—
Other13.011.4
Total deferred tax assets63.135.4
Deferred tax liabilities:
Goodwill and other intangibles(168.7)(178.9)
Deferred contract costs(40.3)(41.9)
Property, equipment and computer software(34.3)(28.0)
Other(5.1)(7.5)
Total deferred tax liabilities(248.4)(256.3)
Net deferred tax liability$(185.3)$(220.9)
"} {"question": "What would be the percentage change in Total deferred tax liabilities between 2018 and 2019 if the total deferred tax liabilities in 2019 was -$100 million instead?", "answer": ["-60.98"], "context": "(19) Income Taxes As of December 31, 2019 and 2018, the components of deferred tax assets primarily relate to equity method investments, equity-based compensation, deferred revenues, interest rate swaps, employee benefits accruals and deferred compensation. As of December 31, 2019 and 2018, the components of deferred tax liabilities primarily relate to depreciation and amortization of intangible assets, property and equipment and deferred contract costs. The significant components of deferred tax assets and liabilities consist of the following (in millions):
December 31,
20192018
Deferred tax assets:
Equity method investments$25.7$—
Equity-based compensation12.69.2
Deferred revenues6.214.8
Interest rate swaps5.6—
Other13.011.4
Total deferred tax assets63.135.4
Deferred tax liabilities:
Goodwill and other intangibles(168.7)(178.9)
Deferred contract costs(40.3)(41.9)
Property, equipment and computer software(34.3)(28.0)
Other(5.1)(7.5)
Total deferred tax liabilities(248.4)(256.3)
Net deferred tax liability$(185.3)$(220.9)
"} {"question": "What were the balance of total assets at February 28, 2018 if other assets were now $20,000 thousand instead?", "answer": ["63581"], "context": "As a result of the adoption of ASC 606, our deferred product revenues and deferred product costs for the fleet management and auto vehicle finance verticals increased as balances are now amortized over the estimated average in-service lives of these devices. Deferred income tax assets and accumulated deficit increased as a result of the changes made to our deferred product revenues and deferred product costs. The cumulative effect of the changes made to our consolidated balance sheet for the adoption of ASC 606 were as follows (in thousands): (1) Deferred product costs included in Prepaid expenses and other current assets and Other assets amounted to $5.4 million and $6.0 million, respectively, as of March 1, 2018.
Balance atASC 606Balance at
February 28, 2018AdjustmentsMarch 1, 2018
Assets
Prepaid expenses and other current assets (1)$12,0001,891$13,891
Deferred income tax assets31,58153232,113
Other assets (1)18,8293,14521,974
Liabilities and Stockholders' Equity
Deferred revenue$17,7572,15619,913
Other non-current liabilities24,2495,00729,256
Stockholders' equity
"} {"question": "What were the balance of total assets at March 1, 2018 if other assets were now $20,000 thousand instead?", "answer": ["66004"], "context": "As a result of the adoption of ASC 606, our deferred product revenues and deferred product costs for the fleet management and auto vehicle finance verticals increased as balances are now amortized over the estimated average in-service lives of these devices. Deferred income tax assets and accumulated deficit increased as a result of the changes made to our deferred product revenues and deferred product costs. The cumulative effect of the changes made to our consolidated balance sheet for the adoption of ASC 606 were as follows (in thousands): (1) Deferred product costs included in Prepaid expenses and other current assets and Other assets amounted to $5.4 million and $6.0 million, respectively, as of March 1, 2018.
Balance atASC 606Balance at
February 28, 2018AdjustmentsMarch 1, 2018
Assets
Prepaid expenses and other current assets (1)$12,0001,891$13,891
Deferred income tax assets31,58153232,113
Other assets (1)18,8293,14521,974
Liabilities and Stockholders' Equity
Deferred revenue$17,7572,15619,913
Other non-current liabilities24,2495,00729,256
Stockholders' equity
"} {"question": "What is the difference in balance of Deferred income tax assets and Deferred revenue at February 28, 2018 if Deferred revenue is now $40,000 thousand?", "answer": ["8419"], "context": "As a result of the adoption of ASC 606, our deferred product revenues and deferred product costs for the fleet management and auto vehicle finance verticals increased as balances are now amortized over the estimated average in-service lives of these devices. Deferred income tax assets and accumulated deficit increased as a result of the changes made to our deferred product revenues and deferred product costs. The cumulative effect of the changes made to our consolidated balance sheet for the adoption of ASC 606 were as follows (in thousands): (1) Deferred product costs included in Prepaid expenses and other current assets and Other assets amounted to $5.4 million and $6.0 million, respectively, as of March 1, 2018.
Balance atASC 606Balance at
February 28, 2018AdjustmentsMarch 1, 2018
Assets
Prepaid expenses and other current assets (1)$12,0001,891$13,891
Deferred income tax assets31,58153232,113
Other assets (1)18,8293,14521,974
Liabilities and Stockholders' Equity
Deferred revenue$17,7572,15619,913
Other non-current liabilities24,2495,00729,256
Stockholders' equity
"} {"question": "What would be the percentage change in prepaid expenses between 2018 and 2019 if the prepaid expenses in 2019 is increased by $1,000?", "answer": ["150.04"], "context": "Note 7. Prepaid Expenses and Other Current Assets and Accrued and Other Current Liabilities Prepaid expenses and other current assets as of December 31, 2019 and 2018 consisted of the following:
December 31,
20192018
Prepaid expenses$1,948$1,179
Securities litigation insurance receivable16,627306
Other current assets1,5562,865
Prepaid expenses and other current assets$20,131$4,350
"} {"question": "What would be the average prepaid expenses paid in 2018 and 2019 if the prepaid expenses in 2019 is doubled?", "answer": ["2537.5"], "context": "Note 7. Prepaid Expenses and Other Current Assets and Accrued and Other Current Liabilities Prepaid expenses and other current assets as of December 31, 2019 and 2018 consisted of the following:
December 31,
20192018
Prepaid expenses$1,948$1,179
Securities litigation insurance receivable16,627306
Other current assets1,5562,865
Prepaid expenses and other current assets$20,131$4,350
"} {"question": "What would be the total prepaid expenses made in 2018 and 2019 if the total is doubled and then decreased by $3,000?", "answer": ["3254"], "context": "Note 7. Prepaid Expenses and Other Current Assets and Accrued and Other Current Liabilities Prepaid expenses and other current assets as of December 31, 2019 and 2018 consisted of the following:
December 31,
20192018
Prepaid expenses$1,948$1,179
Securities litigation insurance receivable16,627306
Other current assets1,5562,865
Prepaid expenses and other current assets$20,131$4,350
"} {"question": "If the Underlying profit attributable to shareholders’ equity increases by 10% in 2019, what is the revised percentage change?", "answer": ["15.95"], "context": "Constant underlying earnings per share Constant underlying earnings per share (constant underlying EPS) is calculated as underlying profit attributable to shareholders’ equity at constant exchange rates and excluding the impact of both translational hedges and price growth in excess of 26% per year in hyperinflationary economies divided by the diluted average number of ordinary share units. This measure reflects the underlying earnings for each ordinary share unit of the Group in constant exchange rates. The reconciliation of underlying profit attributable to shareholders’ equity to constant underlying earnings attributable to shareholders’ equity and the calculation of constant underlying EPS is as follows: (a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. (b) See note 7. (c) See pages 28 and 29 for further details.
€ million€ million
20192018
(Restated)(a)
Underlying profit attributable to shareholders’ equity(b)6,6886,345
Impact of translation from current to constant exchange rates and translational hedges1346
Impact of price growth in excess of 26% per year in hyperinflationary economies(c)(108)(10)
Constant underlying earnings attributable to shareholders’ equity6,5936,381
Diluted combined average number of share units (millions of units)2,626.72,694.8
Constant underlying EPS (€)2.512.37
"} {"question": "If the Diluted combined average number of share units (millions of units) increases by 5% in 2018, what is the revised change?", "answer": ["-202.84"], "context": "Constant underlying earnings per share Constant underlying earnings per share (constant underlying EPS) is calculated as underlying profit attributable to shareholders’ equity at constant exchange rates and excluding the impact of both translational hedges and price growth in excess of 26% per year in hyperinflationary economies divided by the diluted average number of ordinary share units. This measure reflects the underlying earnings for each ordinary share unit of the Group in constant exchange rates. The reconciliation of underlying profit attributable to shareholders’ equity to constant underlying earnings attributable to shareholders’ equity and the calculation of constant underlying EPS is as follows: (a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. (b) See note 7. (c) See pages 28 and 29 for further details.
€ million€ million
20192018
(Restated)(a)
Underlying profit attributable to shareholders’ equity(b)6,6886,345
Impact of translation from current to constant exchange rates and translational hedges1346
Impact of price growth in excess of 26% per year in hyperinflationary economies(c)(108)(10)
Constant underlying earnings attributable to shareholders’ equity6,5936,381
Diluted combined average number of share units (millions of units)2,626.72,694.8
Constant underlying EPS (€)2.512.37
"} {"question": "If the Constant underlying earnings attributable to shareholders’ equity increases by 10% in 2019, what is the revised average?", "answer": ["6816.65"], "context": "Constant underlying earnings per share Constant underlying earnings per share (constant underlying EPS) is calculated as underlying profit attributable to shareholders’ equity at constant exchange rates and excluding the impact of both translational hedges and price growth in excess of 26% per year in hyperinflationary economies divided by the diluted average number of ordinary share units. This measure reflects the underlying earnings for each ordinary share unit of the Group in constant exchange rates. The reconciliation of underlying profit attributable to shareholders’ equity to constant underlying earnings attributable to shareholders’ equity and the calculation of constant underlying EPS is as follows: (a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details. (b) See note 7. (c) See pages 28 and 29 for further details.
€ million€ million
20192018
(Restated)(a)
Underlying profit attributable to shareholders’ equity(b)6,6886,345
Impact of translation from current to constant exchange rates and translational hedges1346
Impact of price growth in excess of 26% per year in hyperinflationary economies(c)(108)(10)
Constant underlying earnings attributable to shareholders’ equity6,5936,381
Diluted combined average number of share units (millions of units)2,626.72,694.8
Constant underlying EPS (€)2.512.37
"} {"question": "In which year would the amount of Less: Allowance for doubtful accounts be larger if the amount in 2019 was $3,080 thousand instead?", "answer": ["2018"], "context": "Note 9. Receivables, Net Receivables, net consisted of the following (in thousands):
December 31,
20192018
Trade accounts receivable, current$378,616$338,473
Income taxes receivable1,571916
Other13,44011,132
Receivables, gross393,627350,521
Less: Allowance for doubtful accounts3,4803,096
Receivables,net$390,147$347,425
Allowance for doubtful accounts as a percent of trade accounts receivable, current0.9%0.9%
"} {"question": "What would the change in Income taxes receivable in 2019 from 2018 be if the amount in 2019 was $1,916 thousand instead?", "answer": ["1000"], "context": "Note 9. Receivables, Net Receivables, net consisted of the following (in thousands):
December 31,
20192018
Trade accounts receivable, current$378,616$338,473
Income taxes receivable1,571916
Other13,44011,132
Receivables, gross393,627350,521
Less: Allowance for doubtful accounts3,4803,096
Receivables,net$390,147$347,425
Allowance for doubtful accounts as a percent of trade accounts receivable, current0.9%0.9%
"} {"question": "What would the percentage change in Income taxes receivable in 2019 from 2018 be if the amount in 2019 was $1,916 thousand instead?", "answer": ["109.17"], "context": "Note 9. Receivables, Net Receivables, net consisted of the following (in thousands):
December 31,
20192018
Trade accounts receivable, current$378,616$338,473
Income taxes receivable1,571916
Other13,44011,132
Receivables, gross393,627350,521
Less: Allowance for doubtful accounts3,4803,096
Receivables,net$390,147$347,425
Allowance for doubtful accounts as a percent of trade accounts receivable, current0.9%0.9%
"} {"question": "What is the percentage change between the cost of sales previously reported in 2017 and 2018 if the value in 2018 was doubled? ", "answer": ["110.54"], "context": "In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements. In October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The modified retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued guidance that aims to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements. n January 2016, the FASB issued guidance that requires most equity investments be measured at fair value, with subsequent other changes in fair value recognized in net income. The guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements on the classification and measurement of financial instruments. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. It should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, unless equity securities do not have readily determinable fair values, in which case the amendments should be applied prospectively. We adopted this guidance in the first quarter of fiscal 2019. We did not use prospective amendments for any investments and adoption did not have a material impact on our consolidated financial statements. The following reconciliations provide the effect of the reclassification of the net periodic benefit cost from operating expenses to other (income) expense in our consolidated statements of income for fiscal year 2018 and 2017 (in millions):
Twelve Months Ended September 29, 2018:As Previously ReportedAdjustmentsAs Recast
Cost of Sales$34,926$30$34,956
Selling, General and Administrative$2,071$(7)$2,064
Operating Income$3,055$(23)$3,032
Other (Income) Expense$310$(23)$287
Twelve Months Ended September 30, 2017:As Previously ReportedAdjustmentsAs Recast
Cost of Sales$33,177$21$33,198
Selling, General and Administrative$2,152$(11)$2,141
Operating Income$2,931$(10)$2,921
Other (Income) Expense$303$(10)$293
"} {"question": "Suppose the adjustment made in 2018 to the cost of sales is increased to $50. What is the percentage change between the cost of sales as recasted in 2017 and 2018?", "answer": ["5.36"], "context": "In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements. In October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The modified retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued guidance that aims to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements. n January 2016, the FASB issued guidance that requires most equity investments be measured at fair value, with subsequent other changes in fair value recognized in net income. The guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements on the classification and measurement of financial instruments. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. It should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, unless equity securities do not have readily determinable fair values, in which case the amendments should be applied prospectively. We adopted this guidance in the first quarter of fiscal 2019. We did not use prospective amendments for any investments and adoption did not have a material impact on our consolidated financial statements. The following reconciliations provide the effect of the reclassification of the net periodic benefit cost from operating expenses to other (income) expense in our consolidated statements of income for fiscal year 2018 and 2017 (in millions):
Twelve Months Ended September 29, 2018:As Previously ReportedAdjustmentsAs Recast
Cost of Sales$34,926$30$34,956
Selling, General and Administrative$2,071$(7)$2,064
Operating Income$3,055$(23)$3,032
Other (Income) Expense$310$(23)$287
Twelve Months Ended September 30, 2017:As Previously ReportedAdjustmentsAs Recast
Cost of Sales$33,177$21$33,198
Selling, General and Administrative$2,152$(11)$2,141
Operating Income$2,931$(10)$2,921
Other (Income) Expense$303$(10)$293
"} {"question": "Suppose the adjustment made in 2018 to the operating income is $(30). What is the percentage change between the operating income as recasted in 2017 and 2018?", "answer": ["3.56"], "context": "In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements. In October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The modified retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued guidance that aims to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements. n January 2016, the FASB issued guidance that requires most equity investments be measured at fair value, with subsequent other changes in fair value recognized in net income. The guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements on the classification and measurement of financial instruments. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. It should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, unless equity securities do not have readily determinable fair values, in which case the amendments should be applied prospectively. We adopted this guidance in the first quarter of fiscal 2019. We did not use prospective amendments for any investments and adoption did not have a material impact on our consolidated financial statements. The following reconciliations provide the effect of the reclassification of the net periodic benefit cost from operating expenses to other (income) expense in our consolidated statements of income for fiscal year 2018 and 2017 (in millions):
Twelve Months Ended September 29, 2018:As Previously ReportedAdjustmentsAs Recast
Cost of Sales$34,926$30$34,956
Selling, General and Administrative$2,071$(7)$2,064
Operating Income$3,055$(23)$3,032
Other (Income) Expense$310$(23)$287
Twelve Months Ended September 30, 2017:As Previously ReportedAdjustmentsAs Recast
Cost of Sales$33,177$21$33,198
Selling, General and Administrative$2,152$(11)$2,141
Operating Income$2,931$(10)$2,921
Other (Income) Expense$303$(10)$293
"} {"question": "What is the nominal difference of non-current self-insured risks between 2019 and 2018 if the value of non-current self-insured risks in 2018 is 425?", "answer": ["5"], "context": "Movements in total self‐insured risks, restructuring, onerous contracts, store exit costs, and other provisions (1) The increase in restructuring, onerous contracts, and store exit costs in 2019 is primarily attributable to the recognition of provisions associated with the BIG W network review as outlined in Note 1.4. A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made as to the amount of the obligation. The amount recognised is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. A liability is recognised for benefits accruing to employees in respect of annual leave and long service leave. Liabilities expected to be settled within 12 months are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to the reporting date. The provision for self-insured risks primarily represents the estimated liability for workers’ compensation and public liability claims. Provision for restructuring is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected by the restructuring that the restructuring will occur. An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.
RESTRUCTURING, ONEROUS
CONTRACTS, STORE EXIT COSTS,
SELF‑INSURED RISKSAND OTHER
2019201820192018
$M$M$M$M
Movement:
Balance at start of period596593679800
Net provisions recognised/(reversed) (1)17716122555
Cash payments(157)(148)(162)(178)
Other(13)(10)(5)2
Balance at end of period603596737679
Current173177280256
Non‑current430419457423
603596737679
"} {"question": "What is the percentage constitution of current self-insured risks in the total self-insured risks in 2019 if the value of total self-insured risk is 700?", "answer": ["24.71"], "context": "Movements in total self‐insured risks, restructuring, onerous contracts, store exit costs, and other provisions (1) The increase in restructuring, onerous contracts, and store exit costs in 2019 is primarily attributable to the recognition of provisions associated with the BIG W network review as outlined in Note 1.4. A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made as to the amount of the obligation. The amount recognised is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. A liability is recognised for benefits accruing to employees in respect of annual leave and long service leave. Liabilities expected to be settled within 12 months are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to the reporting date. The provision for self-insured risks primarily represents the estimated liability for workers’ compensation and public liability claims. Provision for restructuring is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected by the restructuring that the restructuring will occur. An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.
RESTRUCTURING, ONEROUS
CONTRACTS, STORE EXIT COSTS,
SELF‑INSURED RISKSAND OTHER
2019201820192018
$M$M$M$M
Movement:
Balance at start of period596593679800
Net provisions recognised/(reversed) (1)17716122555
Cash payments(157)(148)(162)(178)
Other(13)(10)(5)2
Balance at end of period603596737679
Current173177280256
Non‑current430419457423
603596737679
"} {"question": "What is the average cash payments for self-insured risks for both years if the value for cash payment in 2019 increased to 180?", "answer": ["164"], "context": "Movements in total self‐insured risks, restructuring, onerous contracts, store exit costs, and other provisions (1) The increase in restructuring, onerous contracts, and store exit costs in 2019 is primarily attributable to the recognition of provisions associated with the BIG W network review as outlined in Note 1.4. A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made as to the amount of the obligation. The amount recognised is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. A liability is recognised for benefits accruing to employees in respect of annual leave and long service leave. Liabilities expected to be settled within 12 months are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to the reporting date. The provision for self-insured risks primarily represents the estimated liability for workers’ compensation and public liability claims. Provision for restructuring is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected by the restructuring that the restructuring will occur. An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.
RESTRUCTURING, ONEROUS
CONTRACTS, STORE EXIT COSTS,
SELF‑INSURED RISKSAND OTHER
2019201820192018
$M$M$M$M
Movement:
Balance at start of period596593679800
Net provisions recognised/(reversed) (1)17716122555
Cash payments(157)(148)(162)(178)
Other(13)(10)(5)2
Balance at end of period603596737679
Current173177280256
Non‑current430419457423
603596737679
"} {"question": "What would be the change in Employee severance and benefit costs between 2017 and 2018 if lease costs in 2017 were $10,000 thousand instead?", "answer": ["6269"], "context": "14. Restructuring and Related Charges Following is a summary of the Company’s restructuring and related charges (in thousands): (1) Includes $21.5 million, $16.3 million and $51.3 million recorded in the EMS segment, $2.6 million, $16.6 million and $82.4 million recorded in the DMS segment and $1.8 million, $4.0 million and $26.7 million of non-allocated charges for the fiscal years ended August 31, 2019, 2018 and 2017, respectively. Except for asset write-off costs, all restructuring and related charges are cash settled. (2) Fiscal year ended August 31, 2017, includes expenses related to the 2017 and 2013 Restructuring Plans.
Fiscal Year Ended August 31,
201920182017(2)
Employee severance and benefit costs$16,029$16,269$56,834
Lease costs(41)1,5963,966
Asset write-off costs(3,566)16,26494,346
Other costs13,4922,7735,249
Total restructuring and related charges(1)$25,914$36,902$160,395
"} {"question": "What would be the change in Other costs between 2018 and 2019 if Other costs in 2019 were $5,000 thousand instead?", "answer": ["2227"], "context": "14. Restructuring and Related Charges Following is a summary of the Company’s restructuring and related charges (in thousands): (1) Includes $21.5 million, $16.3 million and $51.3 million recorded in the EMS segment, $2.6 million, $16.6 million and $82.4 million recorded in the DMS segment and $1.8 million, $4.0 million and $26.7 million of non-allocated charges for the fiscal years ended August 31, 2019, 2018 and 2017, respectively. Except for asset write-off costs, all restructuring and related charges are cash settled. (2) Fiscal year ended August 31, 2017, includes expenses related to the 2017 and 2013 Restructuring Plans.
Fiscal Year Ended August 31,
201920182017(2)
Employee severance and benefit costs$16,029$16,269$56,834
Lease costs(41)1,5963,966
Asset write-off costs(3,566)16,26494,346
Other costs13,4922,7735,249
Total restructuring and related charges(1)$25,914$36,902$160,395
"} {"question": "What would be the percentage change in the Total restructuring and related charges between 2018 and 2019 if the Total restructuring and related charges in 2019 were $40,000 thousand instead?", "answer": ["8.4"], "context": "14. Restructuring and Related Charges Following is a summary of the Company’s restructuring and related charges (in thousands): (1) Includes $21.5 million, $16.3 million and $51.3 million recorded in the EMS segment, $2.6 million, $16.6 million and $82.4 million recorded in the DMS segment and $1.8 million, $4.0 million and $26.7 million of non-allocated charges for the fiscal years ended August 31, 2019, 2018 and 2017, respectively. Except for asset write-off costs, all restructuring and related charges are cash settled. (2) Fiscal year ended August 31, 2017, includes expenses related to the 2017 and 2013 Restructuring Plans.
Fiscal Year Ended August 31,
201920182017(2)
Employee severance and benefit costs$16,029$16,269$56,834
Lease costs(41)1,5963,966
Asset write-off costs(3,566)16,26494,346
Other costs13,4922,7735,249
Total restructuring and related charges(1)$25,914$36,902$160,395
"} {"question": "What would the difference in the opening and ending balances in 2019 be if the opening balance in 2019 is 703?", "answer": ["80"], "context": "Note 13 Contract costs The table below provides a reconciliation of the contract costs balance. Contract costs are amortized over a period ranging from 12 to 84 months.
FOR THE YEAR ENDED DECEMBER 3120192018
Opening balance, January 1707636
Incremental costs of obtaining a contract and contract fulfillment costs602567
Amortization included in operating costs(523)(477)
Impairment charges included in operating costs(3)(19)
Ending balance, December 31783707
"} {"question": "What would the total incremental costs of obtaining a contract and contract fulfillment costs in 2018 and 2019 be if the amount in 2018 is 598?", "answer": ["1200"], "context": "Note 13 Contract costs The table below provides a reconciliation of the contract costs balance. Contract costs are amortized over a period ranging from 12 to 84 months.
FOR THE YEAR ENDED DECEMBER 3120192018
Opening balance, January 1707636
Incremental costs of obtaining a contract and contract fulfillment costs602567
Amortization included in operating costs(523)(477)
Impairment charges included in operating costs(3)(19)
Ending balance, December 31783707
"} {"question": "What would the change in the incremental costs of obtaining a contract and contract fulfillment costs in 2018 to 2019 be if the amount in 2019 is 607?", "answer": ["40"], "context": "Note 13 Contract costs The table below provides a reconciliation of the contract costs balance. Contract costs are amortized over a period ranging from 12 to 84 months.
FOR THE YEAR ENDED DECEMBER 3120192018
Opening balance, January 1707636
Incremental costs of obtaining a contract and contract fulfillment costs602567
Amortization included in operating costs(523)(477)
Impairment charges included in operating costs(3)(19)
Ending balance, December 31783707
"} {"question": "What was the total amount paid for the shares during the period from April 28, 2019 to May 25, 2019, if the average price paid per share was $53.98 from April 28, 2019 to May 25, 2019?", "answer": ["3478.7"], "context": "Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities (a) Cisco common stock is traded on the Nasdaq Global Select Market under the symbol CSCO. Information regarding quarterly cash dividends declared on Cisco’s common stock during fiscal 2019 and 2018 may be found in Supplementary Financial Data on page 106 of this report. There were 39,216 registered shareholders as of August 30, 2019. (b) Not applicable. (c) Issuer purchases of equity securities (in millions, except per-share amounts): On September 13, 2001, we announced that our Board of Directors had authorized a stock repurchase program. On February 13, 2019, our Board of Directors authorized a $15 billion increase to the stock repurchase program. As of July 27, 2019, the remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $13.5 billion with no termination date. For the majority of restricted stock units granted, the number of shares issued on the date the restricted stock units vest is net of shares withheld to meet applicable tax withholding requirements. Although these withheld shares are not issued or considered common stock repurchases under our stock repurchase program and therefore are not included in the preceding table, they are treated as common stock repurchases in our financial statements as they reduce the number of shares that would have been issued upon vesting (see Note 14 to the Consolidated Financial Statements).
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
April 28, 2019 to May 25, 201942$54.3342$15,700
May 26, 2019 to June 22, 201922$55.0722$14,465
June 23, 2019 to July 27, 201918$56.4618$13,460
Total82$54.9982
"} {"question": "What was the average total amount paid for the shares during the period from April 28, 2019 to May 25, 2019 and May 26, 2019 to June 22, 2019, if the average price paid per share was $53.98 from April 28, 2019 to May 25, 2019?", "answer": ["1739.35"], "context": "Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities (a) Cisco common stock is traded on the Nasdaq Global Select Market under the symbol CSCO. Information regarding quarterly cash dividends declared on Cisco’s common stock during fiscal 2019 and 2018 may be found in Supplementary Financial Data on page 106 of this report. There were 39,216 registered shareholders as of August 30, 2019. (b) Not applicable. (c) Issuer purchases of equity securities (in millions, except per-share amounts): On September 13, 2001, we announced that our Board of Directors had authorized a stock repurchase program. On February 13, 2019, our Board of Directors authorized a $15 billion increase to the stock repurchase program. As of July 27, 2019, the remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $13.5 billion with no termination date. For the majority of restricted stock units granted, the number of shares issued on the date the restricted stock units vest is net of shares withheld to meet applicable tax withholding requirements. Although these withheld shares are not issued or considered common stock repurchases under our stock repurchase program and therefore are not included in the preceding table, they are treated as common stock repurchases in our financial statements as they reduce the number of shares that would have been issued upon vesting (see Note 14 to the Consolidated Financial Statements).
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
April 28, 2019 to May 25, 201942$54.3342$15,700
May 26, 2019 to June 22, 201922$55.0722$14,465
June 23, 2019 to July 27, 201918$56.4618$13,460
Total82$54.9982
"} {"question": "What is the average of Average Price Paid per Share in the three period if it is $57 in the period of June 23, 2019 to July 27, 2019?", "answer": ["55.47"], "context": "Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities (a) Cisco common stock is traded on the Nasdaq Global Select Market under the symbol CSCO. Information regarding quarterly cash dividends declared on Cisco’s common stock during fiscal 2019 and 2018 may be found in Supplementary Financial Data on page 106 of this report. There were 39,216 registered shareholders as of August 30, 2019. (b) Not applicable. (c) Issuer purchases of equity securities (in millions, except per-share amounts): On September 13, 2001, we announced that our Board of Directors had authorized a stock repurchase program. On February 13, 2019, our Board of Directors authorized a $15 billion increase to the stock repurchase program. As of July 27, 2019, the remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $13.5 billion with no termination date. For the majority of restricted stock units granted, the number of shares issued on the date the restricted stock units vest is net of shares withheld to meet applicable tax withholding requirements. Although these withheld shares are not issued or considered common stock repurchases under our stock repurchase program and therefore are not included in the preceding table, they are treated as common stock repurchases in our financial statements as they reduce the number of shares that would have been issued upon vesting (see Note 14 to the Consolidated Financial Statements).
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
April 28, 2019 to May 25, 201942$54.3342$15,700
May 26, 2019 to June 22, 201922$55.0722$14,465
June 23, 2019 to July 27, 201918$56.4618$13,460
Total82$54.9982
"} {"question": "If the Consolidated Net Income in 2019 reduced to 17,185 million what would be the revised change?", "answer": ["1146"], "context": "
(dollars in millions)
Years Ended December 31,20192018
Consolidated Net Income$19,788$16,039
Add:
Provision for income taxes2,9453,584
Interest expense4,7304,833
Depreciation and amortization expense16,68217,403
Consolidated EBITDA44,14541,859
Add (Less):
Other (income) expense, net†2,900(2,364)
Equity in losses of unconsolidated businesses‡15186
Severance charges2042,157
Acquisition and integration related charges§—531
Product realignment charges§—450
Impairment charges1864,591
Net gain from dispositions of assets and businesses(261)—
Consolidated Adjusted EBITDA$ 47,189$ 47,410
Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA Consolidated earnings before interest, taxes, depreciation and amortization expenses (Consolidated EBITDA) and Consolidated Adjusted EBITDA, which are presented below, are non-generally accepted accounting principles (GAAP) measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior years, as well as in evaluating operating performance in relation to Verizon’s competitors. Consolidated EBITDA is calculated by adding back interest, taxes, and depreciation and amortization expenses to net income. Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in losses of unconsolidated businesses and other income and expense, net, as well as the effect of special items. We believe that this measure is useful to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. We believe that Consolidated Adjusted EBITDA is widely used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes and depreciation policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis. See “Special Items” for additional information. It is management’s intent to provide non-GAAP financial information to enhance the understanding of Verizon’s GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that non-GAAP measures provide relevant and useful information, which is used by management, investors and other users of our financial information, as well as by our management in assessing both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies. † Includes Pension and benefits mark-to-market adjustments and early debt redemption costs, where applicable. ‡ Includes Product realignment charges and impairment charges, where applicable. § Excludes depreciation and amortization expense. The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above were primarily a result of the factors described in connection with operating revenues and operating expenses."} {"question": "If the Consolidated EBITDA in 2019 reduced to 40,744 million what would be the revised change?", "answer": ["-1115"], "context": "
(dollars in millions)
Years Ended December 31,20192018
Consolidated Net Income$19,788$16,039
Add:
Provision for income taxes2,9453,584
Interest expense4,7304,833
Depreciation and amortization expense16,68217,403
Consolidated EBITDA44,14541,859
Add (Less):
Other (income) expense, net†2,900(2,364)
Equity in losses of unconsolidated businesses‡15186
Severance charges2042,157
Acquisition and integration related charges§—531
Product realignment charges§—450
Impairment charges1864,591
Net gain from dispositions of assets and businesses(261)—
Consolidated Adjusted EBITDA$ 47,189$ 47,410
Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA Consolidated earnings before interest, taxes, depreciation and amortization expenses (Consolidated EBITDA) and Consolidated Adjusted EBITDA, which are presented below, are non-generally accepted accounting principles (GAAP) measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior years, as well as in evaluating operating performance in relation to Verizon’s competitors. Consolidated EBITDA is calculated by adding back interest, taxes, and depreciation and amortization expenses to net income. Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in losses of unconsolidated businesses and other income and expense, net, as well as the effect of special items. We believe that this measure is useful to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. We believe that Consolidated Adjusted EBITDA is widely used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes and depreciation policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis. See “Special Items” for additional information. It is management’s intent to provide non-GAAP financial information to enhance the understanding of Verizon’s GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that non-GAAP measures provide relevant and useful information, which is used by management, investors and other users of our financial information, as well as by our management in assessing both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies. † Includes Pension and benefits mark-to-market adjustments and early debt redemption costs, where applicable. ‡ Includes Product realignment charges and impairment charges, where applicable. § Excludes depreciation and amortization expense. The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above were primarily a result of the factors described in connection with operating revenues and operating expenses."} {"question": "If the Consolidated Adjusted EBITDA in 2019 reduced to 42,055 million what would be the revised change?", "answer": ["-5355"], "context": "
(dollars in millions)
Years Ended December 31,20192018
Consolidated Net Income$19,788$16,039
Add:
Provision for income taxes2,9453,584
Interest expense4,7304,833
Depreciation and amortization expense16,68217,403
Consolidated EBITDA44,14541,859
Add (Less):
Other (income) expense, net†2,900(2,364)
Equity in losses of unconsolidated businesses‡15186
Severance charges2042,157
Acquisition and integration related charges§—531
Product realignment charges§—450
Impairment charges1864,591
Net gain from dispositions of assets and businesses(261)—
Consolidated Adjusted EBITDA$ 47,189$ 47,410
Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA Consolidated earnings before interest, taxes, depreciation and amortization expenses (Consolidated EBITDA) and Consolidated Adjusted EBITDA, which are presented below, are non-generally accepted accounting principles (GAAP) measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior years, as well as in evaluating operating performance in relation to Verizon’s competitors. Consolidated EBITDA is calculated by adding back interest, taxes, and depreciation and amortization expenses to net income. Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in losses of unconsolidated businesses and other income and expense, net, as well as the effect of special items. We believe that this measure is useful to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. We believe that Consolidated Adjusted EBITDA is widely used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes and depreciation policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis. See “Special Items” for additional information. It is management’s intent to provide non-GAAP financial information to enhance the understanding of Verizon’s GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that non-GAAP measures provide relevant and useful information, which is used by management, investors and other users of our financial information, as well as by our management in assessing both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies. † Includes Pension and benefits mark-to-market adjustments and early debt redemption costs, where applicable. ‡ Includes Product realignment charges and impairment charges, where applicable. § Excludes depreciation and amortization expense. The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above were primarily a result of the factors described in connection with operating revenues and operating expenses."} {"question": "If the Recorded investment of Loan receivables for Americas increase to 7,501 million what is the revised average for Americas and EMEA for December 2018?", "answer": ["5588"], "context": "Write-offs of lease receivables and loan receivables were $15 million and $20 million, respectively, for the year ended December 31, 2018. Provisions for credit losses recorded for lease receivables and loan receivables were $14 million and $2 million, respectively, for the year ended December 31, 2018. The average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $55 million and $73 million, respectively, for the year ended December 31, 2018. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2018.
($ in millions)
At December 31, 2018:AmericasEMEAAsia PacificTotal
Recorded investment:
Lease receivables$ 3,827$1,341$1,152$ 6,320
Loan receivables6,8173,6752,48912,981
Ending balance$10,644$5,016$3,641$19,301
Recorded investment, collectively evaluated for impairment$10,498$4,964$3,590$19,052
Recorded investment, individually evaluated for impairment$ 146$ 52$ 51$ 249
Allowance for credit losses
Beginning balance at January 1, 2018
Lease receivables$ 63$ 9$ 31$ 103
Loan receivables1085251211
Total$ 172$ 61$ 82$ 314
Write-offs(10)(2)(23)(35)
Recoveries0022
Provision79016
Other*(11)(3)(4)(19)
Ending balance at December 31, 2018$ 158$ 65$ 56$ 279
Lease receivables$ 53$ 22$ 24$ 99
Loan receivables$ 105$ 43$ 32$ 179
Related allowance, collectively evaluated for impairment$ 39$ 16$ 5$ 59
Related allowance, individually evaluated for impairment$ 119$ 49$ 51$ 219
"} {"question": "If the Allowance for credit losses of lease receivables for Americas increase to $ 79 what is the revised average at the beginning of January 2018?", "answer": ["39.67"], "context": "Write-offs of lease receivables and loan receivables were $15 million and $20 million, respectively, for the year ended December 31, 2018. Provisions for credit losses recorded for lease receivables and loan receivables were $14 million and $2 million, respectively, for the year ended December 31, 2018. The average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $55 million and $73 million, respectively, for the year ended December 31, 2018. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2018.
($ in millions)
At December 31, 2018:AmericasEMEAAsia PacificTotal
Recorded investment:
Lease receivables$ 3,827$1,341$1,152$ 6,320
Loan receivables6,8173,6752,48912,981
Ending balance$10,644$5,016$3,641$19,301
Recorded investment, collectively evaluated for impairment$10,498$4,964$3,590$19,052
Recorded investment, individually evaluated for impairment$ 146$ 52$ 51$ 249
Allowance for credit losses
Beginning balance at January 1, 2018
Lease receivables$ 63$ 9$ 31$ 103
Loan receivables1085251211
Total$ 172$ 61$ 82$ 314
Write-offs(10)(2)(23)(35)
Recoveries0022
Provision79016
Other*(11)(3)(4)(19)
Ending balance at December 31, 2018$ 158$ 65$ 56$ 279
Lease receivables$ 53$ 22$ 24$ 99
Loan receivables$ 105$ 43$ 32$ 179
Related allowance, collectively evaluated for impairment$ 39$ 16$ 5$ 59
Related allowance, individually evaluated for impairment$ 119$ 49$ 51$ 219
"} {"question": "If the Recorded investment of Lease receivables for Americas increase to 4,940 million what is the revised average for Americas and EMEA for December 2018?", "answer": ["3140.5"], "context": "Write-offs of lease receivables and loan receivables were $15 million and $20 million, respectively, for the year ended December 31, 2018. Provisions for credit losses recorded for lease receivables and loan receivables were $14 million and $2 million, respectively, for the year ended December 31, 2018. The average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $55 million and $73 million, respectively, for the year ended December 31, 2018. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2018.
($ in millions)
At December 31, 2018:AmericasEMEAAsia PacificTotal
Recorded investment:
Lease receivables$ 3,827$1,341$1,152$ 6,320
Loan receivables6,8173,6752,48912,981
Ending balance$10,644$5,016$3,641$19,301
Recorded investment, collectively evaluated for impairment$10,498$4,964$3,590$19,052
Recorded investment, individually evaluated for impairment$ 146$ 52$ 51$ 249
Allowance for credit losses
Beginning balance at January 1, 2018
Lease receivables$ 63$ 9$ 31$ 103
Loan receivables1085251211
Total$ 172$ 61$ 82$ 314
Write-offs(10)(2)(23)(35)
Recoveries0022
Provision79016
Other*(11)(3)(4)(19)
Ending balance at December 31, 2018$ 158$ 65$ 56$ 279
Lease receivables$ 53$ 22$ 24$ 99
Loan receivables$ 105$ 43$ 32$ 179
Related allowance, collectively evaluated for impairment$ 39$ 16$ 5$ 59
Related allowance, individually evaluated for impairment$ 119$ 49$ 51$ 219
"} {"question": "What was the percentage change in accrued expenses between 2018 and 2019 if accrued expenses in 2019 was $30 million instead?", "answer": ["15.38"], "context": "Deferred income taxes reflect the net tax effects of temporary differences between the amounts of assets and liabilities for accounting purposes and the amounts used for income tax purposes. The components of the net deferred tax assets (liabilities) are as follows (amounts in millions): As of December 31, 2019, we had gross tax credit carryforwards of $191 million for state purposes. The tax credit carryforwards are included in Deferred tax assets net of unrealized tax benefits that would apply upon the realization of uncertain tax positions. In addition, we had foreign NOL carryforwards of $32 million at December 31, 2019, attributed mainly to losses in France which can be carried forward indefinitely. We evaluate deferred tax assets each period for recoverability. We record a valuation allowance for assets that do not meet the threshold of “more likely than not” to be realized in the future. To make that determination, we evaluate the likelihood of realization based on the weight of all positive and negative evidence available. As a result of the Closing Agreement, we received in 2018, we determined at that time that our remaining California research and development credit carryforwards (“CA R&D Credit”) no longer met the threshold of more likely than not to be realized in the future. As such, consistent with our position at December 31, 2018, we have established a full valuation allowance against our CA R&D Credit. For the year ended December 31, 2019, the valuation allowance related to our CA R&D Credit is $71 million. We will reassess this determination quarterly and record a tax benefit if and when future evidence allows for a partial or full release of this valuation allowance. As of December 31, 2017, we no longer consider the available cash balances related to undistributed earnings held outside of the U.S. by our foreign subsidiaries to be indefinitely reinvested.
,As of December 31,
20192018
Deferred tax assets:
Allowance for sales returns and price protection$19$25
Accrued expenses2826
Deferred revenue119136
Tax attributes carryforwards9381
Share-based compensation5469
Intangibles1,28943
U.S. deferred taxes on foreign earnings—318
Capitalized software development expenses67—
Other10928
Deferred tax assets1,778726
Valuation allowance(181)(61)
Deferred tax assets, net of valuation allowance1,597665
Deferred tax liabilities:
Intangibles(142)(140)
Capitalized software development expenses—(57)
U.S. deferred taxes on foreign earnings(594)—
Other(73)(26)
Deferred tax liabilities(809)(223)
Net deferred tax assets$788$442
"} {"question": "What was the percentage change in intangibles between 2018 and 2019 if intangibles in 2018 were $1,000 million instead?", "answer": ["28.9"], "context": "Deferred income taxes reflect the net tax effects of temporary differences between the amounts of assets and liabilities for accounting purposes and the amounts used for income tax purposes. The components of the net deferred tax assets (liabilities) are as follows (amounts in millions): As of December 31, 2019, we had gross tax credit carryforwards of $191 million for state purposes. The tax credit carryforwards are included in Deferred tax assets net of unrealized tax benefits that would apply upon the realization of uncertain tax positions. In addition, we had foreign NOL carryforwards of $32 million at December 31, 2019, attributed mainly to losses in France which can be carried forward indefinitely. We evaluate deferred tax assets each period for recoverability. We record a valuation allowance for assets that do not meet the threshold of “more likely than not” to be realized in the future. To make that determination, we evaluate the likelihood of realization based on the weight of all positive and negative evidence available. As a result of the Closing Agreement, we received in 2018, we determined at that time that our remaining California research and development credit carryforwards (“CA R&D Credit”) no longer met the threshold of more likely than not to be realized in the future. As such, consistent with our position at December 31, 2018, we have established a full valuation allowance against our CA R&D Credit. For the year ended December 31, 2019, the valuation allowance related to our CA R&D Credit is $71 million. We will reassess this determination quarterly and record a tax benefit if and when future evidence allows for a partial or full release of this valuation allowance. As of December 31, 2017, we no longer consider the available cash balances related to undistributed earnings held outside of the U.S. by our foreign subsidiaries to be indefinitely reinvested.
,As of December 31,
20192018
Deferred tax assets:
Allowance for sales returns and price protection$19$25
Accrued expenses2826
Deferred revenue119136
Tax attributes carryforwards9381
Share-based compensation5469
Intangibles1,28943
U.S. deferred taxes on foreign earnings—318
Capitalized software development expenses67—
Other10928
Deferred tax assets1,778726
Valuation allowance(181)(61)
Deferred tax assets, net of valuation allowance1,597665
Deferred tax liabilities:
Intangibles(142)(140)
Capitalized software development expenses—(57)
U.S. deferred taxes on foreign earnings(594)—
Other(73)(26)
Deferred tax liabilities(809)(223)
Net deferred tax assets$788$442
"} {"question": "What was the change in net deferred tax assets between 2018 and 2019 if net deferred tax assets in 2019 were $1,000 million instead?", "answer": ["558"], "context": "Deferred income taxes reflect the net tax effects of temporary differences between the amounts of assets and liabilities for accounting purposes and the amounts used for income tax purposes. The components of the net deferred tax assets (liabilities) are as follows (amounts in millions): As of December 31, 2019, we had gross tax credit carryforwards of $191 million for state purposes. The tax credit carryforwards are included in Deferred tax assets net of unrealized tax benefits that would apply upon the realization of uncertain tax positions. In addition, we had foreign NOL carryforwards of $32 million at December 31, 2019, attributed mainly to losses in France which can be carried forward indefinitely. We evaluate deferred tax assets each period for recoverability. We record a valuation allowance for assets that do not meet the threshold of “more likely than not” to be realized in the future. To make that determination, we evaluate the likelihood of realization based on the weight of all positive and negative evidence available. As a result of the Closing Agreement, we received in 2018, we determined at that time that our remaining California research and development credit carryforwards (“CA R&D Credit”) no longer met the threshold of more likely than not to be realized in the future. As such, consistent with our position at December 31, 2018, we have established a full valuation allowance against our CA R&D Credit. For the year ended December 31, 2019, the valuation allowance related to our CA R&D Credit is $71 million. We will reassess this determination quarterly and record a tax benefit if and when future evidence allows for a partial or full release of this valuation allowance. As of December 31, 2017, we no longer consider the available cash balances related to undistributed earnings held outside of the U.S. by our foreign subsidiaries to be indefinitely reinvested.
,As of December 31,
20192018
Deferred tax assets:
Allowance for sales returns and price protection$19$25
Accrued expenses2826
Deferred revenue119136
Tax attributes carryforwards9381
Share-based compensation5469
Intangibles1,28943
U.S. deferred taxes on foreign earnings—318
Capitalized software development expenses67—
Other10928
Deferred tax assets1,778726
Valuation allowance(181)(61)
Deferred tax assets, net of valuation allowance1,597665
Deferred tax liabilities:
Intangibles(142)(140)
Capitalized software development expenses—(57)
U.S. deferred taxes on foreign earnings(594)—
Other(73)(26)
Deferred tax liabilities(809)(223)
Net deferred tax assets$788$442
"} {"question": "If the percentage of revenue for Americas was 67% instead, What would be the change in percentage of revenue for Americas from fiscal 2018 to 2019?", "answer": ["4"], "context": "Net revenues by geographical region Percentage of revenue by geographic region as presented below is based on the billing location of the customer. Percentages may not add to 100% due to rounding. The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan.
Fiscal Year
20192018
Americas64%63%
EMEA21%22%
APJ15%16%
"} {"question": "If the percentage of revenue for EMEA was 25% instead, What would be the change in percentage of revenue for EMEA from fiscal 2018 to 2019?", "answer": ["3"], "context": "Net revenues by geographical region Percentage of revenue by geographic region as presented below is based on the billing location of the customer. Percentages may not add to 100% due to rounding. The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan.
Fiscal Year
20192018
Americas64%63%
EMEA21%22%
APJ15%16%
"} {"question": "If the percentage of revenue for APJ was 18% instead, What would be the change in percentage of revenue for APJ from fiscal 2018 to 2019?", "answer": ["2"], "context": "Net revenues by geographical region Percentage of revenue by geographic region as presented below is based on the billing location of the customer. Percentages may not add to 100% due to rounding. The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan.
Fiscal Year
20192018
Americas64%63%
EMEA21%22%
APJ15%16%
"} {"question": "What was the percentage change in net revenue from 2017 to 2019 if the net revenue in 2019 is $299,418?", "answer": ["10.52"], "context": "2019 vs 2018 SMB segment net revenue was flat for the year ended December 31, 2019 compared to the prior year, primarily due to a decline in net revenue of our network storage products, substantially offset by growth in net revenue of our switch products. Geographically, net revenue grew in APAC, but declined in Americas and EMEA. Contribution income decreased for the year ended December 31, 2019 compared to the prior year, primarily as a result of lower gross margin attainment, partially offset by lower operating expenses as a proportion of net revenue. Contribution margin decreased for the year ended December 31, 2019 compared to the prior year, primarily lower gross margin attainment mainly resulting from foreign exchange headwinds due to the strengthening of the U.S. dollar as well as higher provisions for sales returns. 2018 vs 2017 SMB segment net revenue increased for the year ended December 31, 2018 compared to the prior year, primarily due to growth in switches, partially offset by the decrease in network storage. SMB experienced growth in net revenue across all regions. SMB net revenue was further benefited by lower provisions for sales returns deemed to be a reduction of net revenue. Contribution income increased for the year ended December 31, 2018 compared to the prior year, primarily due to increasing net revenue and improved gross margin performance not being met with proportionate increases in operating expense compared to the prior period.
Year Ended December 31,
2019% Change2018% Change2017
(in thousands, except percentage data)
Net revenue$287,372(0.1)%$287,7566.2%$270,908
Percentage of net revenue28.8%27.2%26.1%
Contribution income$67,282(4.1)%$70,1429.8%$63,865
Contribution margin23.4%24.4%23.6%
"} {"question": "In which year is the contribution margin the highest if the contribution margin is 2019 is 24.8%?", "answer": ["2019"], "context": "2019 vs 2018 SMB segment net revenue was flat for the year ended December 31, 2019 compared to the prior year, primarily due to a decline in net revenue of our network storage products, substantially offset by growth in net revenue of our switch products. Geographically, net revenue grew in APAC, but declined in Americas and EMEA. Contribution income decreased for the year ended December 31, 2019 compared to the prior year, primarily as a result of lower gross margin attainment, partially offset by lower operating expenses as a proportion of net revenue. Contribution margin decreased for the year ended December 31, 2019 compared to the prior year, primarily lower gross margin attainment mainly resulting from foreign exchange headwinds due to the strengthening of the U.S. dollar as well as higher provisions for sales returns. 2018 vs 2017 SMB segment net revenue increased for the year ended December 31, 2018 compared to the prior year, primarily due to growth in switches, partially offset by the decrease in network storage. SMB experienced growth in net revenue across all regions. SMB net revenue was further benefited by lower provisions for sales returns deemed to be a reduction of net revenue. Contribution income increased for the year ended December 31, 2018 compared to the prior year, primarily due to increasing net revenue and improved gross margin performance not being met with proportionate increases in operating expense compared to the prior period.
Year Ended December 31,
2019% Change2018% Change2017
(in thousands, except percentage data)
Net revenue$287,372(0.1)%$287,7566.2%$270,908
Percentage of net revenue28.8%27.2%26.1%
Contribution income$67,282(4.1)%$70,1429.8%$63,865
Contribution margin23.4%24.4%23.6%
"} {"question": "What was the change in contribution income from 2017 to 2018 if the contribution income is $69,246 in 2017?", "answer": ["896"], "context": "2019 vs 2018 SMB segment net revenue was flat for the year ended December 31, 2019 compared to the prior year, primarily due to a decline in net revenue of our network storage products, substantially offset by growth in net revenue of our switch products. Geographically, net revenue grew in APAC, but declined in Americas and EMEA. Contribution income decreased for the year ended December 31, 2019 compared to the prior year, primarily as a result of lower gross margin attainment, partially offset by lower operating expenses as a proportion of net revenue. Contribution margin decreased for the year ended December 31, 2019 compared to the prior year, primarily lower gross margin attainment mainly resulting from foreign exchange headwinds due to the strengthening of the U.S. dollar as well as higher provisions for sales returns. 2018 vs 2017 SMB segment net revenue increased for the year ended December 31, 2018 compared to the prior year, primarily due to growth in switches, partially offset by the decrease in network storage. SMB experienced growth in net revenue across all regions. SMB net revenue was further benefited by lower provisions for sales returns deemed to be a reduction of net revenue. Contribution income increased for the year ended December 31, 2018 compared to the prior year, primarily due to increasing net revenue and improved gross margin performance not being met with proportionate increases in operating expense compared to the prior period.
Year Ended December 31,
2019% Change2018% Change2017
(in thousands, except percentage data)
Net revenue$287,372(0.1)%$287,7566.2%$270,908
Percentage of net revenue28.8%27.2%26.1%
Contribution income$67,282(4.1)%$70,1429.8%$63,865
Contribution margin23.4%24.4%23.6%
"} {"question": "What would be the change in the Prepaid pension asset for U.S Pension Plans between 2018 and 2019 if the Prepaid pension asset in 2018 was $60,000 thousand instead?", "answer": ["2082"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) The components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31:
U.S.Pension PlansNon-U.S. Pension Plans
2019201820192018
Prepaid pension asset$62,082$54,100$—$—
Accrued expenses and other liabilities(100)(100)——
Long-term pension obligations(1,045)(992)(1,214)(1,331)
Net prepaid (accrued) cost$60,937$53,008$(1,214)$(1,331)
"} {"question": "What would be the change in the Net prepaid (accrued) cost for U.S. Pension Plans between 2018 and 2019 if the Net prepaid (accrued) cost in 2018 was $60,000 thousand instead?", "answer": ["937"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) The components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31:
U.S.Pension PlansNon-U.S. Pension Plans
2019201820192018
Prepaid pension asset$62,082$54,100$—$—
Accrued expenses and other liabilities(100)(100)——
Long-term pension obligations(1,045)(992)(1,214)(1,331)
Net prepaid (accrued) cost$60,937$53,008$(1,214)$(1,331)
"} {"question": "What would be the percentage change in Long-term pension obligations for U.S. Pension Plans between 2018 and 2019 if the long-term pension obligations in 2019 was -$500 thousand instead?", "answer": ["-49.6"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) The components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31:
U.S.Pension PlansNon-U.S. Pension Plans
2019201820192018
Prepaid pension asset$62,082$54,100$—$—
Accrued expenses and other liabilities(100)(100)——
Long-term pension obligations(1,045)(992)(1,214)(1,331)
Net prepaid (accrued) cost$60,937$53,008$(1,214)$(1,331)
"} {"question": "In which year would the Weighted average share price be larger if the amount in 2019 was $626.10 instead?", "answer": ["2018"], "context": "Share Options The fair value of equity-settled share options granted is measured as at the date of grant using a Black-Scholes model, taking into account the terms and conditions upon which the options were granted. The following table illustrates the weighted average inputs into the Black-Scholes model in the year: The weighted average fair value of options granted during the year was $ cents 220.53 (2018: $ cents 185.33). The expected volatility reflects the assumption that the historical share price volatility is indicative of future trends, which may not necessarily be the actual outcome. An increase in the expected volatility will increase the estimated fair value. The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected life used in the model has been adjusted, based on the Director’s best estimate, taking into account the effects of exercise restrictions, non-transferability and behavioural considerations. An increase in the expected life will increase the estimated fair value.
Year-endedYear-ended
31 March 201931 March 2018
Weighted average share price ($ cents)676.10628.23
Weighted average exercise price ($ cents)558.54516.70
Expected volatility54.91%38.20%
Expected life of options (years)1.692.08
Risk free rate1.56%1.49%
Dividend yield0.81%0.70%
"} {"question": "What would the change in Weighted average share price in 2019 from 2018 be if the amount in 2019 was 678.23 cents instead?", "answer": ["50"], "context": "Share Options The fair value of equity-settled share options granted is measured as at the date of grant using a Black-Scholes model, taking into account the terms and conditions upon which the options were granted. The following table illustrates the weighted average inputs into the Black-Scholes model in the year: The weighted average fair value of options granted during the year was $ cents 220.53 (2018: $ cents 185.33). The expected volatility reflects the assumption that the historical share price volatility is indicative of future trends, which may not necessarily be the actual outcome. An increase in the expected volatility will increase the estimated fair value. The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected life used in the model has been adjusted, based on the Director’s best estimate, taking into account the effects of exercise restrictions, non-transferability and behavioural considerations. An increase in the expected life will increase the estimated fair value.
Year-endedYear-ended
31 March 201931 March 2018
Weighted average share price ($ cents)676.10628.23
Weighted average exercise price ($ cents)558.54516.70
Expected volatility54.91%38.20%
Expected life of options (years)1.692.08
Risk free rate1.56%1.49%
Dividend yield0.81%0.70%
"} {"question": "What would the percentage change in Weighted average share price in 2019 from 2018 be if the amount in 2019 was 678.23 cents instead?", "answer": ["7.96"], "context": "Share Options The fair value of equity-settled share options granted is measured as at the date of grant using a Black-Scholes model, taking into account the terms and conditions upon which the options were granted. The following table illustrates the weighted average inputs into the Black-Scholes model in the year: The weighted average fair value of options granted during the year was $ cents 220.53 (2018: $ cents 185.33). The expected volatility reflects the assumption that the historical share price volatility is indicative of future trends, which may not necessarily be the actual outcome. An increase in the expected volatility will increase the estimated fair value. The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected life used in the model has been adjusted, based on the Director’s best estimate, taking into account the effects of exercise restrictions, non-transferability and behavioural considerations. An increase in the expected life will increase the estimated fair value.
Year-endedYear-ended
31 March 201931 March 2018
Weighted average share price ($ cents)676.10628.23
Weighted average exercise price ($ cents)558.54516.70
Expected volatility54.91%38.20%
Expected life of options (years)1.692.08
Risk free rate1.56%1.49%
Dividend yield0.81%0.70%
"} {"question": "What would be the change in purchase commitments that were less than 1 year between 2018 and 2019 if the purchase commitments that were less than 1 year in 2019 were $6,000 million instead?", "answer": ["593"], "context": "The following table summarizes our purchase commitments with contract manufacturers and suppliers as of the respective period ends (in millions): Purchase commitments with contract manufacturers and suppliers decreased by approximately 23% compared to the end of fiscal 2018. On a combined basis, inventories and purchase commitments with contract manufacturers and suppliers decreased by 24% compared with the end of fiscal 2018. Inventory and supply chain management remain areas of focus as we balance the need to maintain supply chain flexibility to help ensure competitive lead times with the risk of inventory obsolescence because of rapidly changing technology and customer requirements. We believe the amount of our inventory and purchase commitments is appropriate for our revenue levels.
Commitments by PeriodJuly 27, 2019July 28, 2018
Less than 1 year$4,239$5,407
1 to 3 years728710
3 to 5 years—360
Total$4,967$6,477
"} {"question": "How many years would commitments that were 1 to 3 years exceed $700 million if commitments that were 1 to 3 years in 2019 were $500 million instead?", "answer": ["1"], "context": "The following table summarizes our purchase commitments with contract manufacturers and suppliers as of the respective period ends (in millions): Purchase commitments with contract manufacturers and suppliers decreased by approximately 23% compared to the end of fiscal 2018. On a combined basis, inventories and purchase commitments with contract manufacturers and suppliers decreased by 24% compared with the end of fiscal 2018. Inventory and supply chain management remain areas of focus as we balance the need to maintain supply chain flexibility to help ensure competitive lead times with the risk of inventory obsolescence because of rapidly changing technology and customer requirements. We believe the amount of our inventory and purchase commitments is appropriate for our revenue levels.
Commitments by PeriodJuly 27, 2019July 28, 2018
Less than 1 year$4,239$5,407
1 to 3 years728710
3 to 5 years—360
Total$4,967$6,477
"} {"question": "What would be the commitments that were less than 1 year as a percentage of total purchase commitments in 2019 if total purchase commitments were $10,000 million instead, while those less than 1 year remained unchanged?", "answer": ["42.39"], "context": "The following table summarizes our purchase commitments with contract manufacturers and suppliers as of the respective period ends (in millions): Purchase commitments with contract manufacturers and suppliers decreased by approximately 23% compared to the end of fiscal 2018. On a combined basis, inventories and purchase commitments with contract manufacturers and suppliers decreased by 24% compared with the end of fiscal 2018. Inventory and supply chain management remain areas of focus as we balance the need to maintain supply chain flexibility to help ensure competitive lead times with the risk of inventory obsolescence because of rapidly changing technology and customer requirements. We believe the amount of our inventory and purchase commitments is appropriate for our revenue levels.
Commitments by PeriodJuly 27, 2019July 28, 2018
Less than 1 year$4,239$5,407
1 to 3 years728710
3 to 5 years—360
Total$4,967$6,477
"} {"question": "If Core revenue in 2019 was 103,000 thousands, what would be the average for 2018 and 2019?", "answer": ["102938.5"], "context": "Results of Operations for the Years Ended December 31, 2019 and December 31, 2018 We reported revenues of $187.2 million for the year ended December 31, 2019, down 7.0% from $201.2 million for the year ended December 31, 2018. Our net loss was $15.6 million or $0.96 loss per diluted share for the year ended December 31, 2019 versus a net loss of $24.1 million or $1.50 loss per diluted share for the year ended December 31, 2018. Our year-over-year unfavorable performance was primarily driven by lower Restaurant/Retail hardware revenue and corresponding hardware support service revenue from our traditional tier 1 customers as one of these customers completed significant projects in 2018 which were not repeated in 2019. The Company partially offset these reductions with continued growth in Brink POS revenue, including related SaaS, hardware and support services. The 2018 net loss include a valuation allowance of $14.9 million to reduce the carrying value of our deferred tax assets. Operating segment revenue is set forth below: * Brink includes $0.3 million of Restaurant Magic for 2019 Product revenues were $66.3 million for the year ended December 31, 2019, a decrease of 15.8% from $78.8 million recorded in 2018. This decrease was primarily driven by lower revenues from our tier 1 customers and by a decrease in our international business. Our hardware sales in the Restaurant/Retail reporting segment were down versus prior year as we completed hardware project installations with a large domestic customer during the first half of 2018 which was not recurring in 2019. Additionally, international sales were down in 2019 and SureCheck was divested. SureCheck product revenue was $0.7 million in 2019 versus $2.0 million in 2018. Service revenues were $57.0 million for the year ended December 31, 2019, an increase of 3.1% from $55.3 million reported for the year ended December 31, 2018, primarily due to an increase in Brink, including a $3.9 million increase in Brink POS SaaS revenue more than offsetting a reduction in Services to our traditional Tier 1 customers and SureCheck Services. Surecheck Service revenue was $2.7 million in 2019 versus $4.0 million in 2018. Contract revenues were $63.9 million for the year ended December 31, 2019, compared to $67.2 million reported for the year ended December 31, 2018, a decrease of 4.8%. This decrease was driven by a 4% decrease in our Mission Systems revenue due to reduction of revenue on cost-based contracts and a 4% reduction in ISR revenues due to ceiling limitations in a large customer's funding. Product margins for the year ended December 31, 2019, were 22.9%, in line with the 23.0% for the year ended December 31, 2018. Service margins were 30.9% for the year ended December 31, 2019, an increase from 23.8% recorded for the year ended December 31,2018. ServicemarginsincreasedprimarilyduetoBrinkPOSSaaSandtheincreaseinprofitabilityinourfieldservicebusiness. During 2018 and 2019, impairment charges were recorded for SureCheck capitalized software of $1.6 million and $0.7 million, respectively. Contract margins were 8.9% for the year ended December 31, 2019, compared to 10.7% for the year ended December 31, 2018. The decrease in margin was primarily driven by decrease activity in Mission Systems' better performing cost-based contracts. Selling, general, and administrative expenses were $37.0 million for the year ending December 31, 2019, compared to $35.0 million for the year ended December 31, 2018. The increase is due to additional investments in Brink POS sales and marketing and increased equity and incentive compensation, partially offset by savings in other departments. SG&A expenses associated with the internal investigation for 2019 were $0.6 million as compared to $1.1M in 2018. Research and development expenses were $13.4 million for the year ended December 31, 2019, compared to $12.4 million recorded for the year ended December 31, 2018. This increase was primarily related to a $2.1 million increase in software development investments for Brink offset by decreases in other product lines. During the year ended December 31, 2019, we recorded $1.2 million of amortization expense associated with acquired identifiable intangible assets in connection with our acquisition of Brink Software, Inc. in September 2014 (the \"Brink Acquisition\") compared to $1.0 million for the year ended December 31, 2018. Additionally, in 2019 we recorded $0.2 million of amortization expense associated with acquired identifiable intangible assets in the Drive-Thru Acquisition, and $0.1 million of amortization expense associated with acquired identifiable intangible assets in the Restaurant Magic Acquisition. Other (expense) income, net, was ($1.5 million) for the year ended December 31, 2019, as compared to other income, net of $0.3 million for the year ended December 31, 2018. Other income/expense primarily includes fair value adjustments on contingent considerations, rental income, net of applicable expenses, foreign currency transactions gains and losses, fair value fluctuations of our deferred compensation plan and other non-operating income/expense. In 2018, a $0.5 million gain was recorded for the sale of real estate. In 2019, there was a $0.2 million expense for the termination of the Brink Acquisition earn-out agreement compared to a $0.5 million benefit as a result of a reduction of contingent consideration related to the Brink Acquisition in 2018. Interest expense, net was $4.6 million for the year ended December 31, 2019, as compared to interest expense, net of $0.4 million for the year ended December 31, 2018. The increase reflects $2.6 million of interest expense related to the sale of the 4.50% Convertible Senior Notes due 2024 issued on April 15, 2019 (the \"2024 notes\") as well as $2.0 million of accretion of 2024 notes debt discount for 2019. For the year ended December 31, 2019, our effective income tax rate was 18.9%, which was mainly due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options. For the year ended December 31, 2018, our effective income tax rate was (141.7)% due to recording a full valuation allowance on the entire deferred tax assets.
Year ended December 31,$%
(in thousands)20192018variancevariance
Restaurant/Retail
Core$78,238$102,877$(24,639)(24)%
Brink *41,68925,18916,50066%
SureCheck3,3806,003(2,623)(44)%
Total Restaurant Retail$123,307$134,069$(10,762)(8)%
Government
Intelligence, surveillance, and reconnaissance$29,541$30,888$(1,347)(4)%
Mission Systems33,51335,082(1,569)(4)%
Product Sales8711,207(336)(28)%
Total Government$63,925$67,177$(3,252)(5)%
"} {"question": "If Brink revenue in 2019 was 30,000 thousands, in which year would it be less than 40,000 thousands?", "answer": ["2019", "2018"], "context": "Results of Operations for the Years Ended December 31, 2019 and December 31, 2018 We reported revenues of $187.2 million for the year ended December 31, 2019, down 7.0% from $201.2 million for the year ended December 31, 2018. Our net loss was $15.6 million or $0.96 loss per diluted share for the year ended December 31, 2019 versus a net loss of $24.1 million or $1.50 loss per diluted share for the year ended December 31, 2018. Our year-over-year unfavorable performance was primarily driven by lower Restaurant/Retail hardware revenue and corresponding hardware support service revenue from our traditional tier 1 customers as one of these customers completed significant projects in 2018 which were not repeated in 2019. The Company partially offset these reductions with continued growth in Brink POS revenue, including related SaaS, hardware and support services. The 2018 net loss include a valuation allowance of $14.9 million to reduce the carrying value of our deferred tax assets. Operating segment revenue is set forth below: * Brink includes $0.3 million of Restaurant Magic for 2019 Product revenues were $66.3 million for the year ended December 31, 2019, a decrease of 15.8% from $78.8 million recorded in 2018. This decrease was primarily driven by lower revenues from our tier 1 customers and by a decrease in our international business. Our hardware sales in the Restaurant/Retail reporting segment were down versus prior year as we completed hardware project installations with a large domestic customer during the first half of 2018 which was not recurring in 2019. Additionally, international sales were down in 2019 and SureCheck was divested. SureCheck product revenue was $0.7 million in 2019 versus $2.0 million in 2018. Service revenues were $57.0 million for the year ended December 31, 2019, an increase of 3.1% from $55.3 million reported for the year ended December 31, 2018, primarily due to an increase in Brink, including a $3.9 million increase in Brink POS SaaS revenue more than offsetting a reduction in Services to our traditional Tier 1 customers and SureCheck Services. Surecheck Service revenue was $2.7 million in 2019 versus $4.0 million in 2018. Contract revenues were $63.9 million for the year ended December 31, 2019, compared to $67.2 million reported for the year ended December 31, 2018, a decrease of 4.8%. This decrease was driven by a 4% decrease in our Mission Systems revenue due to reduction of revenue on cost-based contracts and a 4% reduction in ISR revenues due to ceiling limitations in a large customer's funding. Product margins for the year ended December 31, 2019, were 22.9%, in line with the 23.0% for the year ended December 31, 2018. Service margins were 30.9% for the year ended December 31, 2019, an increase from 23.8% recorded for the year ended December 31,2018. ServicemarginsincreasedprimarilyduetoBrinkPOSSaaSandtheincreaseinprofitabilityinourfieldservicebusiness. During 2018 and 2019, impairment charges were recorded for SureCheck capitalized software of $1.6 million and $0.7 million, respectively. Contract margins were 8.9% for the year ended December 31, 2019, compared to 10.7% for the year ended December 31, 2018. The decrease in margin was primarily driven by decrease activity in Mission Systems' better performing cost-based contracts. Selling, general, and administrative expenses were $37.0 million for the year ending December 31, 2019, compared to $35.0 million for the year ended December 31, 2018. The increase is due to additional investments in Brink POS sales and marketing and increased equity and incentive compensation, partially offset by savings in other departments. SG&A expenses associated with the internal investigation for 2019 were $0.6 million as compared to $1.1M in 2018. Research and development expenses were $13.4 million for the year ended December 31, 2019, compared to $12.4 million recorded for the year ended December 31, 2018. This increase was primarily related to a $2.1 million increase in software development investments for Brink offset by decreases in other product lines. During the year ended December 31, 2019, we recorded $1.2 million of amortization expense associated with acquired identifiable intangible assets in connection with our acquisition of Brink Software, Inc. in September 2014 (the \"Brink Acquisition\") compared to $1.0 million for the year ended December 31, 2018. Additionally, in 2019 we recorded $0.2 million of amortization expense associated with acquired identifiable intangible assets in the Drive-Thru Acquisition, and $0.1 million of amortization expense associated with acquired identifiable intangible assets in the Restaurant Magic Acquisition. Other (expense) income, net, was ($1.5 million) for the year ended December 31, 2019, as compared to other income, net of $0.3 million for the year ended December 31, 2018. Other income/expense primarily includes fair value adjustments on contingent considerations, rental income, net of applicable expenses, foreign currency transactions gains and losses, fair value fluctuations of our deferred compensation plan and other non-operating income/expense. In 2018, a $0.5 million gain was recorded for the sale of real estate. In 2019, there was a $0.2 million expense for the termination of the Brink Acquisition earn-out agreement compared to a $0.5 million benefit as a result of a reduction of contingent consideration related to the Brink Acquisition in 2018. Interest expense, net was $4.6 million for the year ended December 31, 2019, as compared to interest expense, net of $0.4 million for the year ended December 31, 2018. The increase reflects $2.6 million of interest expense related to the sale of the 4.50% Convertible Senior Notes due 2024 issued on April 15, 2019 (the \"2024 notes\") as well as $2.0 million of accretion of 2024 notes debt discount for 2019. For the year ended December 31, 2019, our effective income tax rate was 18.9%, which was mainly due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options. For the year ended December 31, 2018, our effective income tax rate was (141.7)% due to recording a full valuation allowance on the entire deferred tax assets.
Year ended December 31,$%
(in thousands)20192018variancevariance
Restaurant/Retail
Core$78,238$102,877$(24,639)(24)%
Brink *41,68925,18916,50066%
SureCheck3,3806,003(2,623)(44)%
Total Restaurant Retail$123,307$134,069$(10,762)(8)%
Government
Intelligence, surveillance, and reconnaissance$29,541$30,888$(1,347)(4)%
Mission Systems33,51335,082(1,569)(4)%
Product Sales8711,207(336)(28)%
Total Government$63,925$67,177$(3,252)(5)%
"} {"question": "If product sales in 2019 was 5,000 thousands while the total government revenue remains the same, what percentage of total government would be product sales?", "answer": ["7.82"], "context": "Results of Operations for the Years Ended December 31, 2019 and December 31, 2018 We reported revenues of $187.2 million for the year ended December 31, 2019, down 7.0% from $201.2 million for the year ended December 31, 2018. Our net loss was $15.6 million or $0.96 loss per diluted share for the year ended December 31, 2019 versus a net loss of $24.1 million or $1.50 loss per diluted share for the year ended December 31, 2018. Our year-over-year unfavorable performance was primarily driven by lower Restaurant/Retail hardware revenue and corresponding hardware support service revenue from our traditional tier 1 customers as one of these customers completed significant projects in 2018 which were not repeated in 2019. The Company partially offset these reductions with continued growth in Brink POS revenue, including related SaaS, hardware and support services. The 2018 net loss include a valuation allowance of $14.9 million to reduce the carrying value of our deferred tax assets. Operating segment revenue is set forth below: * Brink includes $0.3 million of Restaurant Magic for 2019 Product revenues were $66.3 million for the year ended December 31, 2019, a decrease of 15.8% from $78.8 million recorded in 2018. This decrease was primarily driven by lower revenues from our tier 1 customers and by a decrease in our international business. Our hardware sales in the Restaurant/Retail reporting segment were down versus prior year as we completed hardware project installations with a large domestic customer during the first half of 2018 which was not recurring in 2019. Additionally, international sales were down in 2019 and SureCheck was divested. SureCheck product revenue was $0.7 million in 2019 versus $2.0 million in 2018. Service revenues were $57.0 million for the year ended December 31, 2019, an increase of 3.1% from $55.3 million reported for the year ended December 31, 2018, primarily due to an increase in Brink, including a $3.9 million increase in Brink POS SaaS revenue more than offsetting a reduction in Services to our traditional Tier 1 customers and SureCheck Services. Surecheck Service revenue was $2.7 million in 2019 versus $4.0 million in 2018. Contract revenues were $63.9 million for the year ended December 31, 2019, compared to $67.2 million reported for the year ended December 31, 2018, a decrease of 4.8%. This decrease was driven by a 4% decrease in our Mission Systems revenue due to reduction of revenue on cost-based contracts and a 4% reduction in ISR revenues due to ceiling limitations in a large customer's funding. Product margins for the year ended December 31, 2019, were 22.9%, in line with the 23.0% for the year ended December 31, 2018. Service margins were 30.9% for the year ended December 31, 2019, an increase from 23.8% recorded for the year ended December 31,2018. ServicemarginsincreasedprimarilyduetoBrinkPOSSaaSandtheincreaseinprofitabilityinourfieldservicebusiness. During 2018 and 2019, impairment charges were recorded for SureCheck capitalized software of $1.6 million and $0.7 million, respectively. Contract margins were 8.9% for the year ended December 31, 2019, compared to 10.7% for the year ended December 31, 2018. The decrease in margin was primarily driven by decrease activity in Mission Systems' better performing cost-based contracts. Selling, general, and administrative expenses were $37.0 million for the year ending December 31, 2019, compared to $35.0 million for the year ended December 31, 2018. The increase is due to additional investments in Brink POS sales and marketing and increased equity and incentive compensation, partially offset by savings in other departments. SG&A expenses associated with the internal investigation for 2019 were $0.6 million as compared to $1.1M in 2018. Research and development expenses were $13.4 million for the year ended December 31, 2019, compared to $12.4 million recorded for the year ended December 31, 2018. This increase was primarily related to a $2.1 million increase in software development investments for Brink offset by decreases in other product lines. During the year ended December 31, 2019, we recorded $1.2 million of amortization expense associated with acquired identifiable intangible assets in connection with our acquisition of Brink Software, Inc. in September 2014 (the \"Brink Acquisition\") compared to $1.0 million for the year ended December 31, 2018. Additionally, in 2019 we recorded $0.2 million of amortization expense associated with acquired identifiable intangible assets in the Drive-Thru Acquisition, and $0.1 million of amortization expense associated with acquired identifiable intangible assets in the Restaurant Magic Acquisition. Other (expense) income, net, was ($1.5 million) for the year ended December 31, 2019, as compared to other income, net of $0.3 million for the year ended December 31, 2018. Other income/expense primarily includes fair value adjustments on contingent considerations, rental income, net of applicable expenses, foreign currency transactions gains and losses, fair value fluctuations of our deferred compensation plan and other non-operating income/expense. In 2018, a $0.5 million gain was recorded for the sale of real estate. In 2019, there was a $0.2 million expense for the termination of the Brink Acquisition earn-out agreement compared to a $0.5 million benefit as a result of a reduction of contingent consideration related to the Brink Acquisition in 2018. Interest expense, net was $4.6 million for the year ended December 31, 2019, as compared to interest expense, net of $0.4 million for the year ended December 31, 2018. The increase reflects $2.6 million of interest expense related to the sale of the 4.50% Convertible Senior Notes due 2024 issued on April 15, 2019 (the \"2024 notes\") as well as $2.0 million of accretion of 2024 notes debt discount for 2019. For the year ended December 31, 2019, our effective income tax rate was 18.9%, which was mainly due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options. For the year ended December 31, 2018, our effective income tax rate was (141.7)% due to recording a full valuation allowance on the entire deferred tax assets.
Year ended December 31,$%
(in thousands)20192018variancevariance
Restaurant/Retail
Core$78,238$102,877$(24,639)(24)%
Brink *41,68925,18916,50066%
SureCheck3,3806,003(2,623)(44)%
Total Restaurant Retail$123,307$134,069$(10,762)(8)%
Government
Intelligence, surveillance, and reconnaissance$29,541$30,888$(1,347)(4)%
Mission Systems33,51335,082(1,569)(4)%
Product Sales8711,207(336)(28)%
Total Government$63,925$67,177$(3,252)(5)%
"} {"question": "What would the percentage change in the audit fees from 2018 to 2019 be if the amount in 2019 was 5,000,000 instead?", "answer": ["8.57"], "context": "Fees Billed by Ernst & Young LLP The table below shows the fees billed by EY for audit and other services provided to the Company in fiscal years 2019 and 2018. Figure 48. FY2019/2018 Fees Billed by Ernst & Young LLP (1) Audit Fees represent fees for professional services provided in connection with the audits of annual financial statements. Audit Fees also include reviews of quarterly financial statements, audit services related to other statutory or regulatory filings or engagements, and fees related to EY’s audit of the effectiveness of the Company’s internal control over financial reporting pursuant to section 404 of the Sarbanes-Oxley Act. (2) Audit-Related Fees represent fees for assurance and related services that are reasonably related to the audit or review of the Company’s financial statements and are not reported above under “Audit Fees”. These fees principally include due diligence and accounting consultation fees in connection with our acquisition of Coventor, Inc. in 2018 and an information systems audit in 2019. (3) Tax Fees represent fees for professional services for tax planning, tax compliance and review services related to foreign tax compliance and assistance with tax audits and appeals. The audit committee reviewed summaries of the services provided by EY and the related fees during fiscal year 2019 and has determined that the provision of non-audit services was compatible with maintaining the independence of EY as the Company’s independent registered public accounting firm. The audit committee or its delegate approved 100% of the services and related fee amounts for services provided by EY during fiscal year 2019.
Fiscal Year 2019 ($)Fiscal Year 2018 ($)
AuditFees(1)4,703,8304,605,495
Audit-RelatedFees(2)27,00090,500
TaxFees(3)194,17034,888
AllOtherFees——
TOTAL4,925,0004,730,883
"} {"question": "What would the percentage change in the audit-related fees from 2018 to 2019 be if the amount in 2019 was 30,000 instead?", "answer": ["-66.85"], "context": "Fees Billed by Ernst & Young LLP The table below shows the fees billed by EY for audit and other services provided to the Company in fiscal years 2019 and 2018. Figure 48. FY2019/2018 Fees Billed by Ernst & Young LLP (1) Audit Fees represent fees for professional services provided in connection with the audits of annual financial statements. Audit Fees also include reviews of quarterly financial statements, audit services related to other statutory or regulatory filings or engagements, and fees related to EY’s audit of the effectiveness of the Company’s internal control over financial reporting pursuant to section 404 of the Sarbanes-Oxley Act. (2) Audit-Related Fees represent fees for assurance and related services that are reasonably related to the audit or review of the Company’s financial statements and are not reported above under “Audit Fees”. These fees principally include due diligence and accounting consultation fees in connection with our acquisition of Coventor, Inc. in 2018 and an information systems audit in 2019. (3) Tax Fees represent fees for professional services for tax planning, tax compliance and review services related to foreign tax compliance and assistance with tax audits and appeals. The audit committee reviewed summaries of the services provided by EY and the related fees during fiscal year 2019 and has determined that the provision of non-audit services was compatible with maintaining the independence of EY as the Company’s independent registered public accounting firm. The audit committee or its delegate approved 100% of the services and related fee amounts for services provided by EY during fiscal year 2019.
Fiscal Year 2019 ($)Fiscal Year 2018 ($)
AuditFees(1)4,703,8304,605,495
Audit-RelatedFees(2)27,00090,500
TaxFees(3)194,17034,888
AllOtherFees——
TOTAL4,925,0004,730,883
"} {"question": "What would the percentage change in the total fees from 2018 to 2019 be if the amount in 2019 was 5,000,000 instead?", "answer": ["5.69"], "context": "Fees Billed by Ernst & Young LLP The table below shows the fees billed by EY for audit and other services provided to the Company in fiscal years 2019 and 2018. Figure 48. FY2019/2018 Fees Billed by Ernst & Young LLP (1) Audit Fees represent fees for professional services provided in connection with the audits of annual financial statements. Audit Fees also include reviews of quarterly financial statements, audit services related to other statutory or regulatory filings or engagements, and fees related to EY’s audit of the effectiveness of the Company’s internal control over financial reporting pursuant to section 404 of the Sarbanes-Oxley Act. (2) Audit-Related Fees represent fees for assurance and related services that are reasonably related to the audit or review of the Company’s financial statements and are not reported above under “Audit Fees”. These fees principally include due diligence and accounting consultation fees in connection with our acquisition of Coventor, Inc. in 2018 and an information systems audit in 2019. (3) Tax Fees represent fees for professional services for tax planning, tax compliance and review services related to foreign tax compliance and assistance with tax audits and appeals. The audit committee reviewed summaries of the services provided by EY and the related fees during fiscal year 2019 and has determined that the provision of non-audit services was compatible with maintaining the independence of EY as the Company’s independent registered public accounting firm. The audit committee or its delegate approved 100% of the services and related fee amounts for services provided by EY during fiscal year 2019.
Fiscal Year 2019 ($)Fiscal Year 2018 ($)
AuditFees(1)4,703,8304,605,495
Audit-RelatedFees(2)27,00090,500
TaxFees(3)194,17034,888
AllOtherFees——
TOTAL4,925,0004,730,883
"} {"question": "What would be the change in hardware revenue, net if the value for 2019 increases by $10,000?", "answer": ["11532"], "context": "Hardware Hardware sales, net decreased $1.5 million, or -10% in 2019 compared to 2018. We adopted the new ASC 606 standard as of January 1, 2018 and elected to use the modified retrospective method. Historical hardware sales prior to the adoption of ASC 606 were recorded on a gross basis, as we were the principal in the transaction in accordance with the previous standard, ASC 605-45. Under the new standard, we are an agent in the transaction as we do not physically control the hardware which we sell. Accordingly, starting January 1, 2018, we recognize our hardware revenue net of related cost which reduces both hardware revenue and cost of sales as compared to our accounting prior to 2018. For comparison purposes only, had we implemented ASC 606 using the full retrospective method, we would have also presented hardware revenue net of cost for prior periods as shown below. The majority of hardware sales are derived from our Americas segment. Sales of hardware are largely dependent upon customer- specific desires, which fluctuate.
Year Ended December 31,
% Change vs.Prior Year
201920192018201720192018
Hardware Revenue (Pre ASC 606 Adoption)$44,972$49,914$43,190-10%16%
Cost of hardware-32,455-35,947- 32,205-10%12%
Hardware Revenue, net (Post ASC 606 Adoption)$12,517$13,967$ 10,985-10%27%
"} {"question": "What would be the new change in hardware revenue (Pre ASC 606 Adoption) if the value in 2019 increases by 10%?", "answer": ["-444.8"], "context": "Hardware Hardware sales, net decreased $1.5 million, or -10% in 2019 compared to 2018. We adopted the new ASC 606 standard as of January 1, 2018 and elected to use the modified retrospective method. Historical hardware sales prior to the adoption of ASC 606 were recorded on a gross basis, as we were the principal in the transaction in accordance with the previous standard, ASC 605-45. Under the new standard, we are an agent in the transaction as we do not physically control the hardware which we sell. Accordingly, starting January 1, 2018, we recognize our hardware revenue net of related cost which reduces both hardware revenue and cost of sales as compared to our accounting prior to 2018. For comparison purposes only, had we implemented ASC 606 using the full retrospective method, we would have also presented hardware revenue net of cost for prior periods as shown below. The majority of hardware sales are derived from our Americas segment. Sales of hardware are largely dependent upon customer- specific desires, which fluctuate.
Year Ended December 31,
% Change vs.Prior Year
201920192018201720192018
Hardware Revenue (Pre ASC 606 Adoption)$44,972$49,914$43,190-10%16%
Cost of hardware-32,455-35,947- 32,205-10%12%
Hardware Revenue, net (Post ASC 606 Adoption)$12,517$13,967$ 10,985-10%27%
"} {"question": "What would be the sum of cost of hardware for 2019 and 2018 if the cost of hardware in 2019 is reduced by 2,455?", "answer": ["65947"], "context": "Hardware Hardware sales, net decreased $1.5 million, or -10% in 2019 compared to 2018. We adopted the new ASC 606 standard as of January 1, 2018 and elected to use the modified retrospective method. Historical hardware sales prior to the adoption of ASC 606 were recorded on a gross basis, as we were the principal in the transaction in accordance with the previous standard, ASC 605-45. Under the new standard, we are an agent in the transaction as we do not physically control the hardware which we sell. Accordingly, starting January 1, 2018, we recognize our hardware revenue net of related cost which reduces both hardware revenue and cost of sales as compared to our accounting prior to 2018. For comparison purposes only, had we implemented ASC 606 using the full retrospective method, we would have also presented hardware revenue net of cost for prior periods as shown below. The majority of hardware sales are derived from our Americas segment. Sales of hardware are largely dependent upon customer- specific desires, which fluctuate.
Year Ended December 31,
% Change vs.Prior Year
201920192018201720192018
Hardware Revenue (Pre ASC 606 Adoption)$44,972$49,914$43,190-10%16%
Cost of hardware-32,455-35,947- 32,205-10%12%
Hardware Revenue, net (Post ASC 606 Adoption)$12,517$13,967$ 10,985-10%27%
"} {"question": "In which year would the amount of other financial expenses be the largest if the amount in 2019 was $38.5 million instead?", "answer": ["2017"], "context": "NOTE 7 - continued Lease payments not recognized as a liability The Group has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant. Administrative expenses The total outflow for leases, USD 2.9m, is presented as “Depreciation” of USD 2.5m and “Financial expenses” (interest) of USD 0.4m, in contrast to the recording of an operating lease charge of a materially equivalent figure within the line item “Administrative expenses” under IAS 17. Financial expenses Financial expenses for the reporting periods:
USDm201920182017
Interest expenses:---
Financial expenses arising from lease liabilities regarding right-of-use assets2.42.31.8
Other financial expenses39.537.038.8
Total41.939.340.6
"} {"question": "What would the change in the total financial expenses in 2019 from 2018 be if the amount in 2019 was $41.0 million instead?", "answer": ["1.7"], "context": "NOTE 7 - continued Lease payments not recognized as a liability The Group has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant. Administrative expenses The total outflow for leases, USD 2.9m, is presented as “Depreciation” of USD 2.5m and “Financial expenses” (interest) of USD 0.4m, in contrast to the recording of an operating lease charge of a materially equivalent figure within the line item “Administrative expenses” under IAS 17. Financial expenses Financial expenses for the reporting periods:
USDm201920182017
Interest expenses:---
Financial expenses arising from lease liabilities regarding right-of-use assets2.42.31.8
Other financial expenses39.537.038.8
Total41.939.340.6
"} {"question": "What would the percentage change in the total financial expenses in 2019 from 2018 be if the amount in 2019 was $41.0 million instead?", "answer": ["4.33"], "context": "NOTE 7 - continued Lease payments not recognized as a liability The Group has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant. Administrative expenses The total outflow for leases, USD 2.9m, is presented as “Depreciation” of USD 2.5m and “Financial expenses” (interest) of USD 0.4m, in contrast to the recording of an operating lease charge of a materially equivalent figure within the line item “Administrative expenses” under IAS 17. Financial expenses Financial expenses for the reporting periods:
USDm201920182017
Interest expenses:---
Financial expenses arising from lease liabilities regarding right-of-use assets2.42.31.8
Other financial expenses39.537.038.8
Total41.939.340.6
"} {"question": "How many years did net income exceed $100,000 thousand if net income in 2018 was $150,000 thousand instead?", "answer": ["3"], "context": "7. Earnings Per Share The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for fiscal2 019, 2018 and 2017 (in thousands, except per share amounts): In each of the fiscal years 2019, 2018 and 2017, share-based awards for approximately 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive.
201920182017
Net income108,61613,040112,062
Basic weighted average common shares outstanding30,27133,00333,612
Dilutive effect of share-based awards and options outstanding803916941
Diluted weighted average shares outstanding31,07433,91934,553
Earnings per share:
Basic3.590.403.33
Diluted3.500.383.24
"} {"question": "What would be the change in the Basic weighted average common shares outstanding between 2018 and 2019 if the Basic weighted average common shares outstanding in 2018 was $20,000 thousand instead?", "answer": ["10271"], "context": "7. Earnings Per Share The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for fiscal2 019, 2018 and 2017 (in thousands, except per share amounts): In each of the fiscal years 2019, 2018 and 2017, share-based awards for approximately 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive.
201920182017
Net income108,61613,040112,062
Basic weighted average common shares outstanding30,27133,00333,612
Dilutive effect of share-based awards and options outstanding803916941
Diluted weighted average shares outstanding31,07433,91934,553
Earnings per share:
Basic3.590.403.33
Diluted3.500.383.24
"} {"question": "What would be the percentage change in the diluted earnings per share between 2017 and 2019 if the diluted earnings per share in 2019 was $4 instead?", "answer": ["23.46"], "context": "7. Earnings Per Share The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for fiscal2 019, 2018 and 2017 (in thousands, except per share amounts): In each of the fiscal years 2019, 2018 and 2017, share-based awards for approximately 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive.
201920182017
Net income108,61613,040112,062
Basic weighted average common shares outstanding30,27133,00333,612
Dilutive effect of share-based awards and options outstanding803916941
Diluted weighted average shares outstanding31,07433,91934,553
Earnings per share:
Basic3.590.403.33
Diluted3.500.383.24
"} {"question": "What would be the change in cash and cash equivalents between 2019 and 2018 if the cash increased by 100 million in 2019?", "answer": ["148"], "context": "Acquisitions and divestments Acquisitions In 2019, Ericsson made acquisitions with a negative cash flow effect amounting to SEK 1,815 (1,220) million. The acquisitions presented below are not material, but the Company gives the information to provide the reader a summarized view of the content of the acquisitions made. The acquisitions consist primarily of: Kathrein: On October 2, 2019, the Company acquired assets from Kathrein, a world leading provider of antenna and filter technologies with approximately 4,000 employees. Kathrein’s antenna and filters business has a strong R&D organization with extensive experience in antenna design and research, coupled with a strong IPR portfolio. In addition to broadening Ericsson’s portfolio of antenna and filter products, the acquisition will bring vital competence for the evolution of advanced radio network products. The acquired Kathrein business has had a negative impact of SEK –0.5 billion since the acquisition, corresponding to –1 percentage point in Networks operating margin. Balances to facilitate the Purchase price allocation are preliminary. CSF: On August 20, 2019, the Company acquired 100% of the shares in CSF Holdings Inc. a US-based technology company with approximately 25 employees. CSF strengthens iconectiv’s Business to Consumer (B2C) product platforms to enable growth in messaging and Toll-Free Number (TFN) management. Balances to facilitate the Purchase price allocation are final. ST-Ericsson: Before ST-Ericsson was a joint venture where Ericsson and ST Microelectronics had a 50/50 ownership. This joint venture consisted of a number of legal entities where the two parties owned different stakes in the different legal entities. In December 2019 the Company initiated transactions to wind-down the legal structure of ST-Ericsson by acquiring the remaining shares in two legal ST-Ericsson entities and costs of SEK –0.3 billion impacted the result. The Company now owns 100% of the shares in those entities. In order to finalize a Purchase price allocation all relevant information needs to be in place. Examples of such information are final consideration and final opening balances, they may remain preliminary for a period of time due to for example adjustments of working capital, tax items or decisions from local authorities. 1) Acquisition-related costs are included in Selling and administrative expenses in the consolidated income statement.
Acquisitions 2017–2019
201920182017
Total consideration, including cash1,9571,31462
Net assets acquired
Cash and cash equivalents14294–
Property, plant and equipment353412
Intangible assets497481101
Investments in associates10164–
Other assets1,3572541
Provisions, incl. post-employment benefits–102––
Other liabilities–743–49425
Total identifiable net assets1,605403139
Costs recognized in net income153––
Goodwill199911–77
Total1,9571,31462
Acquisition-related costs 1)852449
"} {"question": "What would be the total acquisition-related costs from 2017 to 2019 if the cost for each increases by 10 million?", "answer": ["188"], "context": "Acquisitions and divestments Acquisitions In 2019, Ericsson made acquisitions with a negative cash flow effect amounting to SEK 1,815 (1,220) million. The acquisitions presented below are not material, but the Company gives the information to provide the reader a summarized view of the content of the acquisitions made. The acquisitions consist primarily of: Kathrein: On October 2, 2019, the Company acquired assets from Kathrein, a world leading provider of antenna and filter technologies with approximately 4,000 employees. Kathrein’s antenna and filters business has a strong R&D organization with extensive experience in antenna design and research, coupled with a strong IPR portfolio. In addition to broadening Ericsson’s portfolio of antenna and filter products, the acquisition will bring vital competence for the evolution of advanced radio network products. The acquired Kathrein business has had a negative impact of SEK –0.5 billion since the acquisition, corresponding to –1 percentage point in Networks operating margin. Balances to facilitate the Purchase price allocation are preliminary. CSF: On August 20, 2019, the Company acquired 100% of the shares in CSF Holdings Inc. a US-based technology company with approximately 25 employees. CSF strengthens iconectiv’s Business to Consumer (B2C) product platforms to enable growth in messaging and Toll-Free Number (TFN) management. Balances to facilitate the Purchase price allocation are final. ST-Ericsson: Before ST-Ericsson was a joint venture where Ericsson and ST Microelectronics had a 50/50 ownership. This joint venture consisted of a number of legal entities where the two parties owned different stakes in the different legal entities. In December 2019 the Company initiated transactions to wind-down the legal structure of ST-Ericsson by acquiring the remaining shares in two legal ST-Ericsson entities and costs of SEK –0.3 billion impacted the result. The Company now owns 100% of the shares in those entities. In order to finalize a Purchase price allocation all relevant information needs to be in place. Examples of such information are final consideration and final opening balances, they may remain preliminary for a period of time due to for example adjustments of working capital, tax items or decisions from local authorities. 1) Acquisition-related costs are included in Selling and administrative expenses in the consolidated income statement.
Acquisitions 2017–2019
201920182017
Total consideration, including cash1,9571,31462
Net assets acquired
Cash and cash equivalents14294–
Property, plant and equipment353412
Intangible assets497481101
Investments in associates10164–
Other assets1,3572541
Provisions, incl. post-employment benefits–102––
Other liabilities–743–49425
Total identifiable net assets1,605403139
Costs recognized in net income153––
Goodwill199911–77
Total1,9571,31462
Acquisition-related costs 1)852449
"} {"question": "What would be the change in total consideration between 2019 and 2018 if 2019 total decreases by 10 million?", "answer": ["633"], "context": "Acquisitions and divestments Acquisitions In 2019, Ericsson made acquisitions with a negative cash flow effect amounting to SEK 1,815 (1,220) million. The acquisitions presented below are not material, but the Company gives the information to provide the reader a summarized view of the content of the acquisitions made. The acquisitions consist primarily of: Kathrein: On October 2, 2019, the Company acquired assets from Kathrein, a world leading provider of antenna and filter technologies with approximately 4,000 employees. Kathrein’s antenna and filters business has a strong R&D organization with extensive experience in antenna design and research, coupled with a strong IPR portfolio. In addition to broadening Ericsson’s portfolio of antenna and filter products, the acquisition will bring vital competence for the evolution of advanced radio network products. The acquired Kathrein business has had a negative impact of SEK –0.5 billion since the acquisition, corresponding to –1 percentage point in Networks operating margin. Balances to facilitate the Purchase price allocation are preliminary. CSF: On August 20, 2019, the Company acquired 100% of the shares in CSF Holdings Inc. a US-based technology company with approximately 25 employees. CSF strengthens iconectiv’s Business to Consumer (B2C) product platforms to enable growth in messaging and Toll-Free Number (TFN) management. Balances to facilitate the Purchase price allocation are final. ST-Ericsson: Before ST-Ericsson was a joint venture where Ericsson and ST Microelectronics had a 50/50 ownership. This joint venture consisted of a number of legal entities where the two parties owned different stakes in the different legal entities. In December 2019 the Company initiated transactions to wind-down the legal structure of ST-Ericsson by acquiring the remaining shares in two legal ST-Ericsson entities and costs of SEK –0.3 billion impacted the result. The Company now owns 100% of the shares in those entities. In order to finalize a Purchase price allocation all relevant information needs to be in place. Examples of such information are final consideration and final opening balances, they may remain preliminary for a period of time due to for example adjustments of working capital, tax items or decisions from local authorities. 1) Acquisition-related costs are included in Selling and administrative expenses in the consolidated income statement.
Acquisitions 2017–2019
201920182017
Total consideration, including cash1,9571,31462
Net assets acquired
Cash and cash equivalents14294–
Property, plant and equipment353412
Intangible assets497481101
Investments in associates10164–
Other assets1,3572541
Provisions, incl. post-employment benefits–102––
Other liabilities–743–49425
Total identifiable net assets1,605403139
Costs recognized in net income153––
Goodwill199911–77
Total1,9571,31462
Acquisition-related costs 1)852449
"} {"question": "In which year would the basic adjusted earnings per share be larger if the amount in 2019 was 245.7p instead?", "answer": ["2018"], "context": "Adjusted earnings per share Basic adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the weighted average number of shares. Diluted adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the diluted weighted average number of shares. Basic and diluted EPS calculated on an IFRS profit basis are included in Note 10.
20192018
Profit for the period attributable to equity holders as reported under IFRS (£m)166.6223.1
Items excluded from adjusted operating profit disclosed above (£m)37.7(34.2)
Tax effects on adjusted items (£m)(8.5)(5.0)
Adjusted profit for the period attributable to equity holders (£m)195.8183.9
Weighted average shares (million)73.773.6
Basic adjusted earnings per share265.7p250.0p
Diluted weighted average shares (million)73.973.8
Diluted adjusted earnings per share264.9p249.1p
"} {"question": "What would the change in the profit for the period attributable to equity holders as reported under IFRS in 2019 from 2018 be if the amount in 2019 was 170.0 million instead?", "answer": ["-53.1"], "context": "Adjusted earnings per share Basic adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the weighted average number of shares. Diluted adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the diluted weighted average number of shares. Basic and diluted EPS calculated on an IFRS profit basis are included in Note 10.
20192018
Profit for the period attributable to equity holders as reported under IFRS (£m)166.6223.1
Items excluded from adjusted operating profit disclosed above (£m)37.7(34.2)
Tax effects on adjusted items (£m)(8.5)(5.0)
Adjusted profit for the period attributable to equity holders (£m)195.8183.9
Weighted average shares (million)73.773.6
Basic adjusted earnings per share265.7p250.0p
Diluted weighted average shares (million)73.973.8
Diluted adjusted earnings per share264.9p249.1p
"} {"question": "What would the percentage change in the profit for the period attributable to equity holders as reported under IFRS in 2019 from 2018 be if the amount in 2019 was 170.0 million instead?", "answer": ["-23.8"], "context": "Adjusted earnings per share Basic adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the weighted average number of shares. Diluted adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the diluted weighted average number of shares. Basic and diluted EPS calculated on an IFRS profit basis are included in Note 10.
20192018
Profit for the period attributable to equity holders as reported under IFRS (£m)166.6223.1
Items excluded from adjusted operating profit disclosed above (£m)37.7(34.2)
Tax effects on adjusted items (£m)(8.5)(5.0)
Adjusted profit for the period attributable to equity holders (£m)195.8183.9
Weighted average shares (million)73.773.6
Basic adjusted earnings per share265.7p250.0p
Diluted weighted average shares (million)73.973.8
Diluted adjusted earnings per share264.9p249.1p
"} {"question": "What was the change in interest expense between 2017 and 2018 if interest expense in 2017 was $10,000 thousand instead?", "answer": ["280"], "context": "Our CODM evaluates each segment based on Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and we therefore consider Adjusted EBITDA to be a primary measure of operating performance of our operating segments. We define Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization and stock-based compensation and other adjustments as identified below. The adjustments to our financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) to calculate Adjusted EBITDA are itemized below (in thousands): It is not practicable for us to report identifiable assets by segment because these businesses share resources, functions and facilities We do not have significant long-lived assets outside the United States.
Year Ended February 28,
201920182017
Net income (loss)$18,398$16,617$(7,904)
Investment income(5,258)(2,256)(1,691)
Interest expense16,72610,2809,896
Income tax provision (benefits)(1,330)10,681(1,563)
Depreciation and amortization20,01622,95723,469
Stock-based compensation11,0299,2987,833
Impairment loss and equity in net loss of affiliate6,7871,4111,284
Loss on extinguishment of debt2,033--
Acquisition and integration related expenses935-4,513
Non-recurring legal expenses, net of reversal of litigation
provision(11,020)10,7389,192
Gain on LoJack battery performance legal Settlement(18,333)(28,333)-
Restructuring8,015--
Other2179894,339
Adjusted EBITDA$48,215$52,382$49,368
"} {"question": "What was the change in stock-based compensation between 2018 and 2019 if stock-based compensation in 2019 was $12,000 thousand instead?", "answer": ["2702"], "context": "Our CODM evaluates each segment based on Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and we therefore consider Adjusted EBITDA to be a primary measure of operating performance of our operating segments. We define Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization and stock-based compensation and other adjustments as identified below. The adjustments to our financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) to calculate Adjusted EBITDA are itemized below (in thousands): It is not practicable for us to report identifiable assets by segment because these businesses share resources, functions and facilities We do not have significant long-lived assets outside the United States.
Year Ended February 28,
201920182017
Net income (loss)$18,398$16,617$(7,904)
Investment income(5,258)(2,256)(1,691)
Interest expense16,72610,2809,896
Income tax provision (benefits)(1,330)10,681(1,563)
Depreciation and amortization20,01622,95723,469
Stock-based compensation11,0299,2987,833
Impairment loss and equity in net loss of affiliate6,7871,4111,284
Loss on extinguishment of debt2,033--
Acquisition and integration related expenses935-4,513
Non-recurring legal expenses, net of reversal of litigation
provision(11,020)10,7389,192
Gain on LoJack battery performance legal Settlement(18,333)(28,333)-
Restructuring8,015--
Other2179894,339
Adjusted EBITDA$48,215$52,382$49,368
"} {"question": "What was the percentage change in Depreciation and amortization between 2017 and 2018 if depreciation and amortization in 2018 was $20,000 thousand instead?", "answer": ["-14.78"], "context": "Our CODM evaluates each segment based on Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and we therefore consider Adjusted EBITDA to be a primary measure of operating performance of our operating segments. We define Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization and stock-based compensation and other adjustments as identified below. The adjustments to our financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) to calculate Adjusted EBITDA are itemized below (in thousands): It is not practicable for us to report identifiable assets by segment because these businesses share resources, functions and facilities We do not have significant long-lived assets outside the United States.
Year Ended February 28,
201920182017
Net income (loss)$18,398$16,617$(7,904)
Investment income(5,258)(2,256)(1,691)
Interest expense16,72610,2809,896
Income tax provision (benefits)(1,330)10,681(1,563)
Depreciation and amortization20,01622,95723,469
Stock-based compensation11,0299,2987,833
Impairment loss and equity in net loss of affiliate6,7871,4111,284
Loss on extinguishment of debt2,033--
Acquisition and integration related expenses935-4,513
Non-recurring legal expenses, net of reversal of litigation
provision(11,020)10,7389,192
Gain on LoJack battery performance legal Settlement(18,333)(28,333)-
Restructuring8,015--
Other2179894,339
Adjusted EBITDA$48,215$52,382$49,368
"} {"question": "If Canadian broadband services in 2019 was 180,000 thousands, what was the increase / (decrease) from 2018 to 2019?", "answer": ["13819"], "context": "ADJUSTED EBITDA (1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN. Fiscal 2019 fourth-quarter adjusted EBITDA increased by 4.6% (4.3% in constant currency) as a result of: • an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the FiberLight acquisition; and • an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.
Three months ended August 31,2019 (1)2018 (2)ChangeChange in constant currency (3)Foreign exchange impact (3)
(in thousands of dollars, except percentages)$$%%$
Canadian broadband services172,120166,1813.63.6(73)
American broadband services115,523109,9375.14.11,057
Inter-segment eliminations and other(12,033)(12,707)(5.3)(5.3)2
275,610263,4114.64.3986
"} {"question": "If Canadian broadband services in 2019 was 100,000 thousands what was the average?", "answer": ["133090.5"], "context": "ADJUSTED EBITDA (1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN. Fiscal 2019 fourth-quarter adjusted EBITDA increased by 4.6% (4.3% in constant currency) as a result of: • an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the FiberLight acquisition; and • an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.
Three months ended August 31,2019 (1)2018 (2)ChangeChange in constant currency (3)Foreign exchange impact (3)
(in thousands of dollars, except percentages)$$%%$
Canadian broadband services172,120166,1813.63.6(73)
American broadband services115,523109,9375.14.11,057
Inter-segment eliminations and other(12,033)(12,707)(5.3)(5.3)2
275,610263,4114.64.3986
"} {"question": "If American broadband services in 2019 was 120,000 thousands, what was the average?", "answer": ["114968.5"], "context": "ADJUSTED EBITDA (1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN. Fiscal 2019 fourth-quarter adjusted EBITDA increased by 4.6% (4.3% in constant currency) as a result of: • an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the FiberLight acquisition; and • an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.
Three months ended August 31,2019 (1)2018 (2)ChangeChange in constant currency (3)Foreign exchange impact (3)
(in thousands of dollars, except percentages)$$%%$
Canadian broadband services172,120166,1813.63.6(73)
American broadband services115,523109,9375.14.11,057
Inter-segment eliminations and other(12,033)(12,707)(5.3)(5.3)2
275,610263,4114.64.3986
"} {"question": "What would be the average age of the executive officers of Xperi Corporation if the age of Paul Davis is 40?", "answer": ["51.8"], "context": "Information About Our Executive Officers Set forth below are the name, age and position of each of our executive officers The following are biographical summaries of our executive officers other than Mr. Kirchner, for whom a biographical summary is set forth under “Information about Our Board of Directors.” Robert Andersen is executive vice president and chief financial officer of Xperi Corporation. He became executive vice president and chief financial officer of Xperi Corporation in January 2014. Prior to joining Xperi Corporation, he served as executive vice president and CFO of G2 Holdings Corp. d/b/a Components Direct. Mr. Andersen previously served as CFO at Phoenix Technologies Ltd. and held senior financial roles at Wind River Systems, Inc. and NextOffice, Inc. His finance career began at Hewlett-Packard Company, where he served in various controller, treasury and technology finance management roles. Mr. Andersen served on the board of directors of publicly traded Quantum Corporation through March 2017. He currently serves on the board of directors of the Alameda County Community Food Bank in the role of vice chair. Mr. Andersen holds a B.A. in economics from the University of California, Davis, and an M.B.A. from the Anderson School of Management at the University of California, Los Angeles. Paul Davis is general counsel and corporate secretary of Xperi Corporation. He joined Xperi Corporation in August 2011, and became general counsel and corporate secretary in July 2013. Before joining Xperi Corporation, he was an attorney at Skadden, Arps, Slate, Meagher & Flom LLP, where his practice focused on mergers and acquisitions, corporate securities matters and corporate governance. Mr. Davis holds a Juris Doctor from the University of California, Hastings College of the Law and B.A. degrees in history and political science from the University of California, San Diego. While at Hastings, he was magna cum laude, an Order of the Coif member and a managing editor on the Hastings Law Journal. Murali Dharan has served as president of Tessera Intellectual Property Corp. (“Tessera”) since October of 2017 and is responsible for the strategic direction, management and growth of the Tessera intellectual property licensing business. He has extensive leadership experience, most recently as CEO of IPVALUE, guiding the company from a start-up to an industry leader and helping partners to generate more than $1.6 billion in IP revenue. Prior to joining IPVALUE in 2002, Mr. Dharan held executive roles at various technology companies, including executive vice president at Preview Systems, vice president and general manager at Silicon Graphics, and vice president and general manager at NEC. Mr. Dharan holds an electrical engineering degree from Anna University in India, a master’s degree in computer science from Indiana University, and an MBA from Stanford University. Geir Skaaden has served as our chief products and services officer since December 2016 and leads global sales, business development and product management for our portfolio of imaging and audio solutions. He served as DTS’s Executive Vice President, Products, Platforms and Solutions from October 2015 until its acquisition by the Company in December 2016, having previously served as DTS’s Senior Vice President, Corporate Business Development, Digital Content and Media Solutions since December 2013. Prior to that, Mr. Skaaden served as DTS’s Senior Vice President, Products & Platforms from April 2012 to December 2013. From 2008 to 2012, Mr. Skaaden served in a number of positions overseeing numerous aspects including strategic sales, licensing operations, and business development. Prior to joining DTS in 2008, Mr. Skaaden served as the Chief Executive Officer at Neural Audio Corporation from 2004 to 2008, where he previously served as Vice President, Corporate Development from 2002 to 2004. Mr. Skaaden holds a B.A. in Finance from the University of Oregon, a Business degree from the Norwegian School of Management and an M.B.A. from the University of Washington. We have adopted a written code of business conduct and ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons serving similar functions. The text of our code of business conduct and ethics has been posted on our website at http://www.xperi.com. and is included as an exhibit to our Current Report on Form 8-K filed with the SEC on December 1, 2016.
NameAgePosition(s)
Jon Kirchner52Chief Executive Officer, Director
Robert Andersen56Chief Financial Officer
Paul Davis44General Counsel and Corporate Secretary
Murali Dharan58President of Tessera Intellectual Property Corp.
Geir Skaaden53Chief Products and Services Officer
"} {"question": "What would be the percentage of years that Geir Skaaden served as the Chief Executive Officer of Neural Audio Corporation throughout his life if he served as the Chief Executive Officer from 2002 to 2008?", "answer": ["11.32"], "context": "Information About Our Executive Officers Set forth below are the name, age and position of each of our executive officers The following are biographical summaries of our executive officers other than Mr. Kirchner, for whom a biographical summary is set forth under “Information about Our Board of Directors.” Robert Andersen is executive vice president and chief financial officer of Xperi Corporation. He became executive vice president and chief financial officer of Xperi Corporation in January 2014. Prior to joining Xperi Corporation, he served as executive vice president and CFO of G2 Holdings Corp. d/b/a Components Direct. Mr. Andersen previously served as CFO at Phoenix Technologies Ltd. and held senior financial roles at Wind River Systems, Inc. and NextOffice, Inc. His finance career began at Hewlett-Packard Company, where he served in various controller, treasury and technology finance management roles. Mr. Andersen served on the board of directors of publicly traded Quantum Corporation through March 2017. He currently serves on the board of directors of the Alameda County Community Food Bank in the role of vice chair. Mr. Andersen holds a B.A. in economics from the University of California, Davis, and an M.B.A. from the Anderson School of Management at the University of California, Los Angeles. Paul Davis is general counsel and corporate secretary of Xperi Corporation. He joined Xperi Corporation in August 2011, and became general counsel and corporate secretary in July 2013. Before joining Xperi Corporation, he was an attorney at Skadden, Arps, Slate, Meagher & Flom LLP, where his practice focused on mergers and acquisitions, corporate securities matters and corporate governance. Mr. Davis holds a Juris Doctor from the University of California, Hastings College of the Law and B.A. degrees in history and political science from the University of California, San Diego. While at Hastings, he was magna cum laude, an Order of the Coif member and a managing editor on the Hastings Law Journal. Murali Dharan has served as president of Tessera Intellectual Property Corp. (“Tessera”) since October of 2017 and is responsible for the strategic direction, management and growth of the Tessera intellectual property licensing business. He has extensive leadership experience, most recently as CEO of IPVALUE, guiding the company from a start-up to an industry leader and helping partners to generate more than $1.6 billion in IP revenue. Prior to joining IPVALUE in 2002, Mr. Dharan held executive roles at various technology companies, including executive vice president at Preview Systems, vice president and general manager at Silicon Graphics, and vice president and general manager at NEC. Mr. Dharan holds an electrical engineering degree from Anna University in India, a master’s degree in computer science from Indiana University, and an MBA from Stanford University. Geir Skaaden has served as our chief products and services officer since December 2016 and leads global sales, business development and product management for our portfolio of imaging and audio solutions. He served as DTS’s Executive Vice President, Products, Platforms and Solutions from October 2015 until its acquisition by the Company in December 2016, having previously served as DTS’s Senior Vice President, Corporate Business Development, Digital Content and Media Solutions since December 2013. Prior to that, Mr. Skaaden served as DTS’s Senior Vice President, Products & Platforms from April 2012 to December 2013. From 2008 to 2012, Mr. Skaaden served in a number of positions overseeing numerous aspects including strategic sales, licensing operations, and business development. Prior to joining DTS in 2008, Mr. Skaaden served as the Chief Executive Officer at Neural Audio Corporation from 2004 to 2008, where he previously served as Vice President, Corporate Development from 2002 to 2004. Mr. Skaaden holds a B.A. in Finance from the University of Oregon, a Business degree from the Norwegian School of Management and an M.B.A. from the University of Washington. We have adopted a written code of business conduct and ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons serving similar functions. The text of our code of business conduct and ethics has been posted on our website at http://www.xperi.com. and is included as an exhibit to our Current Report on Form 8-K filed with the SEC on December 1, 2016.
NameAgePosition(s)
Jon Kirchner52Chief Executive Officer, Director
Robert Andersen56Chief Financial Officer
Paul Davis44General Counsel and Corporate Secretary
Murali Dharan58President of Tessera Intellectual Property Corp.
Geir Skaaden53Chief Products and Services Officer
"} {"question": "Who would be the oldest among all executive officers of Xperi Corporation if the age of Murali Dharan is 50?", "answer": ["Robert Andersen"], "context": "Information About Our Executive Officers Set forth below are the name, age and position of each of our executive officers The following are biographical summaries of our executive officers other than Mr. Kirchner, for whom a biographical summary is set forth under “Information about Our Board of Directors.” Robert Andersen is executive vice president and chief financial officer of Xperi Corporation. He became executive vice president and chief financial officer of Xperi Corporation in January 2014. Prior to joining Xperi Corporation, he served as executive vice president and CFO of G2 Holdings Corp. d/b/a Components Direct. Mr. Andersen previously served as CFO at Phoenix Technologies Ltd. and held senior financial roles at Wind River Systems, Inc. and NextOffice, Inc. His finance career began at Hewlett-Packard Company, where he served in various controller, treasury and technology finance management roles. Mr. Andersen served on the board of directors of publicly traded Quantum Corporation through March 2017. He currently serves on the board of directors of the Alameda County Community Food Bank in the role of vice chair. Mr. Andersen holds a B.A. in economics from the University of California, Davis, and an M.B.A. from the Anderson School of Management at the University of California, Los Angeles. Paul Davis is general counsel and corporate secretary of Xperi Corporation. He joined Xperi Corporation in August 2011, and became general counsel and corporate secretary in July 2013. Before joining Xperi Corporation, he was an attorney at Skadden, Arps, Slate, Meagher & Flom LLP, where his practice focused on mergers and acquisitions, corporate securities matters and corporate governance. Mr. Davis holds a Juris Doctor from the University of California, Hastings College of the Law and B.A. degrees in history and political science from the University of California, San Diego. While at Hastings, he was magna cum laude, an Order of the Coif member and a managing editor on the Hastings Law Journal. Murali Dharan has served as president of Tessera Intellectual Property Corp. (“Tessera”) since October of 2017 and is responsible for the strategic direction, management and growth of the Tessera intellectual property licensing business. He has extensive leadership experience, most recently as CEO of IPVALUE, guiding the company from a start-up to an industry leader and helping partners to generate more than $1.6 billion in IP revenue. Prior to joining IPVALUE in 2002, Mr. Dharan held executive roles at various technology companies, including executive vice president at Preview Systems, vice president and general manager at Silicon Graphics, and vice president and general manager at NEC. Mr. Dharan holds an electrical engineering degree from Anna University in India, a master’s degree in computer science from Indiana University, and an MBA from Stanford University. Geir Skaaden has served as our chief products and services officer since December 2016 and leads global sales, business development and product management for our portfolio of imaging and audio solutions. He served as DTS’s Executive Vice President, Products, Platforms and Solutions from October 2015 until its acquisition by the Company in December 2016, having previously served as DTS’s Senior Vice President, Corporate Business Development, Digital Content and Media Solutions since December 2013. Prior to that, Mr. Skaaden served as DTS’s Senior Vice President, Products & Platforms from April 2012 to December 2013. From 2008 to 2012, Mr. Skaaden served in a number of positions overseeing numerous aspects including strategic sales, licensing operations, and business development. Prior to joining DTS in 2008, Mr. Skaaden served as the Chief Executive Officer at Neural Audio Corporation from 2004 to 2008, where he previously served as Vice President, Corporate Development from 2002 to 2004. Mr. Skaaden holds a B.A. in Finance from the University of Oregon, a Business degree from the Norwegian School of Management and an M.B.A. from the University of Washington. We have adopted a written code of business conduct and ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons serving similar functions. The text of our code of business conduct and ethics has been posted on our website at http://www.xperi.com. and is included as an exhibit to our Current Report on Form 8-K filed with the SEC on December 1, 2016.
NameAgePosition(s)
Jon Kirchner52Chief Executive Officer, Director
Robert Andersen56Chief Financial Officer
Paul Davis44General Counsel and Corporate Secretary
Murali Dharan58President of Tessera Intellectual Property Corp.
Geir Skaaden53Chief Products and Services Officer
"} {"question": "In which year would Repairs and maintenance costs be the largest if the amount in 2019 was $100.4 million instead?", "answer": ["2018"], "context": "21. Supplemental Data The following are additional required disclosures and other material items:
Years Ended June 30,
($ in millions)201920182017
Cost Data:
Repairs and maintenance costs$120.4$108.0$99.1
Cash Flow Data:
Noncash investing and financing activities:
Noncash purchases of property, plant, equipment and software$16.1$16.5$13.7
Cash paid (received) during the year for:
Interest payments, net$27.6$29.5$27.7
Income tax payments (refunds), net$27.5$33.7$(33.3)
"} {"question": "What would the change in Repairs and maintenance costs in 2019 from 2018 be if the amount in 2019 was $118.0 million instead?", "answer": ["10"], "context": "21. Supplemental Data The following are additional required disclosures and other material items:
Years Ended June 30,
($ in millions)201920182017
Cost Data:
Repairs and maintenance costs$120.4$108.0$99.1
Cash Flow Data:
Noncash investing and financing activities:
Noncash purchases of property, plant, equipment and software$16.1$16.5$13.7
Cash paid (received) during the year for:
Interest payments, net$27.6$29.5$27.7
Income tax payments (refunds), net$27.5$33.7$(33.3)
"} {"question": "What would the percentage change in Repairs and maintenance costs in 2019 from 2018 be if the amount in 2019 was $118.0 million instead?", "answer": ["9.26"], "context": "21. Supplemental Data The following are additional required disclosures and other material items:
Years Ended June 30,
($ in millions)201920182017
Cost Data:
Repairs and maintenance costs$120.4$108.0$99.1
Cash Flow Data:
Noncash investing and financing activities:
Noncash purchases of property, plant, equipment and software$16.1$16.5$13.7
Cash paid (received) during the year for:
Interest payments, net$27.6$29.5$27.7
Income tax payments (refunds), net$27.5$33.7$(33.3)
"} {"question": "What will be the change in Machinery and equipment from 2018 to 2019 if the amount of Machinery and equipment in 2019 increased by 900 thousand?", "answer": ["611463"], "context": "Property, plant and equipment, net Property, plant and equipment, net consisted of the following at December 31, 2019 and 2018 (in thousands): We periodically assess the estimated useful lives of our property, plant and equipment whenever applicable facts and circumstances indicate a change in the estimated useful life of an asset may have occurred. During the year ended December 31, 2019, we revised the estimated useful lives of certain core Series 6 manufacturing equipment from 10 years to 15 years. Such revision was primarily due to the validation of certain aspects of our Series 6 module technology, including the nature of the manufacturing process, the operating and maintenance cost profile of the manufacturing equipment, and the technology’s compatibility with our long-term module technology roadmap. We expect the revised useful lives to reduce depreciation by approximately $15.0 million per year. Depreciation of property, plant and equipment was $176.4 million, $109.1 million, and $91.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.
20192018
Land$14,241$14,382
Buildings and improvements .664,266567,605
Machinery and equipment .2,436,9971,826,434
Office equipment and furniture .159,848178,011
Leasehold improvements48,77249,055
Construction in progress243,107405,581
Property, plant and equipment, gross3,567,2313,041,068
Accumulated depreciation .(1,386,082)(1,284,857)
Property, plant and equipment, net$2,181,149$1,756,211
"} {"question": "Suppose land in 2019 increased by 1000 thousand, what will be the difference between land from 2018 to 2019?", "answer": ["859"], "context": "Property, plant and equipment, net Property, plant and equipment, net consisted of the following at December 31, 2019 and 2018 (in thousands): We periodically assess the estimated useful lives of our property, plant and equipment whenever applicable facts and circumstances indicate a change in the estimated useful life of an asset may have occurred. During the year ended December 31, 2019, we revised the estimated useful lives of certain core Series 6 manufacturing equipment from 10 years to 15 years. Such revision was primarily due to the validation of certain aspects of our Series 6 module technology, including the nature of the manufacturing process, the operating and maintenance cost profile of the manufacturing equipment, and the technology’s compatibility with our long-term module technology roadmap. We expect the revised useful lives to reduce depreciation by approximately $15.0 million per year. Depreciation of property, plant and equipment was $176.4 million, $109.1 million, and $91.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.
20192018
Land$14,241$14,382
Buildings and improvements .664,266567,605
Machinery and equipment .2,436,9971,826,434
Office equipment and furniture .159,848178,011
Leasehold improvements48,77249,055
Construction in progress243,107405,581
Property, plant and equipment, gross3,567,2313,041,068
Accumulated depreciation .(1,386,082)(1,284,857)
Property, plant and equipment, net$2,181,149$1,756,211
"} {"question": "If the net property, plant and equipment in 2018 increased by 1000 thousand, what will be the percentage change in net property, plant and equipment from 2018 to 2019?", "answer": ["24.13"], "context": "Property, plant and equipment, net Property, plant and equipment, net consisted of the following at December 31, 2019 and 2018 (in thousands): We periodically assess the estimated useful lives of our property, plant and equipment whenever applicable facts and circumstances indicate a change in the estimated useful life of an asset may have occurred. During the year ended December 31, 2019, we revised the estimated useful lives of certain core Series 6 manufacturing equipment from 10 years to 15 years. Such revision was primarily due to the validation of certain aspects of our Series 6 module technology, including the nature of the manufacturing process, the operating and maintenance cost profile of the manufacturing equipment, and the technology’s compatibility with our long-term module technology roadmap. We expect the revised useful lives to reduce depreciation by approximately $15.0 million per year. Depreciation of property, plant and equipment was $176.4 million, $109.1 million, and $91.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.
20192018
Land$14,241$14,382
Buildings and improvements .664,266567,605
Machinery and equipment .2,436,9971,826,434
Office equipment and furniture .159,848178,011
Leasehold improvements48,77249,055
Construction in progress243,107405,581
Property, plant and equipment, gross3,567,2313,041,068
Accumulated depreciation .(1,386,082)(1,284,857)
Property, plant and equipment, net$2,181,149$1,756,211
"} {"question": "If the Risk-free interest rate for 2019 was 2.54% instead, What is the average Risk-free interest rate for the 3 years?", "answer": ["2.03"], "context": "PSUs – Total Shareholder Return (TSR) The PSUs granted based on TSR are contingently awarded and will be payable in shares of the Company’s common stock subject to the condition that the number of PSUs, if any, earned by the employees upon the expiration of a three-year award performance period is dependent on the Company’s TSR ranking relative to a peer group of companies. The fair value of the PSUs based on TSR was estimated on the grant date using a Monte Carlo Simulation. Other assumptions include the expected volatility of all companies included in the TSR, the historical share price returns analysis of all companies included in the TSR and assumes dividends are reinvested. The expected volatility was based on the historical volatility for a period of time that approximates the duration between the valuation date and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term from the valuation date to the end of the performance period. Compensation expense for the PSUs based on TSR (which is considered a market condition) is a fixed amount determined at the grant date fair value and is recognized 100% over the three-year award performance period regardless of whether PSUs are awarded at the end of the award performance period. The number of PSUs granted based on TSR and the assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table: (1) For 2019, this represents the weighted average fair value for PSU awards approved during the first and third quarter. (2) For 2019, values represent weighted average assumptions for PSU awards approved during the first and third quarter. (3) On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.
201920182017
Number of units granted70,54356,829100,958
Weighted average fair value on grant date(1) (3)$ 57.53$ 43.40$ 44.24
Expected Price volatility(2)22.86%22.00%25.31 %
Risk-free interest rate(2)2.36%2.00%1.56 %
"} {"question": "If the number of units for all years was reduced by 2500, What is the number of units granted for 2019 expressed as a percentage of all units granted?", "answer": ["30.81"], "context": "PSUs – Total Shareholder Return (TSR) The PSUs granted based on TSR are contingently awarded and will be payable in shares of the Company’s common stock subject to the condition that the number of PSUs, if any, earned by the employees upon the expiration of a three-year award performance period is dependent on the Company’s TSR ranking relative to a peer group of companies. The fair value of the PSUs based on TSR was estimated on the grant date using a Monte Carlo Simulation. Other assumptions include the expected volatility of all companies included in the TSR, the historical share price returns analysis of all companies included in the TSR and assumes dividends are reinvested. The expected volatility was based on the historical volatility for a period of time that approximates the duration between the valuation date and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term from the valuation date to the end of the performance period. Compensation expense for the PSUs based on TSR (which is considered a market condition) is a fixed amount determined at the grant date fair value and is recognized 100% over the three-year award performance period regardless of whether PSUs are awarded at the end of the award performance period. The number of PSUs granted based on TSR and the assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table: (1) For 2019, this represents the weighted average fair value for PSU awards approved during the first and third quarter. (2) For 2019, values represent weighted average assumptions for PSU awards approved during the first and third quarter. (3) On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.
201920182017
Number of units granted70,54356,829100,958
Weighted average fair value on grant date(1) (3)$ 57.53$ 43.40$ 44.24
Expected Price volatility(2)22.86%22.00%25.31 %
Risk-free interest rate(2)2.36%2.00%1.56 %
"} {"question": "If the number of units granted for 2019 was increased by 2300, What is the average Number of units granted for the 3 years?", "answer": ["76876.67"], "context": "PSUs – Total Shareholder Return (TSR) The PSUs granted based on TSR are contingently awarded and will be payable in shares of the Company’s common stock subject to the condition that the number of PSUs, if any, earned by the employees upon the expiration of a three-year award performance period is dependent on the Company’s TSR ranking relative to a peer group of companies. The fair value of the PSUs based on TSR was estimated on the grant date using a Monte Carlo Simulation. Other assumptions include the expected volatility of all companies included in the TSR, the historical share price returns analysis of all companies included in the TSR and assumes dividends are reinvested. The expected volatility was based on the historical volatility for a period of time that approximates the duration between the valuation date and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term from the valuation date to the end of the performance period. Compensation expense for the PSUs based on TSR (which is considered a market condition) is a fixed amount determined at the grant date fair value and is recognized 100% over the three-year award performance period regardless of whether PSUs are awarded at the end of the award performance period. The number of PSUs granted based on TSR and the assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table: (1) For 2019, this represents the weighted average fair value for PSU awards approved during the first and third quarter. (2) For 2019, values represent weighted average assumptions for PSU awards approved during the first and third quarter. (3) On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.
201920182017
Number of units granted70,54356,829100,958
Weighted average fair value on grant date(1) (3)$ 57.53$ 43.40$ 44.24
Expected Price volatility(2)22.86%22.00%25.31 %
Risk-free interest rate(2)2.36%2.00%1.56 %
"} {"question": "Which years did Cash and cash equivalents and restricted cash at beginning of period exceed $400,000 thousand if cash and cash equivalents and restricted cash in 2018 was $450,000 thousand instead?", "answer": ["2"], "context": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated) The following table reflects the cash flow impact of GS Holdings on the Consolidated Statements of Cash Flows for the years indicated.
Year Ended December 31,
20192018
Net cash provided by operating activities$153,327$256,426
Net cash used in investing activities(15,381)(6,581)
Net cash used in financing activities(159,608)(154,210)
Net increase (decrease) in cash and cash equivalents and restricted cash(21,662)95,635
Cash and cash equivalents and restricted cash at beginning of period449,473353,838
Cash and cash equivalents and restricted cash at end of period$427,811$449,473
"} {"question": "What would be the change in the net cash used in financing activities between 2018 and 2019 if the net cash used in financing activities in 2018 was -$159,000 thousand instead?", "answer": ["-608"], "context": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated) The following table reflects the cash flow impact of GS Holdings on the Consolidated Statements of Cash Flows for the years indicated.
Year Ended December 31,
20192018
Net cash provided by operating activities$153,327$256,426
Net cash used in investing activities(15,381)(6,581)
Net cash used in financing activities(159,608)(154,210)
Net increase (decrease) in cash and cash equivalents and restricted cash(21,662)95,635
Cash and cash equivalents and restricted cash at beginning of period449,473353,838
Cash and cash equivalents and restricted cash at end of period$427,811$449,473
"} {"question": "What would be the percentage change in Net cash provided by operating activities between 2018 and 2019 if net cash provided by operating activities in 2019 was $300,000 thousand instead?", "answer": ["16.99"], "context": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated) The following table reflects the cash flow impact of GS Holdings on the Consolidated Statements of Cash Flows for the years indicated.
Year Ended December 31,
20192018
Net cash provided by operating activities$153,327$256,426
Net cash used in investing activities(15,381)(6,581)
Net cash used in financing activities(159,608)(154,210)
Net increase (decrease) in cash and cash equivalents and restricted cash(21,662)95,635
Cash and cash equivalents and restricted cash at beginning of period449,473353,838
Cash and cash equivalents and restricted cash at end of period$427,811$449,473
"} {"question": "What would be the percentage change in total deferred tax assets from 2018 to 2019 if the total deferred tax assets in 2019 were $300?", "answer": ["41.98"], "context": "The deferred income tax balance sheet accounts arise from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. Components of the deferred tax assets and liabilities at December 31 were as follows: [1] Upon adoption of ASC 842, deferred taxes associated with previously recognized deferred rent liabilities were reclassified into deferred taxes for ROU asset and lease liability. As of December 31, 2019, the Company had approximately $19.0 of tax-effected U.S. federal net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2021 if not utilized. The majority of the U.S. federal net operating loss carryforwards are subject to limitation under the Internal Revenue Code of 1986, as amended (“IRC”) Section 382; however, the Company expects to utilize such losses in their entirety prior to expiration. The U.S. federal net operating loss carryforwards decreased from 2018 to 2019 primarily due to current year tilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards (without regard to federal benefit of state). Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. As of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company’s estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions.
20192018
Deferred tax assets:
Reserves and accrued expenses$ 175.2$ 156.5
Inventories4.34.5
Net operating loss carryforwards111.267.9
R&D credits4.16.1
Valuation allowance(36.3)(26.4)
Outside basis difference on investments held for sale—2.7
Lease liability164.0—
Total deferred tax assets$ 322.5$ 211.3
Deferred tax liabilities:
Reserves and accrued expenses$ 15.5$ 14.3
Amortizable intangible assets1,229.91,043.0
Plant and equipment10.86.6
Accrued tax on unremitted foreign earnings17.116.3
Outside basis difference on investments held for sale—10.0
ROU asset161.7—
Total deferred tax liabilities$ 1,335.0$ 1,090.2
"} {"question": "What would be the proportion of deferred tax liabilities of amortizable intangible assets and accrued tax on unremitted foreign earnings over total deferred tax liabilities in 2019 if the amortizable intangible assets were $1,200?", "answer": ["0.93"], "context": "The deferred income tax balance sheet accounts arise from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. Components of the deferred tax assets and liabilities at December 31 were as follows: [1] Upon adoption of ASC 842, deferred taxes associated with previously recognized deferred rent liabilities were reclassified into deferred taxes for ROU asset and lease liability. As of December 31, 2019, the Company had approximately $19.0 of tax-effected U.S. federal net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2021 if not utilized. The majority of the U.S. federal net operating loss carryforwards are subject to limitation under the Internal Revenue Code of 1986, as amended (“IRC”) Section 382; however, the Company expects to utilize such losses in their entirety prior to expiration. The U.S. federal net operating loss carryforwards decreased from 2018 to 2019 primarily due to current year tilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards (without regard to federal benefit of state). Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. As of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company’s estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions.
20192018
Deferred tax assets:
Reserves and accrued expenses$ 175.2$ 156.5
Inventories4.34.5
Net operating loss carryforwards111.267.9
R&D credits4.16.1
Valuation allowance(36.3)(26.4)
Outside basis difference on investments held for sale—2.7
Lease liability164.0—
Total deferred tax assets$ 322.5$ 211.3
Deferred tax liabilities:
Reserves and accrued expenses$ 15.5$ 14.3
Amortizable intangible assets1,229.91,043.0
Plant and equipment10.86.6
Accrued tax on unremitted foreign earnings17.116.3
Outside basis difference on investments held for sale—10.0
ROU asset161.7—
Total deferred tax liabilities$ 1,335.0$ 1,090.2
"} {"question": "What would be the ratio of deferred tax assets of inventories from 2018 to 2019 if the deferred tax assets of inventories in 2019 were $4?", "answer": ["1.12"], "context": "The deferred income tax balance sheet accounts arise from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. Components of the deferred tax assets and liabilities at December 31 were as follows: [1] Upon adoption of ASC 842, deferred taxes associated with previously recognized deferred rent liabilities were reclassified into deferred taxes for ROU asset and lease liability. As of December 31, 2019, the Company had approximately $19.0 of tax-effected U.S. federal net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2021 if not utilized. The majority of the U.S. federal net operating loss carryforwards are subject to limitation under the Internal Revenue Code of 1986, as amended (“IRC”) Section 382; however, the Company expects to utilize such losses in their entirety prior to expiration. The U.S. federal net operating loss carryforwards decreased from 2018 to 2019 primarily due to current year tilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards (without regard to federal benefit of state). Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. As of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company’s estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions.
20192018
Deferred tax assets:
Reserves and accrued expenses$ 175.2$ 156.5
Inventories4.34.5
Net operating loss carryforwards111.267.9
R&D credits4.16.1
Valuation allowance(36.3)(26.4)
Outside basis difference on investments held for sale—2.7
Lease liability164.0—
Total deferred tax assets$ 322.5$ 211.3
Deferred tax liabilities:
Reserves and accrued expenses$ 15.5$ 14.3
Amortizable intangible assets1,229.91,043.0
Plant and equipment10.86.6
Accrued tax on unremitted foreign earnings17.116.3
Outside basis difference on investments held for sale—10.0
ROU asset161.7—
Total deferred tax liabilities$ 1,335.0$ 1,090.2
"} {"question": "What proportion of the amount invested in Enterprise Fiber products is the 2019 revenue if the 2019 revenue is 0.2 times its current value?", "answer": ["72.67"], "context": "During the year, we passed an additional 12,400 addresses in the Greater Cincinnati area with Fioptics, which included a focus on Fiber to the Premise (\"FTTP\") addresses as FTTP has become a more relevant solution for our customers. As of December 31, 2019, the Fioptics products are now available to approximately 623,400 customer locations or 75% of the Greater Cincinnati operating territory. During 2019, we passed an additional 5,900 addresses in Hawaii. The Consumer/SMB Fiber products are now available to approximately 246,400 addresses, or 50% of the operating territory in Hawaii, including Oahu and the neighbor islands In 2019, the Company also invested $24.0 million in Enterprise Fiber products, which includes fiber and IP-ased core network technology. These investments position the Company to meet increased business and carrier demand within Greater Cincinnati and in contiguous markets in the Midwest region. In Hawaii, expenditures are for high-bandwidth data transport products, such as metro-ethernet, including the Southeast Asia to United States (\"SEA-US\") cable. We continue to evolve and optimize network assets to support the migration of legacy products to new technology, and as of December 31, 2019, the Company has: increased the total number of commercial addresses with fiber-based services (referred to as a lit address) to 28,800 in Greater Cincinnati and 20,300 in Hawaii by connecting approximately 2,200 additional lit addresses in Greater Cincinnati and 1,200 additional lit addresses in Hawaii during the twelve months ended December 31, 2019; expanded the fiber network to span more than 12,500 route miles in Greater Cincinnati and 4,700 route miles in Hawaii; and provided cell site back-haul services to approximately 90% of the 1,000 cell sites in the Greater Cincinnati market, of which approximately 97% of these sites are lit with fiber, and 80% of the 1,100 cell sites in Hawaii, all of which are lit with fiber. As a result of our investments, we have generated year-over-year Entertainment and Communications revenue growth each year since 2013. The Company's expanding fiber assets allow us to support the ever-increasing demand for data, video and internet devices with speed, agility and security. We believe our fiber investments are a long-term solution for our customers' bandwidth needs
Hawaii Operating Territory20182019
Consumer / SMB Fiber Revenue (in millions):$87.2$42.3
Subscribers (in thousands):
High-speed internet68.265.9
Video42.748.8
Voice30.030.3
"} {"question": "What is the total number of subscribers in 2019 if 5,000 of them no longer decide to be subscribers?", "answer": ["135.9"], "context": "During the year, we passed an additional 12,400 addresses in the Greater Cincinnati area with Fioptics, which included a focus on Fiber to the Premise (\"FTTP\") addresses as FTTP has become a more relevant solution for our customers. As of December 31, 2019, the Fioptics products are now available to approximately 623,400 customer locations or 75% of the Greater Cincinnati operating territory. During 2019, we passed an additional 5,900 addresses in Hawaii. The Consumer/SMB Fiber products are now available to approximately 246,400 addresses, or 50% of the operating territory in Hawaii, including Oahu and the neighbor islands In 2019, the Company also invested $24.0 million in Enterprise Fiber products, which includes fiber and IP-ased core network technology. These investments position the Company to meet increased business and carrier demand within Greater Cincinnati and in contiguous markets in the Midwest region. In Hawaii, expenditures are for high-bandwidth data transport products, such as metro-ethernet, including the Southeast Asia to United States (\"SEA-US\") cable. We continue to evolve and optimize network assets to support the migration of legacy products to new technology, and as of December 31, 2019, the Company has: increased the total number of commercial addresses with fiber-based services (referred to as a lit address) to 28,800 in Greater Cincinnati and 20,300 in Hawaii by connecting approximately 2,200 additional lit addresses in Greater Cincinnati and 1,200 additional lit addresses in Hawaii during the twelve months ended December 31, 2019; expanded the fiber network to span more than 12,500 route miles in Greater Cincinnati and 4,700 route miles in Hawaii; and provided cell site back-haul services to approximately 90% of the 1,000 cell sites in the Greater Cincinnati market, of which approximately 97% of these sites are lit with fiber, and 80% of the 1,100 cell sites in Hawaii, all of which are lit with fiber. As a result of our investments, we have generated year-over-year Entertainment and Communications revenue growth each year since 2013. The Company's expanding fiber assets allow us to support the ever-increasing demand for data, video and internet devices with speed, agility and security. We believe our fiber investments are a long-term solution for our customers' bandwidth needs
Hawaii Operating Territory20182019
Consumer / SMB Fiber Revenue (in millions):$87.2$42.3
Subscribers (in thousands):
High-speed internet68.265.9
Video42.748.8
Voice30.030.3
"} {"question": "What is the percentage change in Hiah-speed internet Subscribers between 2018 to 2019 if it is 79 thousand in 2019??", "answer": ["19.88"], "context": "During the year, we passed an additional 12,400 addresses in the Greater Cincinnati area with Fioptics, which included a focus on Fiber to the Premise (\"FTTP\") addresses as FTTP has become a more relevant solution for our customers. As of December 31, 2019, the Fioptics products are now available to approximately 623,400 customer locations or 75% of the Greater Cincinnati operating territory. During 2019, we passed an additional 5,900 addresses in Hawaii. The Consumer/SMB Fiber products are now available to approximately 246,400 addresses, or 50% of the operating territory in Hawaii, including Oahu and the neighbor islands In 2019, the Company also invested $24.0 million in Enterprise Fiber products, which includes fiber and IP-ased core network technology. These investments position the Company to meet increased business and carrier demand within Greater Cincinnati and in contiguous markets in the Midwest region. In Hawaii, expenditures are for high-bandwidth data transport products, such as metro-ethernet, including the Southeast Asia to United States (\"SEA-US\") cable. We continue to evolve and optimize network assets to support the migration of legacy products to new technology, and as of December 31, 2019, the Company has: increased the total number of commercial addresses with fiber-based services (referred to as a lit address) to 28,800 in Greater Cincinnati and 20,300 in Hawaii by connecting approximately 2,200 additional lit addresses in Greater Cincinnati and 1,200 additional lit addresses in Hawaii during the twelve months ended December 31, 2019; expanded the fiber network to span more than 12,500 route miles in Greater Cincinnati and 4,700 route miles in Hawaii; and provided cell site back-haul services to approximately 90% of the 1,000 cell sites in the Greater Cincinnati market, of which approximately 97% of these sites are lit with fiber, and 80% of the 1,100 cell sites in Hawaii, all of which are lit with fiber. As a result of our investments, we have generated year-over-year Entertainment and Communications revenue growth each year since 2013. The Company's expanding fiber assets allow us to support the ever-increasing demand for data, video and internet devices with speed, agility and security. We believe our fiber investments are a long-term solution for our customers' bandwidth needs
Hawaii Operating Territory20182019
Consumer / SMB Fiber Revenue (in millions):$87.2$42.3
Subscribers (in thousands):
High-speed internet68.265.9
Video42.748.8
Voice30.030.3
"} {"question": "What is the total revenue earned across 2017 to 2019 if the total revenue earned in 2017 is 50 million?", "answer": ["179.5"], "context": "During the year, we passed an additional 12,400 addresses in the Greater Cincinnati area with Fioptics, which included a focus on Fiber to the Premise (\"FTTP\") addresses as FTTP has become a more relevant solution for our customers. As of December 31, 2019, the Fioptics products are now available to approximately 623,400 customer locations or 75% of the Greater Cincinnati operating territory. During 2019, we passed an additional 5,900 addresses in Hawaii. The Consumer/SMB Fiber products are now available to approximately 246,400 addresses, or 50% of the operating territory in Hawaii, including Oahu and the neighbor islands In 2019, the Company also invested $24.0 million in Enterprise Fiber products, which includes fiber and IP-ased core network technology. These investments position the Company to meet increased business and carrier demand within Greater Cincinnati and in contiguous markets in the Midwest region. In Hawaii, expenditures are for high-bandwidth data transport products, such as metro-ethernet, including the Southeast Asia to United States (\"SEA-US\") cable. We continue to evolve and optimize network assets to support the migration of legacy products to new technology, and as of December 31, 2019, the Company has: increased the total number of commercial addresses with fiber-based services (referred to as a lit address) to 28,800 in Greater Cincinnati and 20,300 in Hawaii by connecting approximately 2,200 additional lit addresses in Greater Cincinnati and 1,200 additional lit addresses in Hawaii during the twelve months ended December 31, 2019; expanded the fiber network to span more than 12,500 route miles in Greater Cincinnati and 4,700 route miles in Hawaii; and provided cell site back-haul services to approximately 90% of the 1,000 cell sites in the Greater Cincinnati market, of which approximately 97% of these sites are lit with fiber, and 80% of the 1,100 cell sites in Hawaii, all of which are lit with fiber. As a result of our investments, we have generated year-over-year Entertainment and Communications revenue growth each year since 2013. The Company's expanding fiber assets allow us to support the ever-increasing demand for data, video and internet devices with speed, agility and security. We believe our fiber investments are a long-term solution for our customers' bandwidth needs
Hawaii Operating Territory20182019
Consumer / SMB Fiber Revenue (in millions):$87.2$42.3
Subscribers (in thousands):
High-speed internet68.265.9
Video42.748.8
Voice30.030.3
"} {"question": "What would be the percentage change in the unrecognized tax benefits at the beginning of the year between 2017 and 2018 if the 2018 unrecognised tax benefit is increased by $5,000?", "answer": ["22.32"], "context": "In accordance with ASC 740-10, Income Taxes, the Company has adopted the accounting policy that interest and penalties recognized are classified as part of its income taxes The following shows the changes in the gross amount of unrecognized tax benefits as of December 31, 2019 (in thousands): The Company does not anticipate that its total unrecognized tax benefits will significantly change due to settlement of examination or the expiration of statute of limitations during the next 12 months. The Company files U.S. and foreign income tax returns with varying statutes of limitations. Due to the Company’s net carry-over of unused operating losses and tax credits, all years from 2003 forward remain subject to future examination by tax authorities
201920182017
Unrecognized tax benefits, beginning of the year$6,029$3,004$2,460
Increases related to prior year tax position—1,050—
Decreases related to prior year tax positions(48)—(3)
Increases related to current year tax positions2,9841,975547
Unrecognized tax benefits, end of year$8,9656,0293,004
"} {"question": "What would be the percentage change in the unrecognized tax benefits at the beginning of the year between 2018 and 2019 if the 2019 value is increased by 10%?", "answer": ["120.77"], "context": "In accordance with ASC 740-10, Income Taxes, the Company has adopted the accounting policy that interest and penalties recognized are classified as part of its income taxes The following shows the changes in the gross amount of unrecognized tax benefits as of December 31, 2019 (in thousands): The Company does not anticipate that its total unrecognized tax benefits will significantly change due to settlement of examination or the expiration of statute of limitations during the next 12 months. The Company files U.S. and foreign income tax returns with varying statutes of limitations. Due to the Company’s net carry-over of unused operating losses and tax credits, all years from 2003 forward remain subject to future examination by tax authorities
201920182017
Unrecognized tax benefits, beginning of the year$6,029$3,004$2,460
Increases related to prior year tax position—1,050—
Decreases related to prior year tax positions(48)—(3)
Increases related to current year tax positions2,9841,975547
Unrecognized tax benefits, end of year$8,9656,0293,004
"} {"question": "What would be the average increases related to current year tax positions between 2017 to 2019 if the value in 2019 is decreased by 100,000?", "answer": ["1802"], "context": "In accordance with ASC 740-10, Income Taxes, the Company has adopted the accounting policy that interest and penalties recognized are classified as part of its income taxes The following shows the changes in the gross amount of unrecognized tax benefits as of December 31, 2019 (in thousands): The Company does not anticipate that its total unrecognized tax benefits will significantly change due to settlement of examination or the expiration of statute of limitations during the next 12 months. The Company files U.S. and foreign income tax returns with varying statutes of limitations. Due to the Company’s net carry-over of unused operating losses and tax credits, all years from 2003 forward remain subject to future examination by tax authorities
201920182017
Unrecognized tax benefits, beginning of the year$6,029$3,004$2,460
Increases related to prior year tax position—1,050—
Decreases related to prior year tax positions(48)—(3)
Increases related to current year tax positions2,9841,975547
Unrecognized tax benefits, end of year$8,9656,0293,004
"} {"question": "If the Senior secured notes interest in 2018/19 increased to 38.1£m, what would be the revised average for the year 2018/19 to 2017/18?", "answer": ["35.15"], "context": "Net finance cost was £47.2m for the year; a decrease of £1.2m on 2017/18. Net regular interest in the year was £40.5m, a decrease of £3.9m compared to the prior year. Consistent with recent years, the largest component of finance costs in the year was interest due to holders of the Group’s senior secured notes, which was £31.7m. The interest on the senior secured notes was £0.5m lower compared to the prior year following the re-financing of the June 2021 £325m fixed rate notes at a coupon of 6.5% to the October 2023 £300m fixed rate notes to the slightly lower coupon of 6.25%. Bank debt interest of £5.1m was £2.1m lower in the year due to lower levels of average debt and a lower margin on the revolving credit facility following the refinancing completed in May 2018. Amortisation of debt issuance costs was £3.7m, £1.3m lower than the prior year due to lower transaction costs associated with the issue of the £300m 6.25% Fixed rate notes compared with the retired £325m 6.5% Fixed rate notes. Write-off of financing costs and early redemption fees of £11.3m include a £5.7m fee related to the write-off of transaction costs associated with the senior secured fixed rate notes due March 2021, which were repaid during the year, and a £5.6m redemption fee associated with the early call of the March 2021 bond. In the prior year, a £0.4m discount unwind credit relating to long-term property provisions held by the Group due to an increase in gilt yields was reflected in reported Net finance cost. In 2018/19, a discount unwind charge of £3.0m was included in the Net finance cost of £47.2m. Other interest income of £7.6m in the year relates to monies received from the Group’s associate Hovis Holdings Limited ('Hovis') and reflects the reversal of a previous impairment.
£m2018/192017/18Change
Senior secured notes interest31.732.20.5
Bank debt interest5.17.22.1
36.839.42.6
Amortisation of debt issuance costs3.75.01.3
Net regular interest540.544.43.9
Fair value movements on interest rate financial instruments–(0.4)(0.4)
Write-off of financing costs and early redemption fees11.34.0(7.3)
Discount unwind3.0(0.4)(3.4)
Other finance income(7.6)–7.6
Other interest cost–0.80.8
Net finance cost47.248.41.2
"} {"question": "If the Bank debt interest in 2018/19 increased to 9.1£m, what would be the revised average for the year 2018/19 to 2017/18?", "answer": ["8.15"], "context": "Net finance cost was £47.2m for the year; a decrease of £1.2m on 2017/18. Net regular interest in the year was £40.5m, a decrease of £3.9m compared to the prior year. Consistent with recent years, the largest component of finance costs in the year was interest due to holders of the Group’s senior secured notes, which was £31.7m. The interest on the senior secured notes was £0.5m lower compared to the prior year following the re-financing of the June 2021 £325m fixed rate notes at a coupon of 6.5% to the October 2023 £300m fixed rate notes to the slightly lower coupon of 6.25%. Bank debt interest of £5.1m was £2.1m lower in the year due to lower levels of average debt and a lower margin on the revolving credit facility following the refinancing completed in May 2018. Amortisation of debt issuance costs was £3.7m, £1.3m lower than the prior year due to lower transaction costs associated with the issue of the £300m 6.25% Fixed rate notes compared with the retired £325m 6.5% Fixed rate notes. Write-off of financing costs and early redemption fees of £11.3m include a £5.7m fee related to the write-off of transaction costs associated with the senior secured fixed rate notes due March 2021, which were repaid during the year, and a £5.6m redemption fee associated with the early call of the March 2021 bond. In the prior year, a £0.4m discount unwind credit relating to long-term property provisions held by the Group due to an increase in gilt yields was reflected in reported Net finance cost. In 2018/19, a discount unwind charge of £3.0m was included in the Net finance cost of £47.2m. Other interest income of £7.6m in the year relates to monies received from the Group’s associate Hovis Holdings Limited ('Hovis') and reflects the reversal of a previous impairment.
£m2018/192017/18Change
Senior secured notes interest31.732.20.5
Bank debt interest5.17.22.1
36.839.42.6
Amortisation of debt issuance costs3.75.01.3
Net regular interest540.544.43.9
Fair value movements on interest rate financial instruments–(0.4)(0.4)
Write-off of financing costs and early redemption fees11.34.0(7.3)
Discount unwind3.0(0.4)(3.4)
Other finance income(7.6)–7.6
Other interest cost–0.80.8
Net finance cost47.248.41.2
"} {"question": "If the Net regular interest in 2018/19 increased to 51.6£m, what would be the revised average for the year 2018/19 to 2017/18?", "answer": ["48"], "context": "Net finance cost was £47.2m for the year; a decrease of £1.2m on 2017/18. Net regular interest in the year was £40.5m, a decrease of £3.9m compared to the prior year. Consistent with recent years, the largest component of finance costs in the year was interest due to holders of the Group’s senior secured notes, which was £31.7m. The interest on the senior secured notes was £0.5m lower compared to the prior year following the re-financing of the June 2021 £325m fixed rate notes at a coupon of 6.5% to the October 2023 £300m fixed rate notes to the slightly lower coupon of 6.25%. Bank debt interest of £5.1m was £2.1m lower in the year due to lower levels of average debt and a lower margin on the revolving credit facility following the refinancing completed in May 2018. Amortisation of debt issuance costs was £3.7m, £1.3m lower than the prior year due to lower transaction costs associated with the issue of the £300m 6.25% Fixed rate notes compared with the retired £325m 6.5% Fixed rate notes. Write-off of financing costs and early redemption fees of £11.3m include a £5.7m fee related to the write-off of transaction costs associated with the senior secured fixed rate notes due March 2021, which were repaid during the year, and a £5.6m redemption fee associated with the early call of the March 2021 bond. In the prior year, a £0.4m discount unwind credit relating to long-term property provisions held by the Group due to an increase in gilt yields was reflected in reported Net finance cost. In 2018/19, a discount unwind charge of £3.0m was included in the Net finance cost of £47.2m. Other interest income of £7.6m in the year relates to monies received from the Group’s associate Hovis Holdings Limited ('Hovis') and reflects the reversal of a previous impairment.
£m2018/192017/18Change
Senior secured notes interest31.732.20.5
Bank debt interest5.17.22.1
36.839.42.6
Amortisation of debt issuance costs3.75.01.3
Net regular interest540.544.43.9
Fair value movements on interest rate financial instruments–(0.4)(0.4)
Write-off of financing costs and early redemption fees11.34.0(7.3)
Discount unwind3.0(0.4)(3.4)
Other finance income(7.6)–7.6
Other interest cost–0.80.8
Net finance cost47.248.41.2
"} {"question": "If marine services in 2019 was 20.0 million, what would be the percentage change from 2018 to 2019?", "answer": ["1.52"], "context": "Income from Equity Investees Marine Services: Income from equity investees within our Marine Services segment for the year ended December 31, 2019 decreased $14.1 million to $5.6 million from $19.7 million for the year ended year ended December 31, 2018. The decrease was driven by HMN, due to lower revenues on large turnkey projects underway than in the comparable period. The equity investment in HMN has contributed $5.0 million and $12.7 million in income from equity investees for the years ended December 31, 2019 and 2018, respectively. Further contributing to the reduction in income were losses at SBSS from a loss contingency related to ongoing legal disputes and lower vessel utilization. Life Sciences: Loss from equity investees within our Life Sciences segment for the year ended December 31, 2019 decreased $0.6 million to $3.4 million from $4.0 million for the year ended December 31, 2018. The decrease in losses were largely due to lower equity method losses recorded from our investment in MediBeacon due to the timing of clinical trials and revenue from a licensing agreement which did not occur in the comparable periods. Segment Results of Operations In the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii) asset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating segments and compares the amount of the change between the periods presented (in millions).
Years Ended December 31,
20192018Increase / (Decrease)
Construction$—$ (0.2)$ 0.2
Marine Services5.619.7(14.1)
Life Sciences(3.4)(4.0)0.6
Other—(0.1)0.1
Income from equity investees$ 2.2$ 15.4$ (13.2)
"} {"question": "If life sciences in 2019 was -5.0 million, what would be the average value for 2018 and 2019?", "answer": ["-4.5"], "context": "Income from Equity Investees Marine Services: Income from equity investees within our Marine Services segment for the year ended December 31, 2019 decreased $14.1 million to $5.6 million from $19.7 million for the year ended year ended December 31, 2018. The decrease was driven by HMN, due to lower revenues on large turnkey projects underway than in the comparable period. The equity investment in HMN has contributed $5.0 million and $12.7 million in income from equity investees for the years ended December 31, 2019 and 2018, respectively. Further contributing to the reduction in income were losses at SBSS from a loss contingency related to ongoing legal disputes and lower vessel utilization. Life Sciences: Loss from equity investees within our Life Sciences segment for the year ended December 31, 2019 decreased $0.6 million to $3.4 million from $4.0 million for the year ended December 31, 2018. The decrease in losses were largely due to lower equity method losses recorded from our investment in MediBeacon due to the timing of clinical trials and revenue from a licensing agreement which did not occur in the comparable periods. Segment Results of Operations In the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii) asset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating segments and compares the amount of the change between the periods presented (in millions).
Years Ended December 31,
20192018Increase / (Decrease)
Construction$—$ (0.2)$ 0.2
Marine Services5.619.7(14.1)
Life Sciences(3.4)(4.0)0.6
Other—(0.1)0.1
Income from equity investees$ 2.2$ 15.4$ (13.2)
"} {"question": "If income from equity investees in 2019 was 20.0 million, what would be the percentage change from 2018 to 2019?", "answer": ["29.87"], "context": "Income from Equity Investees Marine Services: Income from equity investees within our Marine Services segment for the year ended December 31, 2019 decreased $14.1 million to $5.6 million from $19.7 million for the year ended year ended December 31, 2018. The decrease was driven by HMN, due to lower revenues on large turnkey projects underway than in the comparable period. The equity investment in HMN has contributed $5.0 million and $12.7 million in income from equity investees for the years ended December 31, 2019 and 2018, respectively. Further contributing to the reduction in income were losses at SBSS from a loss contingency related to ongoing legal disputes and lower vessel utilization. Life Sciences: Loss from equity investees within our Life Sciences segment for the year ended December 31, 2019 decreased $0.6 million to $3.4 million from $4.0 million for the year ended December 31, 2018. The decrease in losses were largely due to lower equity method losses recorded from our investment in MediBeacon due to the timing of clinical trials and revenue from a licensing agreement which did not occur in the comparable periods. Segment Results of Operations In the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii) asset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating segments and compares the amount of the change between the periods presented (in millions).
Years Ended December 31,
20192018Increase / (Decrease)
Construction$—$ (0.2)$ 0.2
Marine Services5.619.7(14.1)
Life Sciences(3.4)(4.0)0.6
Other—(0.1)0.1
Income from equity investees$ 2.2$ 15.4$ (13.2)
"} {"question": "What will be the change in operating lease asset if the amount in 2018 was 50,000 thousand?", "answer": ["95711"], "context": "Other assets Other assets consisted of the following at December 31, 2019 and 2018 (in thousands): (1) See Note 10. \"Leases\" to our consolidated financial statements for discussion of our lease arrangements. (1) (2) In April 2009, we entered into a credit facility agreement with a solar power project entity of one of our customers for an available amount of €17.5 million to provide financing for a PV solar power system. The credit facility bears interest at 8.0% per annum, payable quarterly, with the full amount due in December 2026. As of December 31, 2019 and 2018, the balance outstanding on the credit facility was €7.0 million ($7.8 million and $8.0 million, respectively). (3) In June 2015, 8point3 Energy Partners LP (the “Partnership”), a limited partnership formed by First Solar and SunPower Corporation (collectively the “Sponsors”), completed its initial public offering (the “IPO”). As part of the IPO, the Sponsors contributed interests in various projects to OpCo in exchange for voting and economic interests in the entity, and the Partnership acquired an economic interest in OpCo using proceeds from the IPO. In June 2018, we completed the sale of our interests in the Partnership and its subsidiaries to CD Clean Energy and Infrastructure V JV, LLC, an equity fund managed by Capital Dynamics, Inc. and certain other co-investors and other parties, and received net proceeds of $240.0 million after the payment of fees, expenses, and other amounts. We accounted for our interests in OpCo, a subsidiary of the Partnership, under the equity method of accounting as we were able to exercise significant influence over the Partnership due to our representation on the board of directors of its general partner and certain of our associates serving as officers of its general partner. During the year ended December 31, 2018, we recognized equity in earnings, net of tax, of $39.7 million from our investment in OpCo, including a gain of $40.3 million, net of tax, for the sale of our interests in the Partnership and its subsidiaries. During the year ended December 31, 2018, we received distributions from OpCo of $12.4 million. In connection with the IPO, we also entered into an agreement with a subsidiary of the Partnership to lease back one of our originally contributed projects, Maryland Solar, until December 31, 2019. Under the terms of the agreement, we made fixed rent payments to the Partnership’s subsidiary and were entitled to all of the energy generated by the project. Due to certain continuing involvement with the project, we accounted for the leaseback agreement as a financing transaction until the sale of our interests in the Partnership and its subsidiaries in June 2018. Following the sale of such interests, the Maryland Solar project qualified for sale-leaseback accounting, and we recognized net revenue of $32.0 million from the sale of the project. (4) See Note 9. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments.
20192018
Operating lease assets (1)$145,711$—
Indirect tax receivables .9,44622,487
Notes receivable (2)8,1948,017
Income taxes receivable .4,1064,444
Equity method investments (3) .2,8123,186
Derivative instruments (4) .139—
Deferred rent .—27,249
Other .79,44633,495
Other assets$249,854$98,878
"} {"question": "If the Deferred rent in 2019 was 100,000 thousand instead, what will be the change from 2018 to 2019?", "answer": ["72751"], "context": "Other assets Other assets consisted of the following at December 31, 2019 and 2018 (in thousands): (1) See Note 10. \"Leases\" to our consolidated financial statements for discussion of our lease arrangements. (1) (2) In April 2009, we entered into a credit facility agreement with a solar power project entity of one of our customers for an available amount of €17.5 million to provide financing for a PV solar power system. The credit facility bears interest at 8.0% per annum, payable quarterly, with the full amount due in December 2026. As of December 31, 2019 and 2018, the balance outstanding on the credit facility was €7.0 million ($7.8 million and $8.0 million, respectively). (3) In June 2015, 8point3 Energy Partners LP (the “Partnership”), a limited partnership formed by First Solar and SunPower Corporation (collectively the “Sponsors”), completed its initial public offering (the “IPO”). As part of the IPO, the Sponsors contributed interests in various projects to OpCo in exchange for voting and economic interests in the entity, and the Partnership acquired an economic interest in OpCo using proceeds from the IPO. In June 2018, we completed the sale of our interests in the Partnership and its subsidiaries to CD Clean Energy and Infrastructure V JV, LLC, an equity fund managed by Capital Dynamics, Inc. and certain other co-investors and other parties, and received net proceeds of $240.0 million after the payment of fees, expenses, and other amounts. We accounted for our interests in OpCo, a subsidiary of the Partnership, under the equity method of accounting as we were able to exercise significant influence over the Partnership due to our representation on the board of directors of its general partner and certain of our associates serving as officers of its general partner. During the year ended December 31, 2018, we recognized equity in earnings, net of tax, of $39.7 million from our investment in OpCo, including a gain of $40.3 million, net of tax, for the sale of our interests in the Partnership and its subsidiaries. During the year ended December 31, 2018, we received distributions from OpCo of $12.4 million. In connection with the IPO, we also entered into an agreement with a subsidiary of the Partnership to lease back one of our originally contributed projects, Maryland Solar, until December 31, 2019. Under the terms of the agreement, we made fixed rent payments to the Partnership’s subsidiary and were entitled to all of the energy generated by the project. Due to certain continuing involvement with the project, we accounted for the leaseback agreement as a financing transaction until the sale of our interests in the Partnership and its subsidiaries in June 2018. Following the sale of such interests, the Maryland Solar project qualified for sale-leaseback accounting, and we recognized net revenue of $32.0 million from the sale of the project. (4) See Note 9. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments.
20192018
Operating lease assets (1)$145,711$—
Indirect tax receivables .9,44622,487
Notes receivable (2)8,1948,017
Income taxes receivable .4,1064,444
Equity method investments (3) .2,8123,186
Derivative instruments (4) .139—
Deferred rent .—27,249
Other .79,44633,495
Other assets$249,854$98,878
"} {"question": "Suppose the amount in other assets in 2018 increased by 30,000 thousand, what will be the percentage from 2018 to 2019?", "answer": ["93.87"], "context": "Other assets Other assets consisted of the following at December 31, 2019 and 2018 (in thousands): (1) See Note 10. \"Leases\" to our consolidated financial statements for discussion of our lease arrangements. (1) (2) In April 2009, we entered into a credit facility agreement with a solar power project entity of one of our customers for an available amount of €17.5 million to provide financing for a PV solar power system. The credit facility bears interest at 8.0% per annum, payable quarterly, with the full amount due in December 2026. As of December 31, 2019 and 2018, the balance outstanding on the credit facility was €7.0 million ($7.8 million and $8.0 million, respectively). (3) In June 2015, 8point3 Energy Partners LP (the “Partnership”), a limited partnership formed by First Solar and SunPower Corporation (collectively the “Sponsors”), completed its initial public offering (the “IPO”). As part of the IPO, the Sponsors contributed interests in various projects to OpCo in exchange for voting and economic interests in the entity, and the Partnership acquired an economic interest in OpCo using proceeds from the IPO. In June 2018, we completed the sale of our interests in the Partnership and its subsidiaries to CD Clean Energy and Infrastructure V JV, LLC, an equity fund managed by Capital Dynamics, Inc. and certain other co-investors and other parties, and received net proceeds of $240.0 million after the payment of fees, expenses, and other amounts. We accounted for our interests in OpCo, a subsidiary of the Partnership, under the equity method of accounting as we were able to exercise significant influence over the Partnership due to our representation on the board of directors of its general partner and certain of our associates serving as officers of its general partner. During the year ended December 31, 2018, we recognized equity in earnings, net of tax, of $39.7 million from our investment in OpCo, including a gain of $40.3 million, net of tax, for the sale of our interests in the Partnership and its subsidiaries. During the year ended December 31, 2018, we received distributions from OpCo of $12.4 million. In connection with the IPO, we also entered into an agreement with a subsidiary of the Partnership to lease back one of our originally contributed projects, Maryland Solar, until December 31, 2019. Under the terms of the agreement, we made fixed rent payments to the Partnership’s subsidiary and were entitled to all of the energy generated by the project. Due to certain continuing involvement with the project, we accounted for the leaseback agreement as a financing transaction until the sale of our interests in the Partnership and its subsidiaries in June 2018. Following the sale of such interests, the Maryland Solar project qualified for sale-leaseback accounting, and we recognized net revenue of $32.0 million from the sale of the project. (4) See Note 9. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments.
20192018
Operating lease assets (1)$145,711$—
Indirect tax receivables .9,44622,487
Notes receivable (2)8,1948,017
Income taxes receivable .4,1064,444
Equity method investments (3) .2,8123,186
Derivative instruments (4) .139—
Deferred rent .—27,249
Other .79,44633,495
Other assets$249,854$98,878
"} {"question": "What would be the difference in the common stock value between 2018 and 2019 if the value of common stock in 2019 is doubled and then increased by $1,000 thousand?", "answer": ["1887"], "context": "Equity Incentive Plan Our board of directors administers the plan, determines vesting schedules on plan awards and may accelerate the vesting schedules for award recipients. The stock options granted under the plan have terms of up to 10 years. As of December 31, 2019, awards for the purchase of 4,236,719 shares have been granted and remain outstanding (common stock options, common stock and restricted stock units) and 2,063,281 shares are reserved for future grants under the 2014 Plan. Share-based compensation expenses related to stock options, stock and restricted stock units issued to employees and directors are included in selling, general and administrative expenses. The following table provides a detail of share-based compensation expense (in thousands).
Year Ended December 31
20192018
Common stock, vested at issuance and nonvested at issuance$721$555
Stock options354132
Restricted stock units225103
Compensation expense related to common stock awards issued under equity incentive plan$ 1,300$ 790
"} {"question": "What would be the total value of stock options in 2018 and 2019 if the total value is halved and then decreased by 100 thousand?", "answer": ["143"], "context": "Equity Incentive Plan Our board of directors administers the plan, determines vesting schedules on plan awards and may accelerate the vesting schedules for award recipients. The stock options granted under the plan have terms of up to 10 years. As of December 31, 2019, awards for the purchase of 4,236,719 shares have been granted and remain outstanding (common stock options, common stock and restricted stock units) and 2,063,281 shares are reserved for future grants under the 2014 Plan. Share-based compensation expenses related to stock options, stock and restricted stock units issued to employees and directors are included in selling, general and administrative expenses. The following table provides a detail of share-based compensation expense (in thousands).
Year Ended December 31
20192018
Common stock, vested at issuance and nonvested at issuance$721$555
Stock options354132
Restricted stock units225103
Compensation expense related to common stock awards issued under equity incentive plan$ 1,300$ 790
"} {"question": "What would be the average value of stock options in 2018 and 2019 if the value of the stock options in 2019 is decreased by $300 thousand?", "answer": ["93"], "context": "Equity Incentive Plan Our board of directors administers the plan, determines vesting schedules on plan awards and may accelerate the vesting schedules for award recipients. The stock options granted under the plan have terms of up to 10 years. As of December 31, 2019, awards for the purchase of 4,236,719 shares have been granted and remain outstanding (common stock options, common stock and restricted stock units) and 2,063,281 shares are reserved for future grants under the 2014 Plan. Share-based compensation expenses related to stock options, stock and restricted stock units issued to employees and directors are included in selling, general and administrative expenses. The following table provides a detail of share-based compensation expense (in thousands).
Year Ended December 31
20192018
Common stock, vested at issuance and nonvested at issuance$721$555
Stock options354132
Restricted stock units225103
Compensation expense related to common stock awards issued under equity incentive plan$ 1,300$ 790
"} {"question": "In which year would the Cash flow from operating activities be larger if the amount in FY2018 was 955 million instead?", "answer": ["2017/18"], "context": "CASH FLOW STATEMENT1 1 Abridged version. The complete version is shown in the consolidated financial statements.
€ million2017/182018/19
Cash flow from operating activities of continuing operations766796
Cash flow from operating activities of discontinued operations139157
Cash flow from operating activities905953
Cash flow from investing activities of continuing operations−29246
Cash flow from investing activities of discontinued operations−89−136
Cash flow from investing activities−381−90
Cash flow before financing activities of continuing operations474842
Cash flow before financing activities of discontinued operations5021
Cash flow before financing activities524863
Cash flow from financing activities of continuing operations−587−1,122
Cash flow from financing activities of discontinued operations−74−109
Cash flow from financing activities−661−1,231
Total cash flows−137−368
Currency effects on cash and cash equivalents−3017
Total change in cash and cash equivalents−167−351
"} {"question": "What would the change in cash flow from operating activities in FY2019 from FY2018 be if the amount in FY2019 was 955 million instead?", "answer": ["50"], "context": "CASH FLOW STATEMENT1 1 Abridged version. The complete version is shown in the consolidated financial statements.
€ million2017/182018/19
Cash flow from operating activities of continuing operations766796
Cash flow from operating activities of discontinued operations139157
Cash flow from operating activities905953
Cash flow from investing activities of continuing operations−29246
Cash flow from investing activities of discontinued operations−89−136
Cash flow from investing activities−381−90
Cash flow before financing activities of continuing operations474842
Cash flow before financing activities of discontinued operations5021
Cash flow before financing activities524863
Cash flow from financing activities of continuing operations−587−1,122
Cash flow from financing activities of discontinued operations−74−109
Cash flow from financing activities−661−1,231
Total cash flows−137−368
Currency effects on cash and cash equivalents−3017
Total change in cash and cash equivalents−167−351
"} {"question": "What would the percentage change in cash flow from operating activities in FY2019 from FY2018 be if the amount in FY2019 was 955 million instead?", "answer": ["5.52"], "context": "CASH FLOW STATEMENT1 1 Abridged version. The complete version is shown in the consolidated financial statements.
€ million2017/182018/19
Cash flow from operating activities of continuing operations766796
Cash flow from operating activities of discontinued operations139157
Cash flow from operating activities905953
Cash flow from investing activities of continuing operations−29246
Cash flow from investing activities of discontinued operations−89−136
Cash flow from investing activities−381−90
Cash flow before financing activities of continuing operations474842
Cash flow before financing activities of discontinued operations5021
Cash flow before financing activities524863
Cash flow from financing activities of continuing operations−587−1,122
Cash flow from financing activities of discontinued operations−74−109
Cash flow from financing activities−661−1,231
Total cash flows−137−368
Currency effects on cash and cash equivalents−3017
Total change in cash and cash equivalents−167−351
"} {"question": "What is the difference between the number of company-operated and franchise restaurants if the number of company-operated restaurants is 500 instead?", "answer": ["1606"], "context": "Legislation and regulations regarding our products and ingredients, including the nutritional content of our products, could impact customer preferences and negatively impact our financial results. Changes in government regulation and consumer eating habits may impact the ingredients and nutritional content of our menu offerings, or require us to disclose the nutritional content of our menu offerings. For example, a number of states, counties, and cities have enacted menu labeling laws requiring multi-unit restaurant operators to disclose certain nutritional information to customers, or have enacted legislation restricting the use of certain types of ingredients in restaurants. Furthermore, the Affordable Care Act requires chain restaurants to publish calorie information on their menus and menu boards. These and other requirements may increase our expenses, slow customers’ ordering process, or negatively influence the demand for our offerings; all of which can impact sales and profitability. Compliance with current and future laws and regulations in a number of areas, including with respect to ingredients, nutritional content of our products, and packaging and serviceware may be costly and time-consuming. Additionally, if consumer health regulations change significantly, we may be required to modify our menu offerings or packaging, and as a result, may experience higher costs or reduced demand associated with such changes. Some government authorities are increasing regulations regarding trans-fats and sodium. While we have removed all artificial or “added during manufacturing” trans fats from our ingredients, some ingredients have naturally occurring trans-fats. Future requirements limiting trans-fats or sodium content may require us to change our menu offerings or switch to higher cost ingredients. These actions may hinder our ability to operate in some markets or to offer our full menu in these markets, which could have a material adverse effect on our business. If we fail to comply with such laws and regulations, our business could also experience a material adverse effect. Failure to obtain and maintain required licenses and permits or to comply with food control regulations could lead to the loss of our food service licenses and, thereby, harm our business. We are required, as a restaurant business, under state and local government regulations to obtain and maintain licenses, permits, and approvals to operate our businesses. Such regulations are subject to change from time to time. Any failure by us or our franchisees to obtain and maintain these licenses, permits, and approvals could adversely affect our financial results. The following table sets forth information regarding our operating restaurant properties as of September 29, 2019:
Company-
OperatedFranchiseTotal
Company-owned restaurant buildings:
On company-owned land9200209
On leased land54581635
Subtotal63781844
Company-leased restaurant buildings on leased land741,0541,128
Franchise directly-owned or directly-leased restaurant buildings—271271
Total restaurant buildings1372,1062,243
"} {"question": "What is the percentage constitution of company-operated restaurants among the total restaurants if the total number of restaurants is 2,500 instead?", "answer": ["5.48"], "context": "Legislation and regulations regarding our products and ingredients, including the nutritional content of our products, could impact customer preferences and negatively impact our financial results. Changes in government regulation and consumer eating habits may impact the ingredients and nutritional content of our menu offerings, or require us to disclose the nutritional content of our menu offerings. For example, a number of states, counties, and cities have enacted menu labeling laws requiring multi-unit restaurant operators to disclose certain nutritional information to customers, or have enacted legislation restricting the use of certain types of ingredients in restaurants. Furthermore, the Affordable Care Act requires chain restaurants to publish calorie information on their menus and menu boards. These and other requirements may increase our expenses, slow customers’ ordering process, or negatively influence the demand for our offerings; all of which can impact sales and profitability. Compliance with current and future laws and regulations in a number of areas, including with respect to ingredients, nutritional content of our products, and packaging and serviceware may be costly and time-consuming. Additionally, if consumer health regulations change significantly, we may be required to modify our menu offerings or packaging, and as a result, may experience higher costs or reduced demand associated with such changes. Some government authorities are increasing regulations regarding trans-fats and sodium. While we have removed all artificial or “added during manufacturing” trans fats from our ingredients, some ingredients have naturally occurring trans-fats. Future requirements limiting trans-fats or sodium content may require us to change our menu offerings or switch to higher cost ingredients. These actions may hinder our ability to operate in some markets or to offer our full menu in these markets, which could have a material adverse effect on our business. If we fail to comply with such laws and regulations, our business could also experience a material adverse effect. Failure to obtain and maintain required licenses and permits or to comply with food control regulations could lead to the loss of our food service licenses and, thereby, harm our business. We are required, as a restaurant business, under state and local government regulations to obtain and maintain licenses, permits, and approvals to operate our businesses. Such regulations are subject to change from time to time. Any failure by us or our franchisees to obtain and maintain these licenses, permits, and approvals could adversely affect our financial results. The following table sets forth information regarding our operating restaurant properties as of September 29, 2019:
Company-
OperatedFranchiseTotal
Company-owned restaurant buildings:
On company-owned land9200209
On leased land54581635
Subtotal63781844
Company-leased restaurant buildings on leased land741,0541,128
Franchise directly-owned or directly-leased restaurant buildings—271271
Total restaurant buildings1372,1062,243
"} {"question": "What is the percentage constitution of franchise restaurant on leased land in the total number of franchise buildings if the total number of franchise buildings is 2,200 instead?", "answer": ["26.41"], "context": "Legislation and regulations regarding our products and ingredients, including the nutritional content of our products, could impact customer preferences and negatively impact our financial results. Changes in government regulation and consumer eating habits may impact the ingredients and nutritional content of our menu offerings, or require us to disclose the nutritional content of our menu offerings. For example, a number of states, counties, and cities have enacted menu labeling laws requiring multi-unit restaurant operators to disclose certain nutritional information to customers, or have enacted legislation restricting the use of certain types of ingredients in restaurants. Furthermore, the Affordable Care Act requires chain restaurants to publish calorie information on their menus and menu boards. These and other requirements may increase our expenses, slow customers’ ordering process, or negatively influence the demand for our offerings; all of which can impact sales and profitability. Compliance with current and future laws and regulations in a number of areas, including with respect to ingredients, nutritional content of our products, and packaging and serviceware may be costly and time-consuming. Additionally, if consumer health regulations change significantly, we may be required to modify our menu offerings or packaging, and as a result, may experience higher costs or reduced demand associated with such changes. Some government authorities are increasing regulations regarding trans-fats and sodium. While we have removed all artificial or “added during manufacturing” trans fats from our ingredients, some ingredients have naturally occurring trans-fats. Future requirements limiting trans-fats or sodium content may require us to change our menu offerings or switch to higher cost ingredients. These actions may hinder our ability to operate in some markets or to offer our full menu in these markets, which could have a material adverse effect on our business. If we fail to comply with such laws and regulations, our business could also experience a material adverse effect. Failure to obtain and maintain required licenses and permits or to comply with food control regulations could lead to the loss of our food service licenses and, thereby, harm our business. We are required, as a restaurant business, under state and local government regulations to obtain and maintain licenses, permits, and approvals to operate our businesses. Such regulations are subject to change from time to time. Any failure by us or our franchisees to obtain and maintain these licenses, permits, and approvals could adversely affect our financial results. The following table sets forth information regarding our operating restaurant properties as of September 29, 2019:
Company-
OperatedFranchiseTotal
Company-owned restaurant buildings:
On company-owned land9200209
On leased land54581635
Subtotal63781844
Company-leased restaurant buildings on leased land741,0541,128
Franchise directly-owned or directly-leased restaurant buildings—271271
Total restaurant buildings1372,1062,243
"} {"question": "Which type of officer would have the longest protected period if the protected period for Other Executives is 2.5 years?", "answer": ["Other Executives"], "context": "COMPENSATION DISCUSSION AND ANALYSIS IV. Our 2019 Compensation Program and Components of Pay The table below shows (i) the length of the “protected period” afforded to officers following a change of control and (ii) the multiple of salary and bonus payment and years of welfare benefits to which officers will be entitled if change of control benefits become payable under our agreements and related policies: For more information on change of control arrangements applicable to our executives, including our rationale for providing these benefits, see “Executive Compensation—Potential Termination Payments—Payments Made Upon a Change of Control.” For information on change of control severance benefits payable to our junior officers and managers, see “—Severance Benefits” in the next subsection below.
Protected PeriodMultiple of Annual Cash CompensationYears of Welfare Benefits
CEO2 years3 times3 years
Other Executives1.5 years2 times2 years
Other Officers1 year1 time1 year
"} {"question": "What would the difference in the protected period between CEO and Other Executives be if the protected period for Other Executives is 1 year?", "answer": ["1"], "context": "COMPENSATION DISCUSSION AND ANALYSIS IV. Our 2019 Compensation Program and Components of Pay The table below shows (i) the length of the “protected period” afforded to officers following a change of control and (ii) the multiple of salary and bonus payment and years of welfare benefits to which officers will be entitled if change of control benefits become payable under our agreements and related policies: For more information on change of control arrangements applicable to our executives, including our rationale for providing these benefits, see “Executive Compensation—Potential Termination Payments—Payments Made Upon a Change of Control.” For information on change of control severance benefits payable to our junior officers and managers, see “—Severance Benefits” in the next subsection below.
Protected PeriodMultiple of Annual Cash CompensationYears of Welfare Benefits
CEO2 years3 times3 years
Other Executives1.5 years2 times2 years
Other Officers1 year1 time1 year
"} {"question": "What would the average protected period be if the protected period for Other Executives is 3 years??", "answer": ["2"], "context": "COMPENSATION DISCUSSION AND ANALYSIS IV. Our 2019 Compensation Program and Components of Pay The table below shows (i) the length of the “protected period” afforded to officers following a change of control and (ii) the multiple of salary and bonus payment and years of welfare benefits to which officers will be entitled if change of control benefits become payable under our agreements and related policies: For more information on change of control arrangements applicable to our executives, including our rationale for providing these benefits, see “Executive Compensation—Potential Termination Payments—Payments Made Upon a Change of Control.” For information on change of control severance benefits payable to our junior officers and managers, see “—Severance Benefits” in the next subsection below.
Protected PeriodMultiple of Annual Cash CompensationYears of Welfare Benefits
CEO2 years3 times3 years
Other Executives1.5 years2 times2 years
Other Officers1 year1 time1 year
"} {"question": "What would be the percentage change in contract assets between 2018 and 2019 if the value in 2019 is increased by $50,000?", "answer": ["51.12"], "context": "Contract assets and deferred revenue (1) Included in other current assets. (2) Included in other long-term assets. (3) Included in other long-term liabilities. Contract assets are client committed amounts for which revenue recognized exceeds the amount billed to the client and the right to payment is subject to conditions other than the passage of time, such as the completion of a related performance obligation. Deferred revenue consists of billings and payments received in advance of revenue recognition. Contract assets and deferred revenue are netted at the contract level for each reporting period. The change in deferred revenue in the year ended December 31, 2019 was primarily due to new billings in advance of revenue recognition, partially offset by revenue recognized during the period that was included in deferred revenue at December 31, 2018.
(in thousands)December 31, 2019December 31, 2018
Contract assets (1)$5,558$3,711
Long-term contract assets (2)5,4202,543
$10,978$6,254
Deferred revenue$190,080$185,145
Long-term deferred revenue (3)5,4075,344
$195,487$190,489
"} {"question": "What would be the percentage change in long-term contract assets between 2018 and 2019 if the value in 2019 is increased by 10%?", "answer": ["134.45"], "context": "Contract assets and deferred revenue (1) Included in other current assets. (2) Included in other long-term assets. (3) Included in other long-term liabilities. Contract assets are client committed amounts for which revenue recognized exceeds the amount billed to the client and the right to payment is subject to conditions other than the passage of time, such as the completion of a related performance obligation. Deferred revenue consists of billings and payments received in advance of revenue recognition. Contract assets and deferred revenue are netted at the contract level for each reporting period. The change in deferred revenue in the year ended December 31, 2019 was primarily due to new billings in advance of revenue recognition, partially offset by revenue recognized during the period that was included in deferred revenue at December 31, 2018.
(in thousands)December 31, 2019December 31, 2018
Contract assets (1)$5,558$3,711
Long-term contract assets (2)5,4202,543
$10,978$6,254
Deferred revenue$190,080$185,145
Long-term deferred revenue (3)5,4075,344
$195,487$190,489
"} {"question": "What would be the percentage change in long-term deferred revenue between 2018 and 2019 if the 2019 long-term deferred revenue is instead $5,550,000?", "answer": ["3.85"], "context": "Contract assets and deferred revenue (1) Included in other current assets. (2) Included in other long-term assets. (3) Included in other long-term liabilities. Contract assets are client committed amounts for which revenue recognized exceeds the amount billed to the client and the right to payment is subject to conditions other than the passage of time, such as the completion of a related performance obligation. Deferred revenue consists of billings and payments received in advance of revenue recognition. Contract assets and deferred revenue are netted at the contract level for each reporting period. The change in deferred revenue in the year ended December 31, 2019 was primarily due to new billings in advance of revenue recognition, partially offset by revenue recognized during the period that was included in deferred revenue at December 31, 2018.
(in thousands)December 31, 2019December 31, 2018
Contract assets (1)$5,558$3,711
Long-term contract assets (2)5,4202,543
$10,978$6,254
Deferred revenue$190,080$185,145
Long-term deferred revenue (3)5,4075,344
$195,487$190,489
"} {"question": "What would be the accelerated vesting of Robert Dooley's unvested restricted stock units for termination by Systemax without \"cause\" or termination due to death if the total value is halved and then decreased by 10,000?", "answer": ["1250"], "context": "(1) Represents accelerated vesting of 48,849 stock options. Pursuant to Mr. Dooley’s stock option agreements (dated January 17, 2019), if Mr. Dooley’s employment is terminated without cause or for good reason within six months following a “change in control”, he will become immediately vested in all outstanding unvested stock options, and all of Mr. Dooley’s outstanding options shall remain exercisable in accordance with their terms, but in no event for less than 90 days after such termination. (2) Represents accelerated vesting of 15,000 unvested restricted stock units. Pursuant to Mr. Dooley’s restricted stock unit agreement (dated March 1, 2012), upon a “change in control” all non-vested units shall accelerate and be vested as of the date of the “change in control” and if Mr. Dooley’s employment is terminated without cause or for good reason, all non-vested units shall accelerate and be vested as of the date of termination (3) Represents accelerated vesting of 7,500 unvested restricted stock units. Pursuant to Mr. Dooley’s restricted stock unit agreement (dated March 1, 2012), on the event of Mr. Dooley’s death or total disability, 7,500 restricted stock units (50% of the unvested restricted stock units granted under such agreement at December 31, 2018) would vest. (4) Represents accelerated vesting of 10,630 unvested performance restricted stock units. Pursuant to Mr. Dooley's performance restricted stock unit agreement (dated January 17, 2019), if Mr. Dooley’s employment is terminated without cause or for good reason within six months following a “change in control” or if Mr. Dooley's employment is terminated due to death or total disability, all non-vested units shall accelerate and be vested as of the date of termination.
Type of PaymentTermination by Systemax without “Cause” or Resignation by Employee for “good reason” ($)Termination Due to Death or Total Disability ($)Change In Control Only ($)Termination by Systemax without “Cause” or Resignation by Employee for “good reason” within a certain period of time following a Change in Control ($)
Cash Compensation (Salary & Non-Equity Incentive Compensation)----
Value of Accelerated Vesting of Stock Option Awards---505,100 (1)
Value of Accelerated Vesting of Restricted Stock Unit Awards377,400 (2)188,700 (3)377,400 (2)-
Value of Accelerated Vesting of Performance Restricted Stock Unit Awards-267,500 (4)-267,500 (4)
Medical and Other Benefits----
Total377,400456,200377,400772,600
"} {"question": "What would be the total accelerated vesting of Robert Dooley's stock options and unvested performance restricted stock units if the number of stock options decreased by 5%?", "answer": ["57036.55"], "context": "(1) Represents accelerated vesting of 48,849 stock options. Pursuant to Mr. Dooley’s stock option agreements (dated January 17, 2019), if Mr. Dooley’s employment is terminated without cause or for good reason within six months following a “change in control”, he will become immediately vested in all outstanding unvested stock options, and all of Mr. Dooley’s outstanding options shall remain exercisable in accordance with their terms, but in no event for less than 90 days after such termination. (2) Represents accelerated vesting of 15,000 unvested restricted stock units. Pursuant to Mr. Dooley’s restricted stock unit agreement (dated March 1, 2012), upon a “change in control” all non-vested units shall accelerate and be vested as of the date of the “change in control” and if Mr. Dooley’s employment is terminated without cause or for good reason, all non-vested units shall accelerate and be vested as of the date of termination (3) Represents accelerated vesting of 7,500 unvested restricted stock units. Pursuant to Mr. Dooley’s restricted stock unit agreement (dated March 1, 2012), on the event of Mr. Dooley’s death or total disability, 7,500 restricted stock units (50% of the unvested restricted stock units granted under such agreement at December 31, 2018) would vest. (4) Represents accelerated vesting of 10,630 unvested performance restricted stock units. Pursuant to Mr. Dooley's performance restricted stock unit agreement (dated January 17, 2019), if Mr. Dooley’s employment is terminated without cause or for good reason within six months following a “change in control” or if Mr. Dooley's employment is terminated due to death or total disability, all non-vested units shall accelerate and be vested as of the date of termination.
Type of PaymentTermination by Systemax without “Cause” or Resignation by Employee for “good reason” ($)Termination Due to Death or Total Disability ($)Change In Control Only ($)Termination by Systemax without “Cause” or Resignation by Employee for “good reason” within a certain period of time following a Change in Control ($)
Cash Compensation (Salary & Non-Equity Incentive Compensation)----
Value of Accelerated Vesting of Stock Option Awards---505,100 (1)
Value of Accelerated Vesting of Restricted Stock Unit Awards377,400 (2)188,700 (3)377,400 (2)-
Value of Accelerated Vesting of Performance Restricted Stock Unit Awards-267,500 (4)-267,500 (4)
Medical and Other Benefits----
Total377,400456,200377,400772,600
"} {"question": "What would be the percentage of payment due as a result of change in control as a percentage of the payment due to termination without cause within a certain period following a change in control if the latter is increased by 40,000?", "answer": ["46.44"], "context": "(1) Represents accelerated vesting of 48,849 stock options. Pursuant to Mr. Dooley’s stock option agreements (dated January 17, 2019), if Mr. Dooley’s employment is terminated without cause or for good reason within six months following a “change in control”, he will become immediately vested in all outstanding unvested stock options, and all of Mr. Dooley’s outstanding options shall remain exercisable in accordance with their terms, but in no event for less than 90 days after such termination. (2) Represents accelerated vesting of 15,000 unvested restricted stock units. Pursuant to Mr. Dooley’s restricted stock unit agreement (dated March 1, 2012), upon a “change in control” all non-vested units shall accelerate and be vested as of the date of the “change in control” and if Mr. Dooley’s employment is terminated without cause or for good reason, all non-vested units shall accelerate and be vested as of the date of termination (3) Represents accelerated vesting of 7,500 unvested restricted stock units. Pursuant to Mr. Dooley’s restricted stock unit agreement (dated March 1, 2012), on the event of Mr. Dooley’s death or total disability, 7,500 restricted stock units (50% of the unvested restricted stock units granted under such agreement at December 31, 2018) would vest. (4) Represents accelerated vesting of 10,630 unvested performance restricted stock units. Pursuant to Mr. Dooley's performance restricted stock unit agreement (dated January 17, 2019), if Mr. Dooley’s employment is terminated without cause or for good reason within six months following a “change in control” or if Mr. Dooley's employment is terminated due to death or total disability, all non-vested units shall accelerate and be vested as of the date of termination.
Type of PaymentTermination by Systemax without “Cause” or Resignation by Employee for “good reason” ($)Termination Due to Death or Total Disability ($)Change In Control Only ($)Termination by Systemax without “Cause” or Resignation by Employee for “good reason” within a certain period of time following a Change in Control ($)
Cash Compensation (Salary & Non-Equity Incentive Compensation)----
Value of Accelerated Vesting of Stock Option Awards---505,100 (1)
Value of Accelerated Vesting of Restricted Stock Unit Awards377,400 (2)188,700 (3)377,400 (2)-
Value of Accelerated Vesting of Performance Restricted Stock Unit Awards-267,500 (4)-267,500 (4)
Medical and Other Benefits----
Total377,400456,200377,400772,600
"} {"question": "How many categories of accrued liabilities are there, if \"Other accrued expenses\" were further split into 3 categories A, B and C?", "answer": ["5"], "context": "7. ACCRUED LIABILITIES Other accrued expenses consisted of the following at December 31, 2019 and 2018 (in thousands): Advances are amounts received from litigation counsel as advanced reimbursement of out-of-pocket expenses expected to be incurred by us. Board compensation of $0.4 million at December 31, 2019 and 2018 represents accrued and unpaid board and committee fees from prior periods. In the first quarter of 2020, current and prior board members agreed to waive unpaid cash fees in exchange for share-based compensation awards with an aggregate grant-date fair value of approximately $0.1 million (see Note 18).
20192018
Advances500-
Board compensation413413
Other accrued expenses168150
$1,081$563
"} {"question": "Which is the largest category of accrued liabilities (in amount) in 2019, if Advances in 2019 did not change from 2018?", "answer": ["Board compensation"], "context": "7. ACCRUED LIABILITIES Other accrued expenses consisted of the following at December 31, 2019 and 2018 (in thousands): Advances are amounts received from litigation counsel as advanced reimbursement of out-of-pocket expenses expected to be incurred by us. Board compensation of $0.4 million at December 31, 2019 and 2018 represents accrued and unpaid board and committee fees from prior periods. In the first quarter of 2020, current and prior board members agreed to waive unpaid cash fees in exchange for share-based compensation awards with an aggregate grant-date fair value of approximately $0.1 million (see Note 18).
20192018
Advances500-
Board compensation413413
Other accrued expenses168150
$1,081$563
"} {"question": "What is the total amount of the top 2 categories of accrued liabilities in 2019, if Other accrued expenses made up $1,000 thousand?", "answer": ["1500"], "context": "7. ACCRUED LIABILITIES Other accrued expenses consisted of the following at December 31, 2019 and 2018 (in thousands): Advances are amounts received from litigation counsel as advanced reimbursement of out-of-pocket expenses expected to be incurred by us. Board compensation of $0.4 million at December 31, 2019 and 2018 represents accrued and unpaid board and committee fees from prior periods. In the first quarter of 2020, current and prior board members agreed to waive unpaid cash fees in exchange for share-based compensation awards with an aggregate grant-date fair value of approximately $0.1 million (see Note 18).
20192018
Advances500-
Board compensation413413
Other accrued expenses168150
$1,081$563
"} {"question": "If Cash generated from operations in 2019 was 6,000 million, what would be the change in Cash generated from operations from 2018 to 2019?", "answer": ["600"], "context": "Summarised cash flow statement Cash flow We generated a net cash inflow from operating activities of £4,256m, down £671m, mainly driven by £2bn contributions to the BT Pension Scheme, offset by favourable working capital movements. In line with our outlook, normalised free cash flowb was £2,440m, down £533m or 18%, driven by increased cash capital expenditure, decrease in EBITDA and higher tax payments. Free cash flow, which includes specific item outflows of £598m (2017/18: £828m) and a £273m (2017/18: £109m) tax benefit from pension deficit payments, was £619m (2017/18: £1,586m). Last year also included payments of £325m for the acquisition of mobile spectrum. The spectrum auction bidding took place across the 2017/18 and 2018/19 financial years. Whilst £325m was on deposit with Ofcom at 31 March 2018, we went on to acquire spectrum for a total price of £304m and the excess deposit balance has since been refunded. We made pension deficit payments of £2,024m (2017/18: £872m) and paid dividends to our shareholders of £1,504m (2017/18: £1,523m). The net cash cost of specific items of £598m (2017/18: £828m) includes restructuring payments of £372m (2017/18: £189m) and regulatory payments of £170m (2017/18: £267m). Last year also included payments of £225m relating to the settlement of warranty claims under the 2015 EE acquisition agreement. b After net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items.
201920182017
Year ended 31 March£m£m£m
Cash generated from operations4,6875,4006,725
Tax paid(431)(473)(551)
Net cash inflows from operating activities4,2564,9276,174
Net purchase of property, plant and equipment and software(3,637)(3,341)(3,119)
Free cash flow6191,5863,055
Interest received2377
Interest paid(531)(555)(629)
Add back pension deficit payments2,024872274
Add back net cash flow from specific items598828205
Add back net sale of non-current asset investments119(20)
Add back prepayments in respect of acquisition of spectrum licence-325-
Remove refund on acquisition of spectrum licence(21)--
Remove cash tax benefit of pension deficit payments(273)(109)(110)
Normalised free cash flow b2,4402,9732,782
"} {"question": "If tax paid in 2019 was -500 million, what would be the average tax paid for 2017-2019?", "answer": ["-508"], "context": "Summarised cash flow statement Cash flow We generated a net cash inflow from operating activities of £4,256m, down £671m, mainly driven by £2bn contributions to the BT Pension Scheme, offset by favourable working capital movements. In line with our outlook, normalised free cash flowb was £2,440m, down £533m or 18%, driven by increased cash capital expenditure, decrease in EBITDA and higher tax payments. Free cash flow, which includes specific item outflows of £598m (2017/18: £828m) and a £273m (2017/18: £109m) tax benefit from pension deficit payments, was £619m (2017/18: £1,586m). Last year also included payments of £325m for the acquisition of mobile spectrum. The spectrum auction bidding took place across the 2017/18 and 2018/19 financial years. Whilst £325m was on deposit with Ofcom at 31 March 2018, we went on to acquire spectrum for a total price of £304m and the excess deposit balance has since been refunded. We made pension deficit payments of £2,024m (2017/18: £872m) and paid dividends to our shareholders of £1,504m (2017/18: £1,523m). The net cash cost of specific items of £598m (2017/18: £828m) includes restructuring payments of £372m (2017/18: £189m) and regulatory payments of £170m (2017/18: £267m). Last year also included payments of £225m relating to the settlement of warranty claims under the 2015 EE acquisition agreement. b After net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items.
201920182017
Year ended 31 March£m£m£m
Cash generated from operations4,6875,4006,725
Tax paid(431)(473)(551)
Net cash inflows from operating activities4,2564,9276,174
Net purchase of property, plant and equipment and software(3,637)(3,341)(3,119)
Free cash flow6191,5863,055
Interest received2377
Interest paid(531)(555)(629)
Add back pension deficit payments2,024872274
Add back net cash flow from specific items598828205
Add back net sale of non-current asset investments119(20)
Add back prepayments in respect of acquisition of spectrum licence-325-
Remove refund on acquisition of spectrum licence(21)--
Remove cash tax benefit of pension deficit payments(273)(109)(110)
Normalised free cash flow b2,4402,9732,782
"} {"question": "If Net cash inflows from operating activities in 2019 was 5,000 million, what would be the change in the Net cash inflows from operating activities from 2018 to 2019?", "answer": ["73"], "context": "Summarised cash flow statement Cash flow We generated a net cash inflow from operating activities of £4,256m, down £671m, mainly driven by £2bn contributions to the BT Pension Scheme, offset by favourable working capital movements. In line with our outlook, normalised free cash flowb was £2,440m, down £533m or 18%, driven by increased cash capital expenditure, decrease in EBITDA and higher tax payments. Free cash flow, which includes specific item outflows of £598m (2017/18: £828m) and a £273m (2017/18: £109m) tax benefit from pension deficit payments, was £619m (2017/18: £1,586m). Last year also included payments of £325m for the acquisition of mobile spectrum. The spectrum auction bidding took place across the 2017/18 and 2018/19 financial years. Whilst £325m was on deposit with Ofcom at 31 March 2018, we went on to acquire spectrum for a total price of £304m and the excess deposit balance has since been refunded. We made pension deficit payments of £2,024m (2017/18: £872m) and paid dividends to our shareholders of £1,504m (2017/18: £1,523m). The net cash cost of specific items of £598m (2017/18: £828m) includes restructuring payments of £372m (2017/18: £189m) and regulatory payments of £170m (2017/18: £267m). Last year also included payments of £225m relating to the settlement of warranty claims under the 2015 EE acquisition agreement. b After net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items.
201920182017
Year ended 31 March£m£m£m
Cash generated from operations4,6875,4006,725
Tax paid(431)(473)(551)
Net cash inflows from operating activities4,2564,9276,174
Net purchase of property, plant and equipment and software(3,637)(3,341)(3,119)
Free cash flow6191,5863,055
Interest received2377
Interest paid(531)(555)(629)
Add back pension deficit payments2,024872274
Add back net cash flow from specific items598828205
Add back net sale of non-current asset investments119(20)
Add back prepayments in respect of acquisition of spectrum licence-325-
Remove refund on acquisition of spectrum licence(21)--
Remove cash tax benefit of pension deficit payments(273)(109)(110)
Normalised free cash flow b2,4402,9732,782
"} {"question": "In which year would Billings be larger if the amount in 2019 was $770.3 million instead?", "answer": ["FY19"], "context": "The Group made an operating profit of $60.9 million in the year and adjusted operating profit increased by $50.7 million to $109.0 million, primarily as a result of strong revenue growth. This year's result benefited from a foreign exchange gain of $1.5 million, compared to a foreign exchange loss of $6.9 million in the prior-year. The Group’s profit before taxation increased by $94.6 million to $53.6 million, from a loss of $41.0 million in the prior-year, primarily as a consequence of the $80.6 million improvement in operating profit supported by a $13.4 million reduction in finance expenses. Finance expenses benefited from foreign exchange gains in the current year resulting from the strengthening of both sterling and the euro against the US dollar, compared to foreign exchange losses in the prior-year. The Group’s profit for the year increased by $87.8 million to $26.9 million in the year-ended 31 March 2019, which given only a small increase in the year-on-year income tax charge was primarily attributable to the improvement in the profit before taxation. Cash flow from operating activities remained strong at $142.9 million, reduced by $4.8 million from $147.7 million in the prior-year. The small overall decrease was due to an increase in overheads, partially offset by a reduction in the cashflow outflow on exceptional items and an improved use of working capital. Unlevered free cashflow decreased by $15.8 million to $123.8 million representing the reduction in net cash flow from operating activities adjusted for the cashflow impact of exceptional items. The table below presents the Group’s financial highlights on a reported basis: 1 Restated for the adoption of IFRS 15 and change in accounting policy in respect of research and development expenditure tax credit scheme and provision for interest on uncertain tax positions, as explained in note 2 of the Financial Statements 2 Definitions and reconciliations of non-GAAP measures are included in note 5 of the Financial Statements
FY19FY18Change
$M$M%
Statutory measures
Revenue710.6639.011.2
Profit / (Loss) before taxation53.6(41.0)nm
Net cash flow from operating activities142.9147.7(3.2)
Alternative performance measures2
Billings760.3768.6(1.1)
Cash EBITDA167.9199.2(15.7)
Adjusted operating profit109.058.387.0
Unlevered free cash flow123.8139.6(11.3)
"} {"question": "What would the change in Revenue in 2019 from 2018 be if the amount in 2019 was $700.0 million instead?", "answer": ["61"], "context": "The Group made an operating profit of $60.9 million in the year and adjusted operating profit increased by $50.7 million to $109.0 million, primarily as a result of strong revenue growth. This year's result benefited from a foreign exchange gain of $1.5 million, compared to a foreign exchange loss of $6.9 million in the prior-year. The Group’s profit before taxation increased by $94.6 million to $53.6 million, from a loss of $41.0 million in the prior-year, primarily as a consequence of the $80.6 million improvement in operating profit supported by a $13.4 million reduction in finance expenses. Finance expenses benefited from foreign exchange gains in the current year resulting from the strengthening of both sterling and the euro against the US dollar, compared to foreign exchange losses in the prior-year. The Group’s profit for the year increased by $87.8 million to $26.9 million in the year-ended 31 March 2019, which given only a small increase in the year-on-year income tax charge was primarily attributable to the improvement in the profit before taxation. Cash flow from operating activities remained strong at $142.9 million, reduced by $4.8 million from $147.7 million in the prior-year. The small overall decrease was due to an increase in overheads, partially offset by a reduction in the cashflow outflow on exceptional items and an improved use of working capital. Unlevered free cashflow decreased by $15.8 million to $123.8 million representing the reduction in net cash flow from operating activities adjusted for the cashflow impact of exceptional items. The table below presents the Group’s financial highlights on a reported basis: 1 Restated for the adoption of IFRS 15 and change in accounting policy in respect of research and development expenditure tax credit scheme and provision for interest on uncertain tax positions, as explained in note 2 of the Financial Statements 2 Definitions and reconciliations of non-GAAP measures are included in note 5 of the Financial Statements
FY19FY18Change
$M$M%
Statutory measures
Revenue710.6639.011.2
Profit / (Loss) before taxation53.6(41.0)nm
Net cash flow from operating activities142.9147.7(3.2)
Alternative performance measures2
Billings760.3768.6(1.1)
Cash EBITDA167.9199.2(15.7)
Adjusted operating profit109.058.387.0
Unlevered free cash flow123.8139.6(11.3)
"} {"question": "What would the average revenue in 2018 and 2019 be if the amount in 2019 was $700.0 million instead?", "answer": ["669.5"], "context": "The Group made an operating profit of $60.9 million in the year and adjusted operating profit increased by $50.7 million to $109.0 million, primarily as a result of strong revenue growth. This year's result benefited from a foreign exchange gain of $1.5 million, compared to a foreign exchange loss of $6.9 million in the prior-year. The Group’s profit before taxation increased by $94.6 million to $53.6 million, from a loss of $41.0 million in the prior-year, primarily as a consequence of the $80.6 million improvement in operating profit supported by a $13.4 million reduction in finance expenses. Finance expenses benefited from foreign exchange gains in the current year resulting from the strengthening of both sterling and the euro against the US dollar, compared to foreign exchange losses in the prior-year. The Group’s profit for the year increased by $87.8 million to $26.9 million in the year-ended 31 March 2019, which given only a small increase in the year-on-year income tax charge was primarily attributable to the improvement in the profit before taxation. Cash flow from operating activities remained strong at $142.9 million, reduced by $4.8 million from $147.7 million in the prior-year. The small overall decrease was due to an increase in overheads, partially offset by a reduction in the cashflow outflow on exceptional items and an improved use of working capital. Unlevered free cashflow decreased by $15.8 million to $123.8 million representing the reduction in net cash flow from operating activities adjusted for the cashflow impact of exceptional items. The table below presents the Group’s financial highlights on a reported basis: 1 Restated for the adoption of IFRS 15 and change in accounting policy in respect of research and development expenditure tax credit scheme and provision for interest on uncertain tax positions, as explained in note 2 of the Financial Statements 2 Definitions and reconciliations of non-GAAP measures are included in note 5 of the Financial Statements
FY19FY18Change
$M$M%
Statutory measures
Revenue710.6639.011.2
Profit / (Loss) before taxation53.6(41.0)nm
Net cash flow from operating activities142.9147.7(3.2)
Alternative performance measures2
Billings760.3768.6(1.1)
Cash EBITDA167.9199.2(15.7)
Adjusted operating profit109.058.387.0
Unlevered free cash flow123.8139.6(11.3)
"} {"question": "What would be the change in provisions (benefit) for state and local income taxes between 2018 and 2019 if the value in 2019 increased by $200?", "answer": ["227"], "context": "Note 10 – Income taxes The provision (benefit) for income taxes consists of the following:
For the Years Ended December 31,
20192018
Current:
Federal$ (27)$ (13 )
State and local276249
Total current249236
Deferred533(461)
Provision (benefit) for income taxes$ 782$ (225)
"} {"question": "What would be the average total current provision (benefit) for income taxes for 2018 and 2019 if the value in 2019 decreased by $15?", "answer": ["235"], "context": "Note 10 – Income taxes The provision (benefit) for income taxes consists of the following:
For the Years Ended December 31,
20192018
Current:
Federal$ (27)$ (13 )
State and local276249
Total current249236
Deferred533(461)
Provision (benefit) for income taxes$ 782$ (225)
"} {"question": "What would be the percentage change in provisions (benefit) for state and local income taxes between 2018 and 2019 if the value in 2019 increased by $30?", "answer": ["22.89"], "context": "Note 10 – Income taxes The provision (benefit) for income taxes consists of the following:
For the Years Ended December 31,
20192018
Current:
Federal$ (27)$ (13 )
State and local276249
Total current249236
Deferred533(461)
Provision (benefit) for income taxes$ 782$ (225)
"} {"question": "If Adjustment from Topic 606 for Accounts receivable, net was 4,000 thousands, what would be the percentage change in Accounts receivable, net after Adjustment from Topic 606?", "answer": ["24.41"], "context": "Financial Statement Impact of Adoption on Previously Reported Results We adopted Topic 606 using the modified retrospective method. The cumulative impact of applying the new guidance to all contracts with customers that were not completed as of April 1, 2018 was recorded as an adjustment to retained earnings as of the adoption date. As a result of applying the modified retrospective method to adopt the new standard, the following adjustments were made to noted accounts on the Consolidated Balance Sheet as of April 1, 2018: The acceleration of revenue that was deferred under prior guidance as of the adoption date was primarily attributable to the requirement of Topic 606 to allocate the transaction price to the performance obligations in the contract on a relative basis using SSP rather than allocating under the residual method, which allocates the entire arrangement discount to the delivered performance obligations. Due to the Company's full valuation allowance as of the adoption date, there is no tax impact associated with the adoption of Topic 606. We made certain presentation changes to our Consolidated Balance Sheet on April 1, 2018 to comply with Topic 606. Prior to adoption of the new standard, we offset accounts receivable and contract liabilities (previously presented as deferred revenue on our Consolidated Balance Sheet) for unpaid deferred performance obligations included in contract liabilities. Under the new standard, we record accounts receivable and related contract liabilities for non-cancelable contracts with customers when the right to consideration is unconditional. Upon adoption, the right to consideration in exchange for goods or services that have been transferred to a customer when that right is conditional on something other than the passage of time were reclassified from accounts receivable to contract assets.
(In thousands)March 31, 2018Adjustment from Topic 606April 1, 2018
Assets:
Accounts receivable, net16,3893,12419,513
Contract assets—4,5834,583
Prepaid expenses and other current assets5,593(496)5,097
Other non-current assets2,4842,4094,893
Liabilities:
Contract liabilities26,8207,00633,826
Shareholders' equity:
Retained earnings103,6012,614106,215
"} {"question": "if Adjustment from Topic 606 for contract liabilities was 8,000 thousands,What would be the percentage change in Contract liabilities after Adjustment from Topic 606?", "answer": ["29.83"], "context": "Financial Statement Impact of Adoption on Previously Reported Results We adopted Topic 606 using the modified retrospective method. The cumulative impact of applying the new guidance to all contracts with customers that were not completed as of April 1, 2018 was recorded as an adjustment to retained earnings as of the adoption date. As a result of applying the modified retrospective method to adopt the new standard, the following adjustments were made to noted accounts on the Consolidated Balance Sheet as of April 1, 2018: The acceleration of revenue that was deferred under prior guidance as of the adoption date was primarily attributable to the requirement of Topic 606 to allocate the transaction price to the performance obligations in the contract on a relative basis using SSP rather than allocating under the residual method, which allocates the entire arrangement discount to the delivered performance obligations. Due to the Company's full valuation allowance as of the adoption date, there is no tax impact associated with the adoption of Topic 606. We made certain presentation changes to our Consolidated Balance Sheet on April 1, 2018 to comply with Topic 606. Prior to adoption of the new standard, we offset accounts receivable and contract liabilities (previously presented as deferred revenue on our Consolidated Balance Sheet) for unpaid deferred performance obligations included in contract liabilities. Under the new standard, we record accounts receivable and related contract liabilities for non-cancelable contracts with customers when the right to consideration is unconditional. Upon adoption, the right to consideration in exchange for goods or services that have been transferred to a customer when that right is conditional on something other than the passage of time were reclassified from accounts receivable to contract assets.
(In thousands)March 31, 2018Adjustment from Topic 606April 1, 2018
Assets:
Accounts receivable, net16,3893,12419,513
Contract assets—4,5834,583
Prepaid expenses and other current assets5,593(496)5,097
Other non-current assets2,4842,4094,893
Liabilities:
Contract liabilities26,8207,00633,826
Shareholders' equity:
Retained earnings103,6012,614106,215
"} {"question": "If Adjustment from Topic 606 for retained earning was 3,000 thousands, What would bethe percentage change in Retained earnings after Adjustment from Topic 606?", "answer": ["2.9"], "context": "Financial Statement Impact of Adoption on Previously Reported Results We adopted Topic 606 using the modified retrospective method. The cumulative impact of applying the new guidance to all contracts with customers that were not completed as of April 1, 2018 was recorded as an adjustment to retained earnings as of the adoption date. As a result of applying the modified retrospective method to adopt the new standard, the following adjustments were made to noted accounts on the Consolidated Balance Sheet as of April 1, 2018: The acceleration of revenue that was deferred under prior guidance as of the adoption date was primarily attributable to the requirement of Topic 606 to allocate the transaction price to the performance obligations in the contract on a relative basis using SSP rather than allocating under the residual method, which allocates the entire arrangement discount to the delivered performance obligations. Due to the Company's full valuation allowance as of the adoption date, there is no tax impact associated with the adoption of Topic 606. We made certain presentation changes to our Consolidated Balance Sheet on April 1, 2018 to comply with Topic 606. Prior to adoption of the new standard, we offset accounts receivable and contract liabilities (previously presented as deferred revenue on our Consolidated Balance Sheet) for unpaid deferred performance obligations included in contract liabilities. Under the new standard, we record accounts receivable and related contract liabilities for non-cancelable contracts with customers when the right to consideration is unconditional. Upon adoption, the right to consideration in exchange for goods or services that have been transferred to a customer when that right is conditional on something other than the passage of time were reclassified from accounts receivable to contract assets.
(In thousands)March 31, 2018Adjustment from Topic 606April 1, 2018
Assets:
Accounts receivable, net16,3893,12419,513
Contract assets—4,5834,583
Prepaid expenses and other current assets5,593(496)5,097
Other non-current assets2,4842,4094,893
Liabilities:
Contract liabilities26,8207,00633,826
Shareholders' equity:
Retained earnings103,6012,614106,215
"} {"question": "If the Service revenue in 2019 reduced to 62,185 million, what would be the revised change?", "answer": ["-2038"], "context": "Operating Revenues and Selected Operating Statistics (1) As of end of period (2) Excluding acquisitions and adjustments. Consumer’s total operating revenues increased $1.3 billion, or 1.4%, during 2019 compared to 2018, primarily as a result of increases in Service and Other revenues, partially offset by a decrease in Wireless equipment revenue. Service Revenue Service revenue increased $1.2 billion, or 1.8%, during 2019 compared to 2018, primarily due to increases in wireless service and Fios revenues, partially offset by decreases in wireline voice and DSL services. Wireless service revenue increased $1.3 billion, or 2.5%, during 2019 compared to 2018, due to increases in wireless access revenue, driven by customers shifting to higher access plans including unlimited plans and increases in the number of devices per account, the declining fixed-term subsidized plan base and growth from reseller accounts. Wireless retail postpaid ARPA increased 2.3%. For the year ended December 31, 2019, Fios revenues totaled $10.4 billion and increased $92 million, or 0.9%, compared to 2018. This increase was due to a 2.5% increase in Fios Internet connections, reflecting increased demand in higher broadband speeds, partially offset by a 5.1% decrease in Fios video connections, reflecting the ongoing shift from traditional linear video to over-the-top (OTT) offerings. Service revenue attributable to wireline voice and DSL broadband services declined during 2019, compared to 2018. The declines are primarily due to a decrease of 9.1% in voice connections resulting primarily from competition and technology substitution with wireless and competing Voice over Internet Protocol (VoIP) and cable telephony services. Wireless Equipment Revenue Wireless equipment revenue decreased $827 million, or 4.4%, during 2019 compared to 2018, as a result of declines in wireless device sales primarily due to an elongation of the handset upgrade cycle and increased promotions. These decreases were partially offset by a shift to higher priced units in the mix of wireless devices sold. Other Revenue Other revenue includes non-service revenues such as regulatory fees, cost recovery surcharges, revenues associated with our device protection package, leasing and interest on equipment financed under a device payment plan agreement when sold to the customer by an authorized agent. Other revenue increased $1.0 billion, or 14.4%, during 2019 compared to 2018, primarily due to pricing increases related to our wireless device protection plans, as well as regulatory fees.
(dollars in millions, except ARPA)
Increase/ (Decrease)
Years Ended December 31,201920182019 vs. 2018
Service$65,383$ 64,223$ 1,1601.8%
Wireless equipment18,04818,875(827)(4.4)
Other7,6256,66496114.4
Total Operating Revenues$ 91,056$ 89,762$ 1,2941.4
Connections (‘000):(1)
Wireless retail connections94,54494,50737—
Wireless retail postpaid connections90,48189,8616200.7
Fios Internet connections5,9025,7601422.5
Fios video connections4,1524,377(225)(5.1)
Broadband connections6,4676,46070.1
Voice connections5,7546,332(578)(9.1)
Net Additions in Period (‘000):(2)
Wireless retail37937271.9
Wireless retail postpaid9701,129(159)(14.1)
Wireless retail postpaid phones73749823948.0
Churn Rate:
Wireless retail1.28%1.25%
Wireless retail postpaid1.05%1.00%
Wireless retail postpaid phones0.79%0.76%
Account Statistics:
Wireless retail postpaid ARPA$ 118.13$115.48$ 2.652.3
Wireless retail postpaid accounts (‘000)(1)33,87534,086(211)(0.6)
Wireless retail postpaid connections per account(1)2.672.640.031.1
"} {"question": "If the Wireless equipment revenue in 2019 is reduced to 16,022 million, what would be the revised change?", "answer": ["-2853"], "context": "Operating Revenues and Selected Operating Statistics (1) As of end of period (2) Excluding acquisitions and adjustments. Consumer’s total operating revenues increased $1.3 billion, or 1.4%, during 2019 compared to 2018, primarily as a result of increases in Service and Other revenues, partially offset by a decrease in Wireless equipment revenue. Service Revenue Service revenue increased $1.2 billion, or 1.8%, during 2019 compared to 2018, primarily due to increases in wireless service and Fios revenues, partially offset by decreases in wireline voice and DSL services. Wireless service revenue increased $1.3 billion, or 2.5%, during 2019 compared to 2018, due to increases in wireless access revenue, driven by customers shifting to higher access plans including unlimited plans and increases in the number of devices per account, the declining fixed-term subsidized plan base and growth from reseller accounts. Wireless retail postpaid ARPA increased 2.3%. For the year ended December 31, 2019, Fios revenues totaled $10.4 billion and increased $92 million, or 0.9%, compared to 2018. This increase was due to a 2.5% increase in Fios Internet connections, reflecting increased demand in higher broadband speeds, partially offset by a 5.1% decrease in Fios video connections, reflecting the ongoing shift from traditional linear video to over-the-top (OTT) offerings. Service revenue attributable to wireline voice and DSL broadband services declined during 2019, compared to 2018. The declines are primarily due to a decrease of 9.1% in voice connections resulting primarily from competition and technology substitution with wireless and competing Voice over Internet Protocol (VoIP) and cable telephony services. Wireless Equipment Revenue Wireless equipment revenue decreased $827 million, or 4.4%, during 2019 compared to 2018, as a result of declines in wireless device sales primarily due to an elongation of the handset upgrade cycle and increased promotions. These decreases were partially offset by a shift to higher priced units in the mix of wireless devices sold. Other Revenue Other revenue includes non-service revenues such as regulatory fees, cost recovery surcharges, revenues associated with our device protection package, leasing and interest on equipment financed under a device payment plan agreement when sold to the customer by an authorized agent. Other revenue increased $1.0 billion, or 14.4%, during 2019 compared to 2018, primarily due to pricing increases related to our wireless device protection plans, as well as regulatory fees.
(dollars in millions, except ARPA)
Increase/ (Decrease)
Years Ended December 31,201920182019 vs. 2018
Service$65,383$ 64,223$ 1,1601.8%
Wireless equipment18,04818,875(827)(4.4)
Other7,6256,66496114.4
Total Operating Revenues$ 91,056$ 89,762$ 1,2941.4
Connections (‘000):(1)
Wireless retail connections94,54494,50737—
Wireless retail postpaid connections90,48189,8616200.7
Fios Internet connections5,9025,7601422.5
Fios video connections4,1524,377(225)(5.1)
Broadband connections6,4676,46070.1
Voice connections5,7546,332(578)(9.1)
Net Additions in Period (‘000):(2)
Wireless retail37937271.9
Wireless retail postpaid9701,129(159)(14.1)
Wireless retail postpaid phones73749823948.0
Churn Rate:
Wireless retail1.28%1.25%
Wireless retail postpaid1.05%1.00%
Wireless retail postpaid phones0.79%0.76%
Account Statistics:
Wireless retail postpaid ARPA$ 118.13$115.48$ 2.652.3
Wireless retail postpaid accounts (‘000)(1)33,87534,086(211)(0.6)
Wireless retail postpaid connections per account(1)2.672.640.031.1
"} {"question": "If the Total Operating Revenues in 2019 reduced to 71,099 million, what would be the revised change?", "answer": ["-18663"], "context": "Operating Revenues and Selected Operating Statistics (1) As of end of period (2) Excluding acquisitions and adjustments. Consumer’s total operating revenues increased $1.3 billion, or 1.4%, during 2019 compared to 2018, primarily as a result of increases in Service and Other revenues, partially offset by a decrease in Wireless equipment revenue. Service Revenue Service revenue increased $1.2 billion, or 1.8%, during 2019 compared to 2018, primarily due to increases in wireless service and Fios revenues, partially offset by decreases in wireline voice and DSL services. Wireless service revenue increased $1.3 billion, or 2.5%, during 2019 compared to 2018, due to increases in wireless access revenue, driven by customers shifting to higher access plans including unlimited plans and increases in the number of devices per account, the declining fixed-term subsidized plan base and growth from reseller accounts. Wireless retail postpaid ARPA increased 2.3%. For the year ended December 31, 2019, Fios revenues totaled $10.4 billion and increased $92 million, or 0.9%, compared to 2018. This increase was due to a 2.5% increase in Fios Internet connections, reflecting increased demand in higher broadband speeds, partially offset by a 5.1% decrease in Fios video connections, reflecting the ongoing shift from traditional linear video to over-the-top (OTT) offerings. Service revenue attributable to wireline voice and DSL broadband services declined during 2019, compared to 2018. The declines are primarily due to a decrease of 9.1% in voice connections resulting primarily from competition and technology substitution with wireless and competing Voice over Internet Protocol (VoIP) and cable telephony services. Wireless Equipment Revenue Wireless equipment revenue decreased $827 million, or 4.4%, during 2019 compared to 2018, as a result of declines in wireless device sales primarily due to an elongation of the handset upgrade cycle and increased promotions. These decreases were partially offset by a shift to higher priced units in the mix of wireless devices sold. Other Revenue Other revenue includes non-service revenues such as regulatory fees, cost recovery surcharges, revenues associated with our device protection package, leasing and interest on equipment financed under a device payment plan agreement when sold to the customer by an authorized agent. Other revenue increased $1.0 billion, or 14.4%, during 2019 compared to 2018, primarily due to pricing increases related to our wireless device protection plans, as well as regulatory fees.
(dollars in millions, except ARPA)
Increase/ (Decrease)
Years Ended December 31,201920182019 vs. 2018
Service$65,383$ 64,223$ 1,1601.8%
Wireless equipment18,04818,875(827)(4.4)
Other7,6256,66496114.4
Total Operating Revenues$ 91,056$ 89,762$ 1,2941.4
Connections (‘000):(1)
Wireless retail connections94,54494,50737—
Wireless retail postpaid connections90,48189,8616200.7
Fios Internet connections5,9025,7601422.5
Fios video connections4,1524,377(225)(5.1)
Broadband connections6,4676,46070.1
Voice connections5,7546,332(578)(9.1)
Net Additions in Period (‘000):(2)
Wireless retail37937271.9
Wireless retail postpaid9701,129(159)(14.1)
Wireless retail postpaid phones73749823948.0
Churn Rate:
Wireless retail1.28%1.25%
Wireless retail postpaid1.05%1.00%
Wireless retail postpaid phones0.79%0.76%
Account Statistics:
Wireless retail postpaid ARPA$ 118.13$115.48$ 2.652.3
Wireless retail postpaid accounts (‘000)(1)33,87534,086(211)(0.6)
Wireless retail postpaid connections per account(1)2.672.640.031.1
"} {"question": "If the Interest income in December 28, 2019 increased to 3,112 thousand, what would be the revised change?", "answer": ["1756"], "context": "Interest Income and Interest Expense Interest income is earned on our cash, cash equivalents, restricted cash and marketable securities. The increase in interest income in fiscal 2019 compared to fiscal 2018 was attributable to higher investment yields, related in part to longer duration investments, as well as higher average investment balances. Interest expense primarily includes interest on our term loans, partially offset by income from our interest-rate swap derivative contracts, as well as term loan issuance costs amortization charges. The decrease in interest expense in fiscal 2019 compared to fiscal 2018 was primarily due to lower outstanding debt balances related to the CMI acquisition as a result of principal payments made, partially offset by additional interest expense related to the term loan originated to finance the acquisition of FRT. Other Income (Expense), Net Other income (expense), net primarily includes the effects of foreign currency impact and various other gains and losses.
Fiscal Year Ended
December 28, 2019December 29, 2018December 30, 2017
(Dollars in thousands)
Interest income$2,714$1,356$548
Weighted average balance of cash and investments$179,526$138,467$124,637
Weighted average yield on cash and investments2.05 %1.51 %0.84 %
Interest expense$1,915$3,314$4,491
Average debt outstanding$56,776$90,086$127,598
Weighted average interest rate on debt4.09 %3.98 %3.07 %
"} {"question": "If Weighted average balance of cash and investments in December 28, 2019 increased to 198,546 thousand, what would be the revised change?", "answer": ["60079"], "context": "Interest Income and Interest Expense Interest income is earned on our cash, cash equivalents, restricted cash and marketable securities. The increase in interest income in fiscal 2019 compared to fiscal 2018 was attributable to higher investment yields, related in part to longer duration investments, as well as higher average investment balances. Interest expense primarily includes interest on our term loans, partially offset by income from our interest-rate swap derivative contracts, as well as term loan issuance costs amortization charges. The decrease in interest expense in fiscal 2019 compared to fiscal 2018 was primarily due to lower outstanding debt balances related to the CMI acquisition as a result of principal payments made, partially offset by additional interest expense related to the term loan originated to finance the acquisition of FRT. Other Income (Expense), Net Other income (expense), net primarily includes the effects of foreign currency impact and various other gains and losses.
Fiscal Year Ended
December 28, 2019December 29, 2018December 30, 2017
(Dollars in thousands)
Interest income$2,714$1,356$548
Weighted average balance of cash and investments$179,526$138,467$124,637
Weighted average yield on cash and investments2.05 %1.51 %0.84 %
Interest expense$1,915$3,314$4,491
Average debt outstanding$56,776$90,086$127,598
Weighted average interest rate on debt4.09 %3.98 %3.07 %
"} {"question": "If interest income in 2019 was 700 thousands, in which year would it be less than 1,000 thousands?", "answer": ["2019", "2017"], "context": "Interest Income and Interest Expense Interest income is earned on our cash, cash equivalents, restricted cash and marketable securities. The increase in interest income in fiscal 2019 compared to fiscal 2018 was attributable to higher investment yields, related in part to longer duration investments, as well as higher average investment balances. Interest expense primarily includes interest on our term loans, partially offset by income from our interest-rate swap derivative contracts, as well as term loan issuance costs amortization charges. The decrease in interest expense in fiscal 2019 compared to fiscal 2018 was primarily due to lower outstanding debt balances related to the CMI acquisition as a result of principal payments made, partially offset by additional interest expense related to the term loan originated to finance the acquisition of FRT. Other Income (Expense), Net Other income (expense), net primarily includes the effects of foreign currency impact and various other gains and losses.
Fiscal Year Ended
December 28, 2019December 29, 2018December 30, 2017
(Dollars in thousands)
Interest income$2,714$1,356$548
Weighted average balance of cash and investments$179,526$138,467$124,637
Weighted average yield on cash and investments2.05 %1.51 %0.84 %
Interest expense$1,915$3,314$4,491
Average debt outstanding$56,776$90,086$127,598
Weighted average interest rate on debt4.09 %3.98 %3.07 %
"} {"question": "If the 2019 orders decreased by 5%, what would have been the revised average?", "answer": ["11637.15"], "context": "Orders at Mobility grew to a record high on a sharp increase in volume from large orders, which the Strategic Company won across the businesses, most notably in the rolling stock and the customer services businesses. Among the major contract wins were a € 1.6 billion order for metro trains in the U. K., a € 1.2 billion contract for high-speed trains including maintenance in Russia, a € 0.8 billion order for trainsets including service in Canada, a € 0.7 billion contract for diesel-electric locomotives including a service agreement in the U. S. and two orders in Germany worth € 0.4 billion and € 0.3 billion, respectively, for regional multiple-unit trainsets. In fiscal 2018, Mobility also gained a number of significant contracts across the regions. Revenue grew slightly as double-digit growth in the customer services business was largely offset by a decline in the rail infrastructure business. Revenue in the rolling stock business remained close to the prior-year level due to unfavorable timing effects related to the execution of large rail projects, which the business began to ramp up late in the fiscal year. Mobility continued to operate with high profitability in fiscal 2019, including a strong contribution to Adjusted EBITA from the services business. Severance charges were € 20 million, up from € 14 million in fiscal 2018. Mobility’s order backlog was € 33 billion at the end of the fiscal year, of which € 8 billion are expected to be converted into revenue in fiscal 2020. Order growth reflected overall strong markets for Mobility in fiscal 2019, with different dynamics among the regions. Market development in Europe was characterized by continuing awards of mid-size and large orders, particularly in the U. K., Germany and Austria. Within the C. I. S., large projects for high-speed trains and services were awarded in Russia. Demand in the Middle East and Africa was held back by ongoing uncertainties related to budget constraints and political climates. In the Americas region, stable investment activities were driven by demand for mainline and urban transport, especially in the U. S. and Canada. Within the Asia, Australia region, Chinese markets saw ongoing investments in high-speed trains, urban transport, freight logistics and rail infrastructure, while India continues to invest in modernizing the country’s transportation infrastructure. For fiscal 2020, we expect markets served by Mobility to grow moderately with increasing demand for digital solutions. Overall, rail transport and intermodal mobility solutions are expected to remain a focus as urbanization continues to progress around the world. In emerging countries, rising incomes are expected to result in greater demand for public transport solutions.
Fiscal year% Change
(in millions of €)20192018ActualComp.
Orders12,89411,02517 %16 %
Revenue8,9168,8211 %0 %
Adjusted EBITA9839583 %
Adjusted EBITA margin11.0 %10.9 %
"} {"question": "If the revenue in 2019 increases to 10,000 million, what it the increase / (decrease) in revenue from 2018 to 2019?", "answer": ["1179"], "context": "Orders at Mobility grew to a record high on a sharp increase in volume from large orders, which the Strategic Company won across the businesses, most notably in the rolling stock and the customer services businesses. Among the major contract wins were a € 1.6 billion order for metro trains in the U. K., a € 1.2 billion contract for high-speed trains including maintenance in Russia, a € 0.8 billion order for trainsets including service in Canada, a € 0.7 billion contract for diesel-electric locomotives including a service agreement in the U. S. and two orders in Germany worth € 0.4 billion and € 0.3 billion, respectively, for regional multiple-unit trainsets. In fiscal 2018, Mobility also gained a number of significant contracts across the regions. Revenue grew slightly as double-digit growth in the customer services business was largely offset by a decline in the rail infrastructure business. Revenue in the rolling stock business remained close to the prior-year level due to unfavorable timing effects related to the execution of large rail projects, which the business began to ramp up late in the fiscal year. Mobility continued to operate with high profitability in fiscal 2019, including a strong contribution to Adjusted EBITA from the services business. Severance charges were € 20 million, up from € 14 million in fiscal 2018. Mobility’s order backlog was € 33 billion at the end of the fiscal year, of which € 8 billion are expected to be converted into revenue in fiscal 2020. Order growth reflected overall strong markets for Mobility in fiscal 2019, with different dynamics among the regions. Market development in Europe was characterized by continuing awards of mid-size and large orders, particularly in the U. K., Germany and Austria. Within the C. I. S., large projects for high-speed trains and services were awarded in Russia. Demand in the Middle East and Africa was held back by ongoing uncertainties related to budget constraints and political climates. In the Americas region, stable investment activities were driven by demand for mainline and urban transport, especially in the U. S. and Canada. Within the Asia, Australia region, Chinese markets saw ongoing investments in high-speed trains, urban transport, freight logistics and rail infrastructure, while India continues to invest in modernizing the country’s transportation infrastructure. For fiscal 2020, we expect markets served by Mobility to grow moderately with increasing demand for digital solutions. Overall, rail transport and intermodal mobility solutions are expected to remain a focus as urbanization continues to progress around the world. In emerging countries, rising incomes are expected to result in greater demand for public transport solutions.
Fiscal year% Change
(in millions of €)20192018ActualComp.
Orders12,89411,02517 %16 %
Revenue8,9168,8211 %0 %
Adjusted EBITA9839583 %
Adjusted EBITA margin11.0 %10.9 %
"} {"question": "If Adjusted EBITDA in 2019 changes to 1,600, what is the revised Adjusted EBITDA margin for 2019?", "answer": ["17.95"], "context": "Orders at Mobility grew to a record high on a sharp increase in volume from large orders, which the Strategic Company won across the businesses, most notably in the rolling stock and the customer services businesses. Among the major contract wins were a € 1.6 billion order for metro trains in the U. K., a € 1.2 billion contract for high-speed trains including maintenance in Russia, a € 0.8 billion order for trainsets including service in Canada, a € 0.7 billion contract for diesel-electric locomotives including a service agreement in the U. S. and two orders in Germany worth € 0.4 billion and € 0.3 billion, respectively, for regional multiple-unit trainsets. In fiscal 2018, Mobility also gained a number of significant contracts across the regions. Revenue grew slightly as double-digit growth in the customer services business was largely offset by a decline in the rail infrastructure business. Revenue in the rolling stock business remained close to the prior-year level due to unfavorable timing effects related to the execution of large rail projects, which the business began to ramp up late in the fiscal year. Mobility continued to operate with high profitability in fiscal 2019, including a strong contribution to Adjusted EBITA from the services business. Severance charges were € 20 million, up from € 14 million in fiscal 2018. Mobility’s order backlog was € 33 billion at the end of the fiscal year, of which € 8 billion are expected to be converted into revenue in fiscal 2020. Order growth reflected overall strong markets for Mobility in fiscal 2019, with different dynamics among the regions. Market development in Europe was characterized by continuing awards of mid-size and large orders, particularly in the U. K., Germany and Austria. Within the C. I. S., large projects for high-speed trains and services were awarded in Russia. Demand in the Middle East and Africa was held back by ongoing uncertainties related to budget constraints and political climates. In the Americas region, stable investment activities were driven by demand for mainline and urban transport, especially in the U. S. and Canada. Within the Asia, Australia region, Chinese markets saw ongoing investments in high-speed trains, urban transport, freight logistics and rail infrastructure, while India continues to invest in modernizing the country’s transportation infrastructure. For fiscal 2020, we expect markets served by Mobility to grow moderately with increasing demand for digital solutions. Overall, rail transport and intermodal mobility solutions are expected to remain a focus as urbanization continues to progress around the world. In emerging countries, rising incomes are expected to result in greater demand for public transport solutions.
Fiscal year% Change
(in millions of €)20192018ActualComp.
Orders12,89411,02517 %16 %
Revenue8,9168,8211 %0 %
Adjusted EBITA9839583 %
Adjusted EBITA margin11.0 %10.9 %
"} {"question": "What was the change in balance as of January 1 between 2018 and 2019 if the balance as of January 1, 2019 was $300 million instead?", "answer": ["169"], "context": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Accounts Receivable and Deferred Rent Asset—The Company derives the largest portion of its revenues and corresponding accounts receivable and the related deferred rent asset from a relatively small number of tenants in the telecommunications industry, and 54% of its current-year revenues are derived from four tenants. The Company’s deferred rent asset is associated with non-cancellable tenant leases that contain fixed escalation clauses over the terms of the applicable lease in which revenue is recognized on a straight-line basis over the lease term. The Company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its borrowers and tenants. In recognizing tenant revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. Accounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. These allowances are generally estimated based on payment patterns, days past due and collection history, and incorporate changes in economic conditions that may not be reflected in historical trends, such as tenants in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowances when they are determined to be uncollectible. Such determination includes analysis and consideration of the particular conditions of the account. Changes in the allowances were as follows: (1) In 2019, write-offs are primarily related to uncollectible amounts in India. In 2018 and 2017, recoveries include recognition of revenue resulting from collections of previously reserved amounts.
Year Ended December 31,
201920182017
Balance as of January 1,$282.4$131.0$45.9
Current year increases104.3157.887.2
Write-offs, recoveries and other (1)(223.4)(6.4)(2.1)
Balance as of December 31,$163.3$282.4$131.0
"} {"question": "What was the change in current year increases between 2017 and 2018 if current year increases in 2018 was $200 million instead", "answer": ["112.8"], "context": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Accounts Receivable and Deferred Rent Asset—The Company derives the largest portion of its revenues and corresponding accounts receivable and the related deferred rent asset from a relatively small number of tenants in the telecommunications industry, and 54% of its current-year revenues are derived from four tenants. The Company’s deferred rent asset is associated with non-cancellable tenant leases that contain fixed escalation clauses over the terms of the applicable lease in which revenue is recognized on a straight-line basis over the lease term. The Company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its borrowers and tenants. In recognizing tenant revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. Accounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. These allowances are generally estimated based on payment patterns, days past due and collection history, and incorporate changes in economic conditions that may not be reflected in historical trends, such as tenants in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowances when they are determined to be uncollectible. Such determination includes analysis and consideration of the particular conditions of the account. Changes in the allowances were as follows: (1) In 2019, write-offs are primarily related to uncollectible amounts in India. In 2018 and 2017, recoveries include recognition of revenue resulting from collections of previously reserved amounts.
Year Ended December 31,
201920182017
Balance as of January 1,$282.4$131.0$45.9
Current year increases104.3157.887.2
Write-offs, recoveries and other (1)(223.4)(6.4)(2.1)
Balance as of December 31,$163.3$282.4$131.0
"} {"question": "What was the percentage change in balance as of December 31 between 2018 and 2019 if balance as of December 31, 2019 was $400 million instead?", "answer": ["41.64"], "context": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) Accounts Receivable and Deferred Rent Asset—The Company derives the largest portion of its revenues and corresponding accounts receivable and the related deferred rent asset from a relatively small number of tenants in the telecommunications industry, and 54% of its current-year revenues are derived from four tenants. The Company’s deferred rent asset is associated with non-cancellable tenant leases that contain fixed escalation clauses over the terms of the applicable lease in which revenue is recognized on a straight-line basis over the lease term. The Company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its borrowers and tenants. In recognizing tenant revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. Accounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. These allowances are generally estimated based on payment patterns, days past due and collection history, and incorporate changes in economic conditions that may not be reflected in historical trends, such as tenants in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowances when they are determined to be uncollectible. Such determination includes analysis and consideration of the particular conditions of the account. Changes in the allowances were as follows: (1) In 2019, write-offs are primarily related to uncollectible amounts in India. In 2018 and 2017, recoveries include recognition of revenue resulting from collections of previously reserved amounts.
Year Ended December 31,
201920182017
Balance as of January 1,$282.4$131.0$45.9
Current year increases104.3157.887.2
Write-offs, recoveries and other (1)(223.4)(6.4)(2.1)
Balance as of December 31,$163.3$282.4$131.0
"} {"question": "In which year would the impairment losses on tangible fixed assets be the largest if the amount in 2018 was $6.2 million instead?", "answer": ["2018"], "context": "NOTE 6- continued ¹⁾ For additional information regarding impairment considerations, please refer to note 8. Included in the carrying amount for \"Vessels and capitalized dry-docking\" are capitalized drydocking costs in the amount of USD 60.7m (2018: USD 67.5m, 2017: USD 68.1m). The sale and leaseback transactions in 2019 were all classified as financing arrangements and did not result in derecognition of the underlying assets as control was retained by the Group.
USDm201920182017
Vessels and capitalized dry-docking
Cost:
Balance as of 1 January1,886.31,726.61,697.4
Additions81.3162.7103.1
Disposals-25.6-30.2-14.3
Transferred from prepayments252.381.8-
Transferred to assets held for sale-130.1-54.6-59.6
Balance as of 31 December2,064.21,886.31,726.6
Depreciation:
Balance as of 1 January327.6264.8180.0
Disposals-25.6-30.2-14.3
Depreciation for the year106.5113.4113.6
Transferred to assets held for sale-47.9-20.4-14.5
Balance as of 31 December360.6327.6264.8
Impairment:
Balance as of 1 January162.1167.3173.6
Impairment losses on tangible fixed assets6.03.23.6
Reversal of impairment ¹⁾-120.0--
Transferred to assets held for sale-19.3-8.4-9.9
Balance as of 31 December28.8162.1167.3
Carrying amount as of 31 December1,674.81,396.61,294.5
"} {"question": "What would the change in Additions in 2019 from 2018 be if the amount in 2019 was $80.0 million instead?", "answer": ["-82.7"], "context": "NOTE 6- continued ¹⁾ For additional information regarding impairment considerations, please refer to note 8. Included in the carrying amount for \"Vessels and capitalized dry-docking\" are capitalized drydocking costs in the amount of USD 60.7m (2018: USD 67.5m, 2017: USD 68.1m). The sale and leaseback transactions in 2019 were all classified as financing arrangements and did not result in derecognition of the underlying assets as control was retained by the Group.
USDm201920182017
Vessels and capitalized dry-docking
Cost:
Balance as of 1 January1,886.31,726.61,697.4
Additions81.3162.7103.1
Disposals-25.6-30.2-14.3
Transferred from prepayments252.381.8-
Transferred to assets held for sale-130.1-54.6-59.6
Balance as of 31 December2,064.21,886.31,726.6
Depreciation:
Balance as of 1 January327.6264.8180.0
Disposals-25.6-30.2-14.3
Depreciation for the year106.5113.4113.6
Transferred to assets held for sale-47.9-20.4-14.5
Balance as of 31 December360.6327.6264.8
Impairment:
Balance as of 1 January162.1167.3173.6
Impairment losses on tangible fixed assets6.03.23.6
Reversal of impairment ¹⁾-120.0--
Transferred to assets held for sale-19.3-8.4-9.9
Balance as of 31 December28.8162.1167.3
Carrying amount as of 31 December1,674.81,396.61,294.5
"} {"question": "What would the percentage change in Additions in 2019 from 2018 be if the amount in 2019 was $80.0 million instead?", "answer": ["-50.83"], "context": "NOTE 6- continued ¹⁾ For additional information regarding impairment considerations, please refer to note 8. Included in the carrying amount for \"Vessels and capitalized dry-docking\" are capitalized drydocking costs in the amount of USD 60.7m (2018: USD 67.5m, 2017: USD 68.1m). The sale and leaseback transactions in 2019 were all classified as financing arrangements and did not result in derecognition of the underlying assets as control was retained by the Group.
USDm201920182017
Vessels and capitalized dry-docking
Cost:
Balance as of 1 January1,886.31,726.61,697.4
Additions81.3162.7103.1
Disposals-25.6-30.2-14.3
Transferred from prepayments252.381.8-
Transferred to assets held for sale-130.1-54.6-59.6
Balance as of 31 December2,064.21,886.31,726.6
Depreciation:
Balance as of 1 January327.6264.8180.0
Disposals-25.6-30.2-14.3
Depreciation for the year106.5113.4113.6
Transferred to assets held for sale-47.9-20.4-14.5
Balance as of 31 December360.6327.6264.8
Impairment:
Balance as of 1 January162.1167.3173.6
Impairment losses on tangible fixed assets6.03.23.6
Reversal of impairment ¹⁾-120.0--
Transferred to assets held for sale-19.3-8.4-9.9
Balance as of 31 December28.8162.1167.3
Carrying amount as of 31 December1,674.81,396.61,294.5
"} {"question": "If the Balance at beginning of year in December 28, 2019 increased to 3,890 thousand, what would be the revised change?", "answer": ["228"], "context": "Warranty Obligations We offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based upon historical experience and our estimate of the level of future costs. While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. We continuously monitor product returns for warranty and maintain a reserve for the related expenses based upon our historical experience and any specifically identified field failures. As we sell new products to our customers, we must exercise considerable judgment in estimating the expected failure rates. This estimating process is based on historical experience of similar products, as well as various other assumptions that we believe to be reasonable under the circumstances. We provide for the estimated cost of product warranties at the time revenue is recognized. Warranty costs are reflected in the Consolidated Statement of Income as a Cost of revenues. A reconciliation of the changes in our warranty liability is as follows (in thousands):
Fiscal Year Ended
December 28, 2019December 29, 2018December 30, 2017
Balance at beginning of year$2,102$ 3,662$2,972
Accruals3,8813,1818,115
Settlements(4,041)(4,741)(7,425)
Balance at end of year$1,942$2,102$3,662
"} {"question": "If the Accruals in December 28, 2019 increased to 4,701 thousand, what would be the revised change?", "answer": ["1520"], "context": "Warranty Obligations We offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based upon historical experience and our estimate of the level of future costs. While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. We continuously monitor product returns for warranty and maintain a reserve for the related expenses based upon our historical experience and any specifically identified field failures. As we sell new products to our customers, we must exercise considerable judgment in estimating the expected failure rates. This estimating process is based on historical experience of similar products, as well as various other assumptions that we believe to be reasonable under the circumstances. We provide for the estimated cost of product warranties at the time revenue is recognized. Warranty costs are reflected in the Consolidated Statement of Income as a Cost of revenues. A reconciliation of the changes in our warranty liability is as follows (in thousands):
Fiscal Year Ended
December 28, 2019December 29, 2018December 30, 2017
Balance at beginning of year$2,102$ 3,662$2,972
Accruals3,8813,1818,115
Settlements(4,041)(4,741)(7,425)
Balance at end of year$1,942$2,102$3,662
"} {"question": "If Accruals in 2017 was 3,600 thousands, in which year would it be less than 4,000 thousands?", "answer": ["2019", "2018", "2017"], "context": "Warranty Obligations We offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based upon historical experience and our estimate of the level of future costs. While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. We continuously monitor product returns for warranty and maintain a reserve for the related expenses based upon our historical experience and any specifically identified field failures. As we sell new products to our customers, we must exercise considerable judgment in estimating the expected failure rates. This estimating process is based on historical experience of similar products, as well as various other assumptions that we believe to be reasonable under the circumstances. We provide for the estimated cost of product warranties at the time revenue is recognized. Warranty costs are reflected in the Consolidated Statement of Income as a Cost of revenues. A reconciliation of the changes in our warranty liability is as follows (in thousands):
Fiscal Year Ended
December 28, 2019December 29, 2018December 30, 2017
Balance at beginning of year$2,102$ 3,662$2,972
Accruals3,8813,1818,115
Settlements(4,041)(4,741)(7,425)
Balance at end of year$1,942$2,102$3,662
"} {"question": "What would be the difference in sitting fees between O P Bhatt and Aarthi Subramanian if the former had a sitting fee of 7.00 instead?", "answer": ["1.3"], "context": "iv. Details of the Remuneration for the year ended March 31, 2019: a. Non-Executive Directors: @ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company. @@ In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are in full time employment with any other Tata company. * Relinquished the position of Independent Director w.e.f. July 10, 2018. ** Relinquished the position of Independent Director w.e.f. September 28, 2018. *** Appointed as an Additional and Independent Director w.e.f. December 18, 2018. **** Appointed as an Additional and Independent Director w.e.f. January 10, 2019.
(` lakh)
NameCommissionSitting Fees
N Chandrasekaran, Chairman@-3.60
Aman Mehta315.004.80
V Thyagarajan*100.003.00
Prof Clayton M Christensen**75.000.30
Dr Ron Sommer220.005.10
O P Bhatt215.007.50
Aarthi Subramanian@@-5.70
Dr Pradeep Kumar Khosla150.002.10
Hanne Sorensen***50.000.60
Keki Mistry***50.000.60
Don Callahan****35.000.30
Total1,210.0033.60
"} {"question": "What would be the difference in commission between O P Bhatt and Dr Ron Sommer if the latter had 230.00 as commission instead?", "answer": ["15"], "context": "iv. Details of the Remuneration for the year ended March 31, 2019: a. Non-Executive Directors: @ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company. @@ In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are in full time employment with any other Tata company. * Relinquished the position of Independent Director w.e.f. July 10, 2018. ** Relinquished the position of Independent Director w.e.f. September 28, 2018. *** Appointed as an Additional and Independent Director w.e.f. December 18, 2018. **** Appointed as an Additional and Independent Director w.e.f. January 10, 2019.
(` lakh)
NameCommissionSitting Fees
N Chandrasekaran, Chairman@-3.60
Aman Mehta315.004.80
V Thyagarajan*100.003.00
Prof Clayton M Christensen**75.000.30
Dr Ron Sommer220.005.10
O P Bhatt215.007.50
Aarthi Subramanian@@-5.70
Dr Pradeep Kumar Khosla150.002.10
Hanne Sorensen***50.000.60
Keki Mistry***50.000.60
Don Callahan****35.000.30
Total1,210.0033.60
"} {"question": "Which non-executive director would have the highest sitting fees if Keki Mistry had 8.00 sitting fees?", "answer": ["Keki Mistry"], "context": "iv. Details of the Remuneration for the year ended March 31, 2019: a. Non-Executive Directors: @ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company. @@ In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are in full time employment with any other Tata company. * Relinquished the position of Independent Director w.e.f. July 10, 2018. ** Relinquished the position of Independent Director w.e.f. September 28, 2018. *** Appointed as an Additional and Independent Director w.e.f. December 18, 2018. **** Appointed as an Additional and Independent Director w.e.f. January 10, 2019.
(` lakh)
NameCommissionSitting Fees
N Chandrasekaran, Chairman@-3.60
Aman Mehta315.004.80
V Thyagarajan*100.003.00
Prof Clayton M Christensen**75.000.30
Dr Ron Sommer220.005.10
O P Bhatt215.007.50
Aarthi Subramanian@@-5.70
Dr Pradeep Kumar Khosla150.002.10
Hanne Sorensen***50.000.60
Keki Mistry***50.000.60
Don Callahan****35.000.30
Total1,210.0033.60
"} {"question": "What would be the change in prepaid expenses between 2018 and 2019 if prepaid expenses in 2019 were $20 million instead?", "answer": ["1.7"], "context": "(11) Other Non-Current Assets Other non-current assets consist of the following (in millions):
December 31,
20192018
Property records database$60.1$59.9
Contract assets37.817.0
Right-of-use assets26.4—
Deferred compensation plan related assets15.211.1
Unbilled receivables3.55.0
Prepaid expenses8.118.3
Unrealized gains on interest rate swaps—6.2
Other7.74.3
Other non-current assets$158.8$121.8
"} {"question": "What would be the change in unbilled receivables between 2018 and 2019 if unbilled receivables in 2019 were $10 million instead?", "answer": ["5"], "context": "(11) Other Non-Current Assets Other non-current assets consist of the following (in millions):
December 31,
20192018
Property records database$60.1$59.9
Contract assets37.817.0
Right-of-use assets26.4—
Deferred compensation plan related assets15.211.1
Unbilled receivables3.55.0
Prepaid expenses8.118.3
Unrealized gains on interest rate swaps—6.2
Other7.74.3
Other non-current assets$158.8$121.8
"} {"question": "What would be the percentage change in the total other non-current assets between 2018 and 2019 if the total in 2019 was $200 million instead?", "answer": ["64.2"], "context": "(11) Other Non-Current Assets Other non-current assets consist of the following (in millions):
December 31,
20192018
Property records database$60.1$59.9
Contract assets37.817.0
Right-of-use assets26.4—
Deferred compensation plan related assets15.211.1
Unbilled receivables3.55.0
Prepaid expenses8.118.3
Unrealized gains on interest rate swaps—6.2
Other7.74.3
Other non-current assets$158.8$121.8
"} {"question": "If percentage of professional services of revenue for 2019 was 20.0%, What would be the increase / (decrease) in the percentage of professional services of revenue from 2018 to 2019?", "answer": ["0.7"], "context": "The following table presents the percentage relationship of our Consolidated Statement of Operations line items to our consolidated net revenues for the periods presented: Net revenue. Total revenue increased $13.5 million, or 10.6%, in fiscal 2019 compared to fiscal 2018. Products revenue increased $5.3 million, or 15.7%, due to growth in third-party hardware sales and in on premise software sales, which grew more than 20% compared to the prior year. Support, maintenance and subscription services revenue increased $6.4 million, or 9.3%, driven by growth in customers using our on premise software products that require the payment of support and maintenance along with continued increases in subscription based revenue, which increased 23.5% in fiscal 2019 compared to fiscal 2018. Subscription based revenue comprised 17.7% of total consolidated revenues in 2019 compared to 15.8% in 2018. Professional services revenue increased $1.8 million, or 7.1%, as a result of growth in our customer base including installations of our traditional on premise and subscription based software solutions and increased responses to customer service requests. Gross profit and gross profit margin. Our total gross profit increased $9.5 million, or 14.7%, in fiscal 2019 and total gross profit margin increased from 50.6% to 52.5%. Products gross profit decreased $0.1 million and gross profit margin decreased 3.3% to 18.4% primarily as a result of increased developed technology amortization. Support, maintenance and subscription services gross profit increased $7.2 million and gross profit margin increased 310 basis points to 78.9% due to the scalable nature of our infrastructure supporting and hosting customers. Professional services gross profit increased $2.4 million and gross profit margin increased 7.7% to 26.9% due to increased revenue with lower costs from the restructuring of our professional services workforce during the first quarter of 2018 into a more efficient operating structure with limited use of contract labor. Operating expenses Operating expenses, excluding the charges for legal settlements and restructuring, severance and other charges, increased $10.5 million, or 13.7%, in fiscal 2019 compared with fiscal 2018. As a percent of total revenue, operating expenses have increased 2.3% in fiscal 2019 compared with fiscal 2018. Product development. Product development includes all expenses associated with research and development. Product development increased $9.9 million, or 35.4%, during fiscal 2019 as compared to fiscal 2018 primarily due to the reduction of cost capitalization. The products in our rGuest platform for which we had capitalized costs reached general availability by the beginning of the second quarter of fiscal 2019. These products join our well established products with the application of agile development practices in a more dynamic development process that involves higher frequency releases of product features and functions. We capitalized $2.0 million of external use software development costs, and $0.3 million of internal use software development costs during fiscal 2019, with the full balance capitalized in Q1 fiscal 2019. We capitalized approximately $8.9 million in total development costs during fiscal 2018. Total product development costs, including operating expenses and capitalized amounts, were $40.1 million during fiscal 2019 compared to $38.4 million in fiscal 2018. The $1.7 million increase is mostly due to continued expansion of our R&D teams and increased compensation expense as a result of bonus earnings. Sales and marketing. Sales and marketing increased $1.6 million, or 8.7%, in fiscal 2019 compared with fiscal 2018. The change is due primarily to an increase of $1.6 million in incentive compensation related to an increase in sales, revenue and profitability during fiscal 2019. General and administrative. General and administrative decreased $0.9 million, or 3.8%, in fiscal 2019 compared to fiscal 2018. The change is due primarily to reduced outside professional costs for legal and accounting services. Depreciation of fixed assets. Depreciation of fixed assets decreased $0.1 million or 5% in fiscal 2019 as compared to fiscal 2018. Amortization of intangibles. Amortization of intangibles increased $0.7 million, or 36.6%, in fiscal 2019 as compared to fiscal 2018 due to our remaining Guest suite of products being placed into service on June 30, 2018. Restructuring, severance and other charges. Restructuring, severance, and other charges decreased $1.8 million due to non-recurring 2018 restructuring activities while charges for non-restructuring severance increased $1.2 million, resulting in a net decrease of $0.6 million during fiscal 2019. Our restructuring actions are discussed further in Note 4, Restructuring Charges. Legal settlements. Legal settlements consist of settlements of employment and other business-related matters.
Year ended March 31,
20192018
Net revenue:
Products27.7%26.5%
Support, maintenance and subscription services53.654.2
Professional services18.719.3
Total net revenue100.0100.0
Cost of goods sold:
Products, inclusive of developed technology amortization22.620.7
Support, maintenance and subscription services11.313.1
Professional services13.615.6
Total net cost of goods sold47.549.4
Gross profit52.550.6
Operating expenses:
Product development26.921.9
Sales and marketing13.914.2
General and administrative16.418.9
Depreciation of fixed assets1.82.1
Amortization of intangibles1.81.5
Restructuring, severance and other charges0.81.4
Legal settlements0.10.1
Operating loss(9.3)%(9.5)%
"} {"question": "If total revenue increased by $15.0 million, or 10.6% in fiscal 2019 compared to fiscal 2018, What was total revenue in 2018?", "answer": ["141.51"], "context": "The following table presents the percentage relationship of our Consolidated Statement of Operations line items to our consolidated net revenues for the periods presented: Net revenue. Total revenue increased $13.5 million, or 10.6%, in fiscal 2019 compared to fiscal 2018. Products revenue increased $5.3 million, or 15.7%, due to growth in third-party hardware sales and in on premise software sales, which grew more than 20% compared to the prior year. Support, maintenance and subscription services revenue increased $6.4 million, or 9.3%, driven by growth in customers using our on premise software products that require the payment of support and maintenance along with continued increases in subscription based revenue, which increased 23.5% in fiscal 2019 compared to fiscal 2018. Subscription based revenue comprised 17.7% of total consolidated revenues in 2019 compared to 15.8% in 2018. Professional services revenue increased $1.8 million, or 7.1%, as a result of growth in our customer base including installations of our traditional on premise and subscription based software solutions and increased responses to customer service requests. Gross profit and gross profit margin. Our total gross profit increased $9.5 million, or 14.7%, in fiscal 2019 and total gross profit margin increased from 50.6% to 52.5%. Products gross profit decreased $0.1 million and gross profit margin decreased 3.3% to 18.4% primarily as a result of increased developed technology amortization. Support, maintenance and subscription services gross profit increased $7.2 million and gross profit margin increased 310 basis points to 78.9% due to the scalable nature of our infrastructure supporting and hosting customers. Professional services gross profit increased $2.4 million and gross profit margin increased 7.7% to 26.9% due to increased revenue with lower costs from the restructuring of our professional services workforce during the first quarter of 2018 into a more efficient operating structure with limited use of contract labor. Operating expenses Operating expenses, excluding the charges for legal settlements and restructuring, severance and other charges, increased $10.5 million, or 13.7%, in fiscal 2019 compared with fiscal 2018. As a percent of total revenue, operating expenses have increased 2.3% in fiscal 2019 compared with fiscal 2018. Product development. Product development includes all expenses associated with research and development. Product development increased $9.9 million, or 35.4%, during fiscal 2019 as compared to fiscal 2018 primarily due to the reduction of cost capitalization. The products in our rGuest platform for which we had capitalized costs reached general availability by the beginning of the second quarter of fiscal 2019. These products join our well established products with the application of agile development practices in a more dynamic development process that involves higher frequency releases of product features and functions. We capitalized $2.0 million of external use software development costs, and $0.3 million of internal use software development costs during fiscal 2019, with the full balance capitalized in Q1 fiscal 2019. We capitalized approximately $8.9 million in total development costs during fiscal 2018. Total product development costs, including operating expenses and capitalized amounts, were $40.1 million during fiscal 2019 compared to $38.4 million in fiscal 2018. The $1.7 million increase is mostly due to continued expansion of our R&D teams and increased compensation expense as a result of bonus earnings. Sales and marketing. Sales and marketing increased $1.6 million, or 8.7%, in fiscal 2019 compared with fiscal 2018. The change is due primarily to an increase of $1.6 million in incentive compensation related to an increase in sales, revenue and profitability during fiscal 2019. General and administrative. General and administrative decreased $0.9 million, or 3.8%, in fiscal 2019 compared to fiscal 2018. The change is due primarily to reduced outside professional costs for legal and accounting services. Depreciation of fixed assets. Depreciation of fixed assets decreased $0.1 million or 5% in fiscal 2019 as compared to fiscal 2018. Amortization of intangibles. Amortization of intangibles increased $0.7 million, or 36.6%, in fiscal 2019 as compared to fiscal 2018 due to our remaining Guest suite of products being placed into service on June 30, 2018. Restructuring, severance and other charges. Restructuring, severance, and other charges decreased $1.8 million due to non-recurring 2018 restructuring activities while charges for non-restructuring severance increased $1.2 million, resulting in a net decrease of $0.6 million during fiscal 2019. Our restructuring actions are discussed further in Note 4, Restructuring Charges. Legal settlements. Legal settlements consist of settlements of employment and other business-related matters.
Year ended March 31,
20192018
Net revenue:
Products27.7%26.5%
Support, maintenance and subscription services53.654.2
Professional services18.719.3
Total net revenue100.0100.0
Cost of goods sold:
Products, inclusive of developed technology amortization22.620.7
Support, maintenance and subscription services11.313.1
Professional services13.615.6
Total net cost of goods sold47.549.4
Gross profit52.550.6
Operating expenses:
Product development26.921.9
Sales and marketing13.914.2
General and administrative16.418.9
Depreciation of fixed assets1.82.1
Amortization of intangibles1.81.5
Restructuring, severance and other charges0.81.4
Legal settlements0.10.1
Operating loss(9.3)%(9.5)%
"} {"question": "If percentage of depreciation of fixed assets in 2019 as a percentage of operating expenses was 2.5%, what would be percentage increase / (decrease) in the depreciation of fixed assets as a percentage of operating expenses from 2018 to 2019?", "answer": ["0.4"], "context": "The following table presents the percentage relationship of our Consolidated Statement of Operations line items to our consolidated net revenues for the periods presented: Net revenue. Total revenue increased $13.5 million, or 10.6%, in fiscal 2019 compared to fiscal 2018. Products revenue increased $5.3 million, or 15.7%, due to growth in third-party hardware sales and in on premise software sales, which grew more than 20% compared to the prior year. Support, maintenance and subscription services revenue increased $6.4 million, or 9.3%, driven by growth in customers using our on premise software products that require the payment of support and maintenance along with continued increases in subscription based revenue, which increased 23.5% in fiscal 2019 compared to fiscal 2018. Subscription based revenue comprised 17.7% of total consolidated revenues in 2019 compared to 15.8% in 2018. Professional services revenue increased $1.8 million, or 7.1%, as a result of growth in our customer base including installations of our traditional on premise and subscription based software solutions and increased responses to customer service requests. Gross profit and gross profit margin. Our total gross profit increased $9.5 million, or 14.7%, in fiscal 2019 and total gross profit margin increased from 50.6% to 52.5%. Products gross profit decreased $0.1 million and gross profit margin decreased 3.3% to 18.4% primarily as a result of increased developed technology amortization. Support, maintenance and subscription services gross profit increased $7.2 million and gross profit margin increased 310 basis points to 78.9% due to the scalable nature of our infrastructure supporting and hosting customers. Professional services gross profit increased $2.4 million and gross profit margin increased 7.7% to 26.9% due to increased revenue with lower costs from the restructuring of our professional services workforce during the first quarter of 2018 into a more efficient operating structure with limited use of contract labor. Operating expenses Operating expenses, excluding the charges for legal settlements and restructuring, severance and other charges, increased $10.5 million, or 13.7%, in fiscal 2019 compared with fiscal 2018. As a percent of total revenue, operating expenses have increased 2.3% in fiscal 2019 compared with fiscal 2018. Product development. Product development includes all expenses associated with research and development. Product development increased $9.9 million, or 35.4%, during fiscal 2019 as compared to fiscal 2018 primarily due to the reduction of cost capitalization. The products in our rGuest platform for which we had capitalized costs reached general availability by the beginning of the second quarter of fiscal 2019. These products join our well established products with the application of agile development practices in a more dynamic development process that involves higher frequency releases of product features and functions. We capitalized $2.0 million of external use software development costs, and $0.3 million of internal use software development costs during fiscal 2019, with the full balance capitalized in Q1 fiscal 2019. We capitalized approximately $8.9 million in total development costs during fiscal 2018. Total product development costs, including operating expenses and capitalized amounts, were $40.1 million during fiscal 2019 compared to $38.4 million in fiscal 2018. The $1.7 million increase is mostly due to continued expansion of our R&D teams and increased compensation expense as a result of bonus earnings. Sales and marketing. Sales and marketing increased $1.6 million, or 8.7%, in fiscal 2019 compared with fiscal 2018. The change is due primarily to an increase of $1.6 million in incentive compensation related to an increase in sales, revenue and profitability during fiscal 2019. General and administrative. General and administrative decreased $0.9 million, or 3.8%, in fiscal 2019 compared to fiscal 2018. The change is due primarily to reduced outside professional costs for legal and accounting services. Depreciation of fixed assets. Depreciation of fixed assets decreased $0.1 million or 5% in fiscal 2019 as compared to fiscal 2018. Amortization of intangibles. Amortization of intangibles increased $0.7 million, or 36.6%, in fiscal 2019 as compared to fiscal 2018 due to our remaining Guest suite of products being placed into service on June 30, 2018. Restructuring, severance and other charges. Restructuring, severance, and other charges decreased $1.8 million due to non-recurring 2018 restructuring activities while charges for non-restructuring severance increased $1.2 million, resulting in a net decrease of $0.6 million during fiscal 2019. Our restructuring actions are discussed further in Note 4, Restructuring Charges. Legal settlements. Legal settlements consist of settlements of employment and other business-related matters.
Year ended March 31,
20192018
Net revenue:
Products27.7%26.5%
Support, maintenance and subscription services53.654.2
Professional services18.719.3
Total net revenue100.0100.0
Cost of goods sold:
Products, inclusive of developed technology amortization22.620.7
Support, maintenance and subscription services11.313.1
Professional services13.615.6
Total net cost of goods sold47.549.4
Gross profit52.550.6
Operating expenses:
Product development26.921.9
Sales and marketing13.914.2
General and administrative16.418.9
Depreciation of fixed assets1.82.1
Amortization of intangibles1.81.5
Restructuring, severance and other charges0.81.4
Legal settlements0.10.1
Operating loss(9.3)%(9.5)%
"} {"question": "How many years did total contract assets exceed $1,500 thousand if total contract assets in 2018 was $1,600 thousand instead?", "answer": ["2"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) Contract Assets and Liabilities Contract assets and liabilities included in our Consolidated Balance Sheets are as follows: During the twelve months ended December 31, 2019, we recognized revenues of $256 that was included in contract liabilities at the beginning of the period.
As of December 31,
20192018
Contract Assets
Prepaid rebates included in Other current assets$64$65
Prepaid rebates included in Other assets1,853999
Total Contract Assets$1,917$1,064
Contract Liabilities
Customer discounts and price concessions included in Accrued expenses and other liabilities$(2,070)$(1,656)
Customer rights of return included in Accrued expenses and other liabilities(807)(325)
Total Contract Liabilities$(2,877)$(1,981)
"} {"question": "What would be the change in the Prepaid rebates included in Other assets between 2018 and 2019 if Prepaid rebates included in Other assets in 2018 were $1,800 thousand instead?", "answer": ["53"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) Contract Assets and Liabilities Contract assets and liabilities included in our Consolidated Balance Sheets are as follows: During the twelve months ended December 31, 2019, we recognized revenues of $256 that was included in contract liabilities at the beginning of the period.
As of December 31,
20192018
Contract Assets
Prepaid rebates included in Other current assets$64$65
Prepaid rebates included in Other assets1,853999
Total Contract Assets$1,917$1,064
Contract Liabilities
Customer discounts and price concessions included in Accrued expenses and other liabilities$(2,070)$(1,656)
Customer rights of return included in Accrued expenses and other liabilities(807)(325)
Total Contract Liabilities$(2,877)$(1,981)
"} {"question": "What would be the percentage change in total contract liabilities between 2018 and 2019 if total contract liabilities in 2019 were -$1,000 thousand instead?", "answer": ["-49.52"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) Contract Assets and Liabilities Contract assets and liabilities included in our Consolidated Balance Sheets are as follows: During the twelve months ended December 31, 2019, we recognized revenues of $256 that was included in contract liabilities at the beginning of the period.
As of December 31,
20192018
Contract Assets
Prepaid rebates included in Other current assets$64$65
Prepaid rebates included in Other assets1,853999
Total Contract Assets$1,917$1,064
Contract Liabilities
Customer discounts and price concessions included in Accrued expenses and other liabilities$(2,070)$(1,656)
Customer rights of return included in Accrued expenses and other liabilities(807)(325)
Total Contract Liabilities$(2,877)$(1,981)
"} {"question": "What would be the change in the balance of software solutions between 2017 and 2018 if the balance in 2017 was $2,000 million instead?", "answer": ["157.6"], "context": "(10) Goodwill Goodwill consists of the following (in millions): The increase in Goodwill related to our Compass Analytics acquisition is deductible for tax purposes. For the 2018 increase in Goodwill, $19.7 million is deductible for tax purposes and $3.2 million is not deductible for tax purposes.
Software SolutionsData and AnalyticsCorporate and OtherTotal
Balance, December 31, 2017$2,134.7$172.1$—$2,306.8
HeavyWater and Ernst acquisitions (Note 3)22.9——22.9
Balance, December 31, 20182,157.6172.1—2,329.7
Compass Analytics acquisition (Note 3)31.7——31.7
Balance, December 31, 2019$2,189.3$172.1$—$2,361.4
"} {"question": "What would be the difference in the total between HeavyWater and Ernst acquisitions and Compass Analytics acquisition if Compass Analytics acquisition was $20 million instead?", "answer": ["2.9"], "context": "(10) Goodwill Goodwill consists of the following (in millions): The increase in Goodwill related to our Compass Analytics acquisition is deductible for tax purposes. For the 2018 increase in Goodwill, $19.7 million is deductible for tax purposes and $3.2 million is not deductible for tax purposes.
Software SolutionsData and AnalyticsCorporate and OtherTotal
Balance, December 31, 2017$2,134.7$172.1$—$2,306.8
HeavyWater and Ernst acquisitions (Note 3)22.9——22.9
Balance, December 31, 20182,157.6172.1—2,329.7
Compass Analytics acquisition (Note 3)31.7——31.7
Balance, December 31, 2019$2,189.3$172.1$—$2,361.4
"} {"question": "What would be the percentage change in total balance between 2018 and 2019 if the total balance in 2019 was $3,000 million instead?", "answer": ["28.77"], "context": "(10) Goodwill Goodwill consists of the following (in millions): The increase in Goodwill related to our Compass Analytics acquisition is deductible for tax purposes. For the 2018 increase in Goodwill, $19.7 million is deductible for tax purposes and $3.2 million is not deductible for tax purposes.
Software SolutionsData and AnalyticsCorporate and OtherTotal
Balance, December 31, 2017$2,134.7$172.1$—$2,306.8
HeavyWater and Ernst acquisitions (Note 3)22.9——22.9
Balance, December 31, 20182,157.6172.1—2,329.7
Compass Analytics acquisition (Note 3)31.7——31.7
Balance, December 31, 2019$2,189.3$172.1$—$2,361.4
"} {"question": "What would be the proportion of total fixed income securities over total pension plan assets if the fair value of corporate bonds was $1,750 million without change to total pension plan assets?", "answer": ["0.7"], "context": "Plan Assets The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 26, 2019, was as follows: Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market. Level 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data. Level 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs. Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $51.0 million as of May 26, 2019, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 26, 2019, funds with a fair value of $4.2 million have imposed such gates. As of May 26, 2019, we have unfunded commitments for additional investments of $48.3 million in private equity funds and $17.0 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company. Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)
Level 1Level 2Level 3Total
Cash and cash equivalents$0.7$77.7$—$78.4
Equity securities:
U.S. equity securities56.391.8—148.1
International equity securities87.80.4—88.2
Fixed income securities:
Government bonds—748.3—748.3
Corporate bonds—2,255.5—2,255.5
Mortgage-backed bonds—31.1—31.1
Real estate funds0.4——0.4
Net receivables for unsettled transactions5.6——5.6
Fair value measurement of pension plan assets in the fair value hierarchy$150.8$3,204.8$—$3,355.6
Investments measured at net asset value245.9
Total pension plan assets$3,601.5
"} {"question": "What would be the ratio of Level 1 assets to Level 2 assets if the fair value of Level 2 assets was $2,750 million?", "answer": ["0.05"], "context": "Plan Assets The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 26, 2019, was as follows: Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market. Level 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data. Level 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs. Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $51.0 million as of May 26, 2019, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 26, 2019, funds with a fair value of $4.2 million have imposed such gates. As of May 26, 2019, we have unfunded commitments for additional investments of $48.3 million in private equity funds and $17.0 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company. Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)
Level 1Level 2Level 3Total
Cash and cash equivalents$0.7$77.7$—$78.4
Equity securities:
U.S. equity securities56.391.8—148.1
International equity securities87.80.4—88.2
Fixed income securities:
Government bonds—748.3—748.3
Corporate bonds—2,255.5—2,255.5
Mortgage-backed bonds—31.1—31.1
Real estate funds0.4——0.4
Net receivables for unsettled transactions5.6——5.6
Fair value measurement of pension plan assets in the fair value hierarchy$150.8$3,204.8$—$3,355.6
Investments measured at net asset value245.9
Total pension plan assets$3,601.5
"} {"question": "What would be the ratio (in percentage) of the fair value of the customary redemption gates over total pension plan assets as of May 26, 2019, if the total pension plan assets were $2,000 million? ", "answer": ["0.21"], "context": "Plan Assets The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 26, 2019, was as follows: Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market. Level 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data. Level 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs. Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $51.0 million as of May 26, 2019, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 26, 2019, funds with a fair value of $4.2 million have imposed such gates. As of May 26, 2019, we have unfunded commitments for additional investments of $48.3 million in private equity funds and $17.0 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company. Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)
Level 1Level 2Level 3Total
Cash and cash equivalents$0.7$77.7$—$78.4
Equity securities:
U.S. equity securities56.391.8—148.1
International equity securities87.80.4—88.2
Fixed income securities:
Government bonds—748.3—748.3
Corporate bonds—2,255.5—2,255.5
Mortgage-backed bonds—31.1—31.1
Real estate funds0.4——0.4
Net receivables for unsettled transactions5.6——5.6
Fair value measurement of pension plan assets in the fair value hierarchy$150.8$3,204.8$—$3,355.6
Investments measured at net asset value245.9
Total pension plan assets$3,601.5
"} {"question": "What would be the total weight of Nordic Freedom and Nordic Moon if their total weight is decreased by 30%?", "answer": ["223745.2"], "context": "B. Business Overview Our Fleet Our fleet currently consists of 23 Suezmax crude oil tankers, of which the vast majority have been built in Korea. The majority of our vessels are employed in the spot market, together with one vessel currently on a longer term time charter agreement expiring in 2021 or later. The vessels are considered homogenous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo.
VesselBuilt inDeadweight TonsDelivered to NAT in
Nordic Freedom2005159,3312005
Nordic Moon2002160,3052006
Nordic Apollo2003159,9982006
Nordic Cosmos2003159,9992006
Nordic Grace2002149,9212009
Nordic Mistral2002164,2362009
Nordic Passat2002164,2742010
Nordic Vega2010163,9402010
Nordic Breeze2011158,5972011
Nordic Zenith2011158,6452011
Nordic Sprinter2005159,0892014
Nordic Skier2005159,0892014
Nordic Light2010158,4752015
Nordic Cross2010158,4752015
Nordic Luna2004150,0372016
Nordic Castor2004150,2492016
Nordic Sirius2000150,1832016
Nordic Pollux2003150,1032016
Nordic Star2016159,0002016
Nordic Space2017159,0002017
Nordic Aquarius2018157,0002018
Nordic Cygnus2018157,0002018
Nordic Tellus2018157,0002018
"} {"question": "What would be the average weight of Nordic Freedom and Nordic Moon if the weight of Nordic Moon is decreased by 10 deadweight tons?", "answer": ["159813"], "context": "B. Business Overview Our Fleet Our fleet currently consists of 23 Suezmax crude oil tankers, of which the vast majority have been built in Korea. The majority of our vessels are employed in the spot market, together with one vessel currently on a longer term time charter agreement expiring in 2021 or later. The vessels are considered homogenous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo.
VesselBuilt inDeadweight TonsDelivered to NAT in
Nordic Freedom2005159,3312005
Nordic Moon2002160,3052006
Nordic Apollo2003159,9982006
Nordic Cosmos2003159,9992006
Nordic Grace2002149,9212009
Nordic Mistral2002164,2362009
Nordic Passat2002164,2742010
Nordic Vega2010163,9402010
Nordic Breeze2011158,5972011
Nordic Zenith2011158,6452011
Nordic Sprinter2005159,0892014
Nordic Skier2005159,0892014
Nordic Light2010158,4752015
Nordic Cross2010158,4752015
Nordic Luna2004150,0372016
Nordic Castor2004150,2492016
Nordic Sirius2000150,1832016
Nordic Pollux2003150,1032016
Nordic Star2016159,0002016
Nordic Space2017159,0002017
Nordic Aquarius2018157,0002018
Nordic Cygnus2018157,0002018
Nordic Tellus2018157,0002018
"} {"question": "What would be the weight of Nordic Moon as a percentage of the weight of Nordic Apollo if the weight of Nordic Apollo is increased by 50 deadweight tons?", "answer": ["100.16"], "context": "B. Business Overview Our Fleet Our fleet currently consists of 23 Suezmax crude oil tankers, of which the vast majority have been built in Korea. The majority of our vessels are employed in the spot market, together with one vessel currently on a longer term time charter agreement expiring in 2021 or later. The vessels are considered homogenous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo.
VesselBuilt inDeadweight TonsDelivered to NAT in
Nordic Freedom2005159,3312005
Nordic Moon2002160,3052006
Nordic Apollo2003159,9982006
Nordic Cosmos2003159,9992006
Nordic Grace2002149,9212009
Nordic Mistral2002164,2362009
Nordic Passat2002164,2742010
Nordic Vega2010163,9402010
Nordic Breeze2011158,5972011
Nordic Zenith2011158,6452011
Nordic Sprinter2005159,0892014
Nordic Skier2005159,0892014
Nordic Light2010158,4752015
Nordic Cross2010158,4752015
Nordic Luna2004150,0372016
Nordic Castor2004150,2492016
Nordic Sirius2000150,1832016
Nordic Pollux2003150,1032016
Nordic Star2016159,0002016
Nordic Space2017159,0002017
Nordic Aquarius2018157,0002018
Nordic Cygnus2018157,0002018
Nordic Tellus2018157,0002018
"} {"question": "In which year would the amount of Prepayments be larger if the amount in 2019 was $22.9 million instead?", "answer": ["2018"], "context": "20 Trade and Other Receivables Trade receivables are non interest-bearing and are generally on 30–90 day payment terms depending on the geographical territory in which sales are generated. The carrying value of trade and other receivables also represents their fair value. During the year-ended 31 March 2019 a provision for impairment of $0.6M (2018: $0.6M) was recognised in operating expenses against receivables. The net contract acquisition expense deferred within the Consolidated Statement of Profit or Loss was $0.9M of the total $259.9M of Sales and Marketing costs (2018: $8.4M / $239.9M).
31 March 201931 March 2018 Restated See note 2
$M$M
Current
Trade receivables128.7151.8
Prepayments26.923.1
Deferral of contract acquisition costs31.529.5
Other receivables8.26.4
Total current trade and other receivables195.3210.8
Non-current
Deferral of contract acquisition costs15.116.2
Other receivables1.31.3
Total non-current trade and other receivables16.417.5
"} {"question": "What would the change in trade receivables in 2019 from 2018 be if the amount in 2019 was $131.8 million instead?", "answer": ["-20"], "context": "20 Trade and Other Receivables Trade receivables are non interest-bearing and are generally on 30–90 day payment terms depending on the geographical territory in which sales are generated. The carrying value of trade and other receivables also represents their fair value. During the year-ended 31 March 2019 a provision for impairment of $0.6M (2018: $0.6M) was recognised in operating expenses against receivables. The net contract acquisition expense deferred within the Consolidated Statement of Profit or Loss was $0.9M of the total $259.9M of Sales and Marketing costs (2018: $8.4M / $239.9M).
31 March 201931 March 2018 Restated See note 2
$M$M
Current
Trade receivables128.7151.8
Prepayments26.923.1
Deferral of contract acquisition costs31.529.5
Other receivables8.26.4
Total current trade and other receivables195.3210.8
Non-current
Deferral of contract acquisition costs15.116.2
Other receivables1.31.3
Total non-current trade and other receivables16.417.5
"} {"question": "What would the percentage change in trade receivables in 2019 from 2018 be if the amount in 2019 was $131.8 million instead?", "answer": ["-13.18"], "context": "20 Trade and Other Receivables Trade receivables are non interest-bearing and are generally on 30–90 day payment terms depending on the geographical territory in which sales are generated. The carrying value of trade and other receivables also represents their fair value. During the year-ended 31 March 2019 a provision for impairment of $0.6M (2018: $0.6M) was recognised in operating expenses against receivables. The net contract acquisition expense deferred within the Consolidated Statement of Profit or Loss was $0.9M of the total $259.9M of Sales and Marketing costs (2018: $8.4M / $239.9M).
31 March 201931 March 2018 Restated See note 2
$M$M
Current
Trade receivables128.7151.8
Prepayments26.923.1
Deferral of contract acquisition costs31.529.5
Other receivables8.26.4
Total current trade and other receivables195.3210.8
Non-current
Deferral of contract acquisition costs15.116.2
Other receivables1.31.3
Total non-current trade and other receivables16.417.5
"} {"question": "Which year would the progress shipyard installments be lower if the cost in 2018 is 188,184 thousand?", "answer": ["2018"], "context": "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) Vessels under construction represent scheduled advance payments to the shipyards as well as certain capitalized expenditures. As of December 31, 2019, the Group has paid to the shipyard $197,637 for the vessels that are under construction and expects to pay the remaining installments as they come due upon each vessel’s keel laying, launching and delivery (Note 23(a)). The vessels under construction costs as of December 31, 2018 and 2019 are comprised of:
As of December 31,
20182019
Progress shipyard installments152,075197,637
Onsite supervision costs5,7663,879
Critical spare parts, equipment and other vessel delivery expenses1,4341,807
Total159,275203,323
"} {"question": "What would be the change in onsite supervision costs from 2018 to 2019 if the onsite supervision cost is 5,980 thousand in 2019?", "answer": ["214"], "context": "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) Vessels under construction represent scheduled advance payments to the shipyards as well as certain capitalized expenditures. As of December 31, 2019, the Group has paid to the shipyard $197,637 for the vessels that are under construction and expects to pay the remaining installments as they come due upon each vessel’s keel laying, launching and delivery (Note 23(a)). The vessels under construction costs as of December 31, 2018 and 2019 are comprised of:
As of December 31,
20182019
Progress shipyard installments152,075197,637
Onsite supervision costs5,7663,879
Critical spare parts, equipment and other vessel delivery expenses1,4341,807
Total159,275203,323
"} {"question": "What would be the percentage change in total cost from 2018 to 2019 if the total cost is 175,250 in 2019?", "answer": ["10.03"], "context": "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) Vessels under construction represent scheduled advance payments to the shipyards as well as certain capitalized expenditures. As of December 31, 2019, the Group has paid to the shipyard $197,637 for the vessels that are under construction and expects to pay the remaining installments as they come due upon each vessel’s keel laying, launching and delivery (Note 23(a)). The vessels under construction costs as of December 31, 2018 and 2019 are comprised of:
As of December 31,
20182019
Progress shipyard installments152,075197,637
Onsite supervision costs5,7663,879
Critical spare parts, equipment and other vessel delivery expenses1,4341,807
Total159,275203,323
"} {"question": "In which year would Expenses not deductible for taxation purposes be larger if the amount in 2019 was 1.3 million instead?", "answer": ["2019"], "context": "11. Taxation The taxation charge for the year is lower than (2018: the same as) the effective rate of corporation tax in the UK of 19% (2018: 19%). The differences are explained below: Taxation on items taken directly to equity was a credit of £0.6m (2018: £0.1m) relating to tax on share-based payments. The tax charge for the year is based on the standard rate of UK corporation tax for the period of 19% (2018: 19%). Deferred income taxes have been measured at the tax rate expected to be applicable at the date the deferred income tax assets and liabilities are realised. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised, which has resulted in an average deferred income tax rate of 17% being used to measure all deferred tax balances as at 31 March 2019 (2018: 17%).
2019(Restated) 2018
£m£m
Profit before taxation242.2210.7
Tax on profit on ordinary activities at the standard UK corporation tax rate of 19% (2018: 19%)46.040.0
Expenses not deductible for taxation purposes0.30.8
Income not taxable(1.7)–
Adjustments in respect of foreign tax rates(0.1)(0.1)
Adjustments in respect of prior years–(1.1)
Total taxation charge44.539.6
"} {"question": "What would the change in Total taxation charge in 2019 from 2018 be if the amount in 2019 was 44.6 million instead?", "answer": ["5"], "context": "11. Taxation The taxation charge for the year is lower than (2018: the same as) the effective rate of corporation tax in the UK of 19% (2018: 19%). The differences are explained below: Taxation on items taken directly to equity was a credit of £0.6m (2018: £0.1m) relating to tax on share-based payments. The tax charge for the year is based on the standard rate of UK corporation tax for the period of 19% (2018: 19%). Deferred income taxes have been measured at the tax rate expected to be applicable at the date the deferred income tax assets and liabilities are realised. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised, which has resulted in an average deferred income tax rate of 17% being used to measure all deferred tax balances as at 31 March 2019 (2018: 17%).
2019(Restated) 2018
£m£m
Profit before taxation242.2210.7
Tax on profit on ordinary activities at the standard UK corporation tax rate of 19% (2018: 19%)46.040.0
Expenses not deductible for taxation purposes0.30.8
Income not taxable(1.7)–
Adjustments in respect of foreign tax rates(0.1)(0.1)
Adjustments in respect of prior years–(1.1)
Total taxation charge44.539.6
"} {"question": "What would the percentage change in Total taxation charge in 2019 from 2018 be if the amount in 2019 was 44.6 million instead?", "answer": ["12.63"], "context": "11. Taxation The taxation charge for the year is lower than (2018: the same as) the effective rate of corporation tax in the UK of 19% (2018: 19%). The differences are explained below: Taxation on items taken directly to equity was a credit of £0.6m (2018: £0.1m) relating to tax on share-based payments. The tax charge for the year is based on the standard rate of UK corporation tax for the period of 19% (2018: 19%). Deferred income taxes have been measured at the tax rate expected to be applicable at the date the deferred income tax assets and liabilities are realised. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised, which has resulted in an average deferred income tax rate of 17% being used to measure all deferred tax balances as at 31 March 2019 (2018: 17%).
2019(Restated) 2018
£m£m
Profit before taxation242.2210.7
Tax on profit on ordinary activities at the standard UK corporation tax rate of 19% (2018: 19%)46.040.0
Expenses not deductible for taxation purposes0.30.8
Income not taxable(1.7)–
Adjustments in respect of foreign tax rates(0.1)(0.1)
Adjustments in respect of prior years–(1.1)
Total taxation charge44.539.6
"} {"question": "What would the percentage of total additions over the total costs of the right-of-use assets be if the amount of additions is 1,000?", "answer": ["15.38"], "context": "Note 15 Leases RIGHT-OF-USE ASSETS BCE’s significant right-of-use assets under leases are satellites, office premises, land, cellular tower sites, retail outlets and OOH advertising spaces. Right-of-use assets are presented in Property, plant and equipment in the statement of financial position.
FOR THE YEAR ENDED DECEMBER 31, 2019NETWORK INFRASTRUCTURE AND EQUIPMENTLAND AND BUILDINGSTOTAL
COST
January 1, 20193,3292,4535,782
Additions5275131,040
Transfers(233)–(233)
Acquired through business combinations–88
Lease terminations(12)(38)(50)
Impairment losses recognized in earnings(2)(3)(5)
December 31, 20193,6092,9336,542
ACCUMULATED DEPRECIATION
January 1, 20191,0425361,578
Depreciation373303676
Transfers(111)–(111)
Lease terminations(3)(22)(25)
December 31, 20191,3018172,118
NET CARRYING AMOUNT
January 1, 20192,2871,9174,204
December 31, 20192,3082,1164,424
"} {"question": "What would the change in the total net carrying amount in 2019 be if the amount for January 1, 2019 is 4,224?", "answer": ["200"], "context": "Note 15 Leases RIGHT-OF-USE ASSETS BCE’s significant right-of-use assets under leases are satellites, office premises, land, cellular tower sites, retail outlets and OOH advertising spaces. Right-of-use assets are presented in Property, plant and equipment in the statement of financial position.
FOR THE YEAR ENDED DECEMBER 31, 2019NETWORK INFRASTRUCTURE AND EQUIPMENTLAND AND BUILDINGSTOTAL
COST
January 1, 20193,3292,4535,782
Additions5275131,040
Transfers(233)–(233)
Acquired through business combinations–88
Lease terminations(12)(38)(50)
Impairment losses recognized in earnings(2)(3)(5)
December 31, 20193,6092,9336,542
ACCUMULATED DEPRECIATION
January 1, 20191,0425361,578
Depreciation373303676
Transfers(111)–(111)
Lease terminations(3)(22)(25)
December 31, 20191,3018172,118
NET CARRYING AMOUNT
January 1, 20192,2871,9174,204
December 31, 20192,3082,1164,424
"} {"question": "What would the change in the total accumulated depreciation in 2019 be if the amount for January 1, 2019 is 1,618?", "answer": ["500"], "context": "Note 15 Leases RIGHT-OF-USE ASSETS BCE’s significant right-of-use assets under leases are satellites, office premises, land, cellular tower sites, retail outlets and OOH advertising spaces. Right-of-use assets are presented in Property, plant and equipment in the statement of financial position.
FOR THE YEAR ENDED DECEMBER 31, 2019NETWORK INFRASTRUCTURE AND EQUIPMENTLAND AND BUILDINGSTOTAL
COST
January 1, 20193,3292,4535,782
Additions5275131,040
Transfers(233)–(233)
Acquired through business combinations–88
Lease terminations(12)(38)(50)
Impairment losses recognized in earnings(2)(3)(5)
December 31, 20193,6092,9336,542
ACCUMULATED DEPRECIATION
January 1, 20191,0425361,578
Depreciation373303676
Transfers(111)–(111)
Lease terminations(3)(22)(25)
December 31, 20191,3018172,118
NET CARRYING AMOUNT
January 1, 20192,2871,9174,204
December 31, 20192,3082,1164,424
"} {"question": "What would be the change in vendor financed licenses between 2018 and 2019 if vendor financed licenses in 2019 were $10,000 thousand instead?", "answer": ["6449"], "context": "Other Current Liabilities The components of other current liabilities are included in the following table (in thousands):
December 31,
20192018
Operating lease liabilities$15,049$ —
Vendor financed licenses9,6673,551
Royalties payable6,10711,318
Accrued interest9,2128,407
Other36,93638,412
Total other current liabilities$76,971$61,688
"} {"question": "What would be the change in accrued interest between 2018 and 2019 if accrued interest in 2019 was $10,000 thousand instead?", "answer": ["1593"], "context": "Other Current Liabilities The components of other current liabilities are included in the following table (in thousands):
December 31,
20192018
Operating lease liabilities$15,049$ —
Vendor financed licenses9,6673,551
Royalties payable6,10711,318
Accrued interest9,2128,407
Other36,93638,412
Total other current liabilities$76,971$61,688
"} {"question": "What would be the percentage change in total other current liabilities between 2018 and 2019 if total other current liabilities in 2019 was $80,000 thousand instead?", "answer": ["29.68"], "context": "Other Current Liabilities The components of other current liabilities are included in the following table (in thousands):
December 31,
20192018
Operating lease liabilities$15,049$ —
Vendor financed licenses9,6673,551
Royalties payable6,10711,318
Accrued interest9,2128,407
Other36,93638,412
Total other current liabilities$76,971$61,688
"} {"question": "If the Income tax expense in September is reduced to 13 million, what is the revised average for the period September 29, and December 31, 2019?", "answer": ["20.5"], "context": "During the fourth and third quarters of 2019 and the fourth quarter of 2018, we recorded an income tax expense of $62 million, $28 million and $28 million, respectively, reflecting (i) in the third quarter of 2019 the estimated annual effective tax rate in each of our jurisdictions, applied to the consolidated results before taxes in the third quarter of 2019 and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. Income tax expense
Three Months Ended
December 31, 2019September 29, 2019December 31, 2018
(Unaudited, in millions)
Income tax expense$(62)$(28)$(28)
"} {"question": "If the Income tax expense in 2019 is reduced to 53 million, what is the revised average for the period December 31, 2019 and 2018?", "answer": ["40.5"], "context": "During the fourth and third quarters of 2019 and the fourth quarter of 2018, we recorded an income tax expense of $62 million, $28 million and $28 million, respectively, reflecting (i) in the third quarter of 2019 the estimated annual effective tax rate in each of our jurisdictions, applied to the consolidated results before taxes in the third quarter of 2019 and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. Income tax expense
Three Months Ended
December 31, 2019September 29, 2019December 31, 2018
(Unaudited, in millions)
Income tax expense$(62)$(28)$(28)
"} {"question": "What would be the increase/ (decrease) in Income tax expense if the expenses in 2019 is increased to 68 million?", "answer": ["40"], "context": "During the fourth and third quarters of 2019 and the fourth quarter of 2018, we recorded an income tax expense of $62 million, $28 million and $28 million, respectively, reflecting (i) in the third quarter of 2019 the estimated annual effective tax rate in each of our jurisdictions, applied to the consolidated results before taxes in the third quarter of 2019 and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. Income tax expense
Three Months Ended
December 31, 2019September 29, 2019December 31, 2018
(Unaudited, in millions)
Income tax expense$(62)$(28)$(28)
"} {"question": "If the Fixed fee license revenue in 2019 increased to 51.1%, what would be the revised change from 2018 and 2019?", "answer": ["-24.2"], "context": "Overview of 2019 Total revenues for 2019 were $36.0 million, a decrease of $75.0 million, or 68%, versus 2018. The decrease was primarily driven by the $70.9 million decrease in fixed fee license revenue and the $4.0 million decrease in per-unit royalty revenue. For 2019, we had a net loss of $20.0 million as compared to $54.3 million of net income for 2018. The $74.4 million decrease in net income was mainly related to the $75.0 million decrease in total revenue partially offset by a $0.5 million decrease in cost and operating expenses for 2019 compared to 2018. We adopted ASC 606, effective January 1, 2018. Consistent with the modified retrospective transaction method, our results of operations for periods prior to the adoption of ASC 606 remain unchanged. As a result, the change in total revenues from 2018 to 2019 included a component of accounting policy change arising from the adoption of ASC 606. The following table sets forth our consolidated statements of income data as a percentage of total revenues:
Years Ended December 31,
201920182017
Revenues:
Fixed fee license revenue35.1 %75.3 %36.0 %
Per-unit royalty revenue64.024.361.4
Total royalty and license revenue99.199.697.4
Development, services, and other0.90.42.6
Total revenues100.0100.0100.0
Costs and expenses:
Cost of revenues0.50.20.6
Sales and marketing17.95.538.6
Research and development21.88.833.6
General and administrative119.437.7152.4
Restructuring costs——4.6
Total costs and expenses159.652.2229.8
Operating income (loss)(59.6)47.8(129.8)
Interest and other income5.01.71.0
Other expense0.2(0.2)0.9
Income (loss) before provision for income taxes(54.4)49.3(127.9)
Provision for income taxes(1.3)(0.4)(1.4)
Net income (loss)(55.7)%48.9 %(129.3)%
"} {"question": "If the Per-unit royalty revenue in 2019 increased to 71.3%, what would be the revised change between 2018 and 2019?", "answer": ["47"], "context": "Overview of 2019 Total revenues for 2019 were $36.0 million, a decrease of $75.0 million, or 68%, versus 2018. The decrease was primarily driven by the $70.9 million decrease in fixed fee license revenue and the $4.0 million decrease in per-unit royalty revenue. For 2019, we had a net loss of $20.0 million as compared to $54.3 million of net income for 2018. The $74.4 million decrease in net income was mainly related to the $75.0 million decrease in total revenue partially offset by a $0.5 million decrease in cost and operating expenses for 2019 compared to 2018. We adopted ASC 606, effective January 1, 2018. Consistent with the modified retrospective transaction method, our results of operations for periods prior to the adoption of ASC 606 remain unchanged. As a result, the change in total revenues from 2018 to 2019 included a component of accounting policy change arising from the adoption of ASC 606. The following table sets forth our consolidated statements of income data as a percentage of total revenues:
Years Ended December 31,
201920182017
Revenues:
Fixed fee license revenue35.1 %75.3 %36.0 %
Per-unit royalty revenue64.024.361.4
Total royalty and license revenue99.199.697.4
Development, services, and other0.90.42.6
Total revenues100.0100.0100.0
Costs and expenses:
Cost of revenues0.50.20.6
Sales and marketing17.95.538.6
Research and development21.88.833.6
General and administrative119.437.7152.4
Restructuring costs——4.6
Total costs and expenses159.652.2229.8
Operating income (loss)(59.6)47.8(129.8)
Interest and other income5.01.71.0
Other expense0.2(0.2)0.9
Income (loss) before provision for income taxes(54.4)49.3(127.9)
Provision for income taxes(1.3)(0.4)(1.4)
Net income (loss)(55.7)%48.9 %(129.3)%
"} {"question": "If the Fixed fee license revenue in 2019 increased to 51.1%, what would be the revised average for 2018 and 2019?", "answer": ["63.2"], "context": "Overview of 2019 Total revenues for 2019 were $36.0 million, a decrease of $75.0 million, or 68%, versus 2018. The decrease was primarily driven by the $70.9 million decrease in fixed fee license revenue and the $4.0 million decrease in per-unit royalty revenue. For 2019, we had a net loss of $20.0 million as compared to $54.3 million of net income for 2018. The $74.4 million decrease in net income was mainly related to the $75.0 million decrease in total revenue partially offset by a $0.5 million decrease in cost and operating expenses for 2019 compared to 2018. We adopted ASC 606, effective January 1, 2018. Consistent with the modified retrospective transaction method, our results of operations for periods prior to the adoption of ASC 606 remain unchanged. As a result, the change in total revenues from 2018 to 2019 included a component of accounting policy change arising from the adoption of ASC 606. The following table sets forth our consolidated statements of income data as a percentage of total revenues:
Years Ended December 31,
201920182017
Revenues:
Fixed fee license revenue35.1 %75.3 %36.0 %
Per-unit royalty revenue64.024.361.4
Total royalty and license revenue99.199.697.4
Development, services, and other0.90.42.6
Total revenues100.0100.0100.0
Costs and expenses:
Cost of revenues0.50.20.6
Sales and marketing17.95.538.6
Research and development21.88.833.6
General and administrative119.437.7152.4
Restructuring costs——4.6
Total costs and expenses159.652.2229.8
Operating income (loss)(59.6)47.8(129.8)
Interest and other income5.01.71.0
Other expense0.2(0.2)0.9
Income (loss) before provision for income taxes(54.4)49.3(127.9)
Provision for income taxes(1.3)(0.4)(1.4)
Net income (loss)(55.7)%48.9 %(129.3)%
"} {"question": "What would be the difference in tangible assets acquired between Sumitomo and SmartRG if tangible assets acquired from Sumitomo was $8,000 thousand instead?", "answer": ["594"], "context": "Note 2 – Business Combinations In November 2018, we acquired SmartRG, Inc., a provider of carrier-class, open-source connected home platforms and cloud services for broadband service providers for cash consideration. This transaction was accounted for as a business combination. We have included the financial results of this acquisition in our consolidated financial statements since the date of acquisition. These revenues are included in the Subscriber Solutions & Experience category within the Network Solutions and Services & Support reportable segments. Contingent liabilities with a fair value totaling $1.2 million were recognized at the acquisition date, the payments of which were dependent upon SmartRG achieving future revenue, EBIT or customer purchase order milestones during the first half of 2019. The required milestones were not achieved and therefore, we recognized a gain of $1.2 million upon the reversal of these liabilities during the second quarter of 2019. An escrow in the amount of $2.8 million was set up at the acquisition date to fund post-closing working capital settlements and to satisfy indemnity obligations to the Company arising from any inaccuracy or breach of representations, warranties, covenants, agreements or obligations of the sellers. The escrow is subject to arbitration. In December 2019, $1.3 million of the $2.8 million was released from the escrow account pursuant to the agreement, with the final settlement of the remaining balance expected during the fourth quarter of 2020. The remaining minimum and maximum potential release of funds to the seller ranges from no payment to $1.5 million. We recorded goodwill of $3.5 million as a result of this acquisition, which represents the excess of the purchase price over the fair value of net assets acquired and liabilities assumed. We assessed the recognition and measurement of the assets acquired and liabilities assumed based on historical and forecasted data for future periods and concluded that our valuation procedures and resulting measures were appropriate. On March 19, 2018, we acquired Sumitomo Electric Lightwave Corp.’s (SEL) North American EPON business and entered into a technology license and OEM supply agreement with Sumitomo Electric Industries, Ltd. (SEI). This acquisition establishes ADTRAN as the North American market leader for EPON solutions for the cable MSO industry and it will accelerate the MSO market’s adoption of our open, programmable and scalable architectures. This transaction was accounted for as a business combination. We have included the financial results of this acquisition in our consolidated financial statements since the date of acquisition. These revenues are included in the Access & Aggregation and Subscriber Solutions & Experience categories within the Network Solutions reportable segment. We recorded a bargain purchase gain of $11.3 million during the first quarter of 2018, net of income taxes, which is subject to customary working capital adjustments between the parties. The bargain purchase gain of $11.3 million represents the difference between the fair-value of the net assets acquired over the cash paid. SEI, an OEM supplier based in Japan, is the global market leader in EPON. SEI’s Broadband Networks Division, through its SEL subsidiary, operated a North American EPON business that included sales, marketing, support, and region-specific engineering development. The North American EPON market is primarily driven by the Tier 1 cable MSO operators and has developed more slowly than anticipated. Through the transaction, SEI divested its North American EPON assets and established a relationship with ADTRAN. The transfer of these assets to ADTRAN, which included key customer relationships and a required assumption by ADTRAN of relatively low incremental expenses, along with the value of the technology license and OEM supply agreement, resulted in the bargain purchase gain. We have assessed the recognition and measurement of the assets acquired and liabilities assumed based on historical and forecasted data for future periods and we have concluded that our valuation procedures and resulting measures were appropriate. The gain is included in the line item ”Gain on bargain purchase of a business” in the 2018 Consolidated Statements of Income. The final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date for SmartRG and the final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date for Sumitomo are as follows: (In thousands)
(In thousands)SumitomoSmartRG
Assets
Tangible assets aquired$1,006$8,594
Intangible assets22,1009,960
Goodwill—3,476
Total assets acquired23,10622,030
Liabilities
Liabilities Assumed(3,978)(6,001)
Total liabilities assumed(3,978)(6,001)
Total net assets19,12816,029
Gain on bargain purchase of a business, net of tax(11,322)—
Total purchase price$7,806$16,029
"} {"question": "What would be the difference in total purchase price between Sumitomo and SmartRG if the total purchase price for SmartRG was $15,000 thousand instead?", "answer": ["7194"], "context": "Note 2 – Business Combinations In November 2018, we acquired SmartRG, Inc., a provider of carrier-class, open-source connected home platforms and cloud services for broadband service providers for cash consideration. This transaction was accounted for as a business combination. We have included the financial results of this acquisition in our consolidated financial statements since the date of acquisition. These revenues are included in the Subscriber Solutions & Experience category within the Network Solutions and Services & Support reportable segments. Contingent liabilities with a fair value totaling $1.2 million were recognized at the acquisition date, the payments of which were dependent upon SmartRG achieving future revenue, EBIT or customer purchase order milestones during the first half of 2019. The required milestones were not achieved and therefore, we recognized a gain of $1.2 million upon the reversal of these liabilities during the second quarter of 2019. An escrow in the amount of $2.8 million was set up at the acquisition date to fund post-closing working capital settlements and to satisfy indemnity obligations to the Company arising from any inaccuracy or breach of representations, warranties, covenants, agreements or obligations of the sellers. The escrow is subject to arbitration. In December 2019, $1.3 million of the $2.8 million was released from the escrow account pursuant to the agreement, with the final settlement of the remaining balance expected during the fourth quarter of 2020. The remaining minimum and maximum potential release of funds to the seller ranges from no payment to $1.5 million. We recorded goodwill of $3.5 million as a result of this acquisition, which represents the excess of the purchase price over the fair value of net assets acquired and liabilities assumed. We assessed the recognition and measurement of the assets acquired and liabilities assumed based on historical and forecasted data for future periods and concluded that our valuation procedures and resulting measures were appropriate. On March 19, 2018, we acquired Sumitomo Electric Lightwave Corp.’s (SEL) North American EPON business and entered into a technology license and OEM supply agreement with Sumitomo Electric Industries, Ltd. (SEI). This acquisition establishes ADTRAN as the North American market leader for EPON solutions for the cable MSO industry and it will accelerate the MSO market’s adoption of our open, programmable and scalable architectures. This transaction was accounted for as a business combination. We have included the financial results of this acquisition in our consolidated financial statements since the date of acquisition. These revenues are included in the Access & Aggregation and Subscriber Solutions & Experience categories within the Network Solutions reportable segment. We recorded a bargain purchase gain of $11.3 million during the first quarter of 2018, net of income taxes, which is subject to customary working capital adjustments between the parties. The bargain purchase gain of $11.3 million represents the difference between the fair-value of the net assets acquired over the cash paid. SEI, an OEM supplier based in Japan, is the global market leader in EPON. SEI’s Broadband Networks Division, through its SEL subsidiary, operated a North American EPON business that included sales, marketing, support, and region-specific engineering development. The North American EPON market is primarily driven by the Tier 1 cable MSO operators and has developed more slowly than anticipated. Through the transaction, SEI divested its North American EPON assets and established a relationship with ADTRAN. The transfer of these assets to ADTRAN, which included key customer relationships and a required assumption by ADTRAN of relatively low incremental expenses, along with the value of the technology license and OEM supply agreement, resulted in the bargain purchase gain. We have assessed the recognition and measurement of the assets acquired and liabilities assumed based on historical and forecasted data for future periods and we have concluded that our valuation procedures and resulting measures were appropriate. The gain is included in the line item ”Gain on bargain purchase of a business” in the 2018 Consolidated Statements of Income. The final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date for SmartRG and the final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date for Sumitomo are as follows: (In thousands)
(In thousands)SumitomoSmartRG
Assets
Tangible assets aquired$1,006$8,594
Intangible assets22,1009,960
Goodwill—3,476
Total assets acquired23,10622,030
Liabilities
Liabilities Assumed(3,978)(6,001)
Total liabilities assumed(3,978)(6,001)
Total net assets19,12816,029
Gain on bargain purchase of a business, net of tax(11,322)—
Total purchase price$7,806$16,029
"} {"question": "What would be the total net assets of SmartRG as a ratio of the total net assets of Sumitomo if the total net assets of Sumitomo was $25,000 thousand instead?", "answer": ["0.64"], "context": "Note 2 – Business Combinations In November 2018, we acquired SmartRG, Inc., a provider of carrier-class, open-source connected home platforms and cloud services for broadband service providers for cash consideration. This transaction was accounted for as a business combination. We have included the financial results of this acquisition in our consolidated financial statements since the date of acquisition. These revenues are included in the Subscriber Solutions & Experience category within the Network Solutions and Services & Support reportable segments. Contingent liabilities with a fair value totaling $1.2 million were recognized at the acquisition date, the payments of which were dependent upon SmartRG achieving future revenue, EBIT or customer purchase order milestones during the first half of 2019. The required milestones were not achieved and therefore, we recognized a gain of $1.2 million upon the reversal of these liabilities during the second quarter of 2019. An escrow in the amount of $2.8 million was set up at the acquisition date to fund post-closing working capital settlements and to satisfy indemnity obligations to the Company arising from any inaccuracy or breach of representations, warranties, covenants, agreements or obligations of the sellers. The escrow is subject to arbitration. In December 2019, $1.3 million of the $2.8 million was released from the escrow account pursuant to the agreement, with the final settlement of the remaining balance expected during the fourth quarter of 2020. The remaining minimum and maximum potential release of funds to the seller ranges from no payment to $1.5 million. We recorded goodwill of $3.5 million as a result of this acquisition, which represents the excess of the purchase price over the fair value of net assets acquired and liabilities assumed. We assessed the recognition and measurement of the assets acquired and liabilities assumed based on historical and forecasted data for future periods and concluded that our valuation procedures and resulting measures were appropriate. On March 19, 2018, we acquired Sumitomo Electric Lightwave Corp.’s (SEL) North American EPON business and entered into a technology license and OEM supply agreement with Sumitomo Electric Industries, Ltd. (SEI). This acquisition establishes ADTRAN as the North American market leader for EPON solutions for the cable MSO industry and it will accelerate the MSO market’s adoption of our open, programmable and scalable architectures. This transaction was accounted for as a business combination. We have included the financial results of this acquisition in our consolidated financial statements since the date of acquisition. These revenues are included in the Access & Aggregation and Subscriber Solutions & Experience categories within the Network Solutions reportable segment. We recorded a bargain purchase gain of $11.3 million during the first quarter of 2018, net of income taxes, which is subject to customary working capital adjustments between the parties. The bargain purchase gain of $11.3 million represents the difference between the fair-value of the net assets acquired over the cash paid. SEI, an OEM supplier based in Japan, is the global market leader in EPON. SEI’s Broadband Networks Division, through its SEL subsidiary, operated a North American EPON business that included sales, marketing, support, and region-specific engineering development. The North American EPON market is primarily driven by the Tier 1 cable MSO operators and has developed more slowly than anticipated. Through the transaction, SEI divested its North American EPON assets and established a relationship with ADTRAN. The transfer of these assets to ADTRAN, which included key customer relationships and a required assumption by ADTRAN of relatively low incremental expenses, along with the value of the technology license and OEM supply agreement, resulted in the bargain purchase gain. We have assessed the recognition and measurement of the assets acquired and liabilities assumed based on historical and forecasted data for future periods and we have concluded that our valuation procedures and resulting measures were appropriate. The gain is included in the line item ”Gain on bargain purchase of a business” in the 2018 Consolidated Statements of Income. The final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date for SmartRG and the final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date for Sumitomo are as follows: (In thousands)
(In thousands)SumitomoSmartRG
Assets
Tangible assets aquired$1,006$8,594
Intangible assets22,1009,960
Goodwill—3,476
Total assets acquired23,10622,030
Liabilities
Liabilities Assumed(3,978)(6,001)
Total liabilities assumed(3,978)(6,001)
Total net assets19,12816,029
Gain on bargain purchase of a business, net of tax(11,322)—
Total purchase price$7,806$16,029
"} {"question": "If the Selling, general and administrative expenses in December 31, 2019 is increased to 367 million, what is the revised average for the period December 31, 2019 and September 29, 2019?", "answer": ["317"], "context": "The amount of our operating expenses increased by $43 million on a sequential basis, mainly driven by seasonality and salary dynamic. On a year-over-year basis, our operating expenses increased by $42 million, mainly due to salary dynamic and increased spending on certain R&D programs, partially offset by favorable currency effects, net of hedging. Fourth quarter 2019 R&D expenses were net of research tax credits in France and Italy, which amounted to $37 million, compared to $29 million in the third quarter of 2019 and $39 million in the fourth quarter of 2018.
Three Months Ended% Variation
December 31, 2019September 29, 2019December 31, 2018SequentialYear-Over-Year
(Unaudited, in millions)
Selling, general and administrative expenses$(285)$(267)$(285)(6.3)%0.4%
Research and development expenses(387)(362)(345)(7.0)(12.3)
Total operating expenses$(672)$(629)$(630)(6.7)%(6.6)%
As percentage of net revenues(24.4)%(24.7)%(23.8)%+30 bps-60 bps
"} {"question": "If the Research and development expenses in 2019 is increased to 481 million, what is the revised average for the period December 31, 2019 and 2018?", "answer": ["413"], "context": "The amount of our operating expenses increased by $43 million on a sequential basis, mainly driven by seasonality and salary dynamic. On a year-over-year basis, our operating expenses increased by $42 million, mainly due to salary dynamic and increased spending on certain R&D programs, partially offset by favorable currency effects, net of hedging. Fourth quarter 2019 R&D expenses were net of research tax credits in France and Italy, which amounted to $37 million, compared to $29 million in the third quarter of 2019 and $39 million in the fourth quarter of 2018.
Three Months Ended% Variation
December 31, 2019September 29, 2019December 31, 2018SequentialYear-Over-Year
(Unaudited, in millions)
Selling, general and administrative expenses$(285)$(267)$(285)(6.3)%0.4%
Research and development expenses(387)(362)(345)(7.0)(12.3)
Total operating expenses$(672)$(629)$(630)(6.7)%(6.6)%
As percentage of net revenues(24.4)%(24.7)%(23.8)%+30 bps-60 bps
"} {"question": "What would be the increase/ (decrease) of total operating expenses if the expenses in 2019 is reduced to 567 million?", "answer": ["-63"], "context": "The amount of our operating expenses increased by $43 million on a sequential basis, mainly driven by seasonality and salary dynamic. On a year-over-year basis, our operating expenses increased by $42 million, mainly due to salary dynamic and increased spending on certain R&D programs, partially offset by favorable currency effects, net of hedging. Fourth quarter 2019 R&D expenses were net of research tax credits in France and Italy, which amounted to $37 million, compared to $29 million in the third quarter of 2019 and $39 million in the fourth quarter of 2018.
Three Months Ended% Variation
December 31, 2019September 29, 2019December 31, 2018SequentialYear-Over-Year
(Unaudited, in millions)
Selling, general and administrative expenses$(285)$(267)$(285)(6.3)%0.4%
Research and development expenses(387)(362)(345)(7.0)(12.3)
Total operating expenses$(672)$(629)$(630)(6.7)%(6.6)%
As percentage of net revenues(24.4)%(24.7)%(23.8)%+30 bps-60 bps
"} {"question": "What is the average number of basic weighted-average shares outstanding from 2017-2019 if the value in 2019 is 30,000 instead?", "answer": ["29709.67"], "context": "15. AVERAGE SHARES OUTSTANDING Our basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive common shares include nonvested stock awards and units, stock options, and non-management director stock equivalents. Performance share awards are included in the average diluted shares outstanding each period if the performance criteria have been met at the end of the respective periods. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding in each fiscal year (in thousands):
201920182017
Weighted-average shares outstanding — basic25,82328,49930,630
Effect of potentially dilutive securities:
Nonvested stock awards and units211240182
Stock options104059
Performance share awards242843
Weighted-average shares outstanding — diluted26,06828,80730,914
Excluded from diluted weighted-average shares outstanding:
Antidilutive18615076
Performance conditions not satisfied at the end of the period654453
"} {"question": "What is the difference in nonvested stock awards and units between 2018 and 2019 if the value in 2018 is 300 instead?", "answer": ["89"], "context": "15. AVERAGE SHARES OUTSTANDING Our basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive common shares include nonvested stock awards and units, stock options, and non-management director stock equivalents. Performance share awards are included in the average diluted shares outstanding each period if the performance criteria have been met at the end of the respective periods. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding in each fiscal year (in thousands):
201920182017
Weighted-average shares outstanding — basic25,82328,49930,630
Effect of potentially dilutive securities:
Nonvested stock awards and units211240182
Stock options104059
Performance share awards242843
Weighted-average shares outstanding — diluted26,06828,80730,914
Excluded from diluted weighted-average shares outstanding:
Antidilutive18615076
Performance conditions not satisfied at the end of the period654453
"} {"question": "What is the percentage constitution of performance share awards among the total diluted weighted-average shares outstanding in 2018 if the value of performance share awards was 100 instead?", "answer": ["0.35"], "context": "15. AVERAGE SHARES OUTSTANDING Our basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive common shares include nonvested stock awards and units, stock options, and non-management director stock equivalents. Performance share awards are included in the average diluted shares outstanding each period if the performance criteria have been met at the end of the respective periods. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding in each fiscal year (in thousands):
201920182017
Weighted-average shares outstanding — basic25,82328,49930,630
Effect of potentially dilutive securities:
Nonvested stock awards and units211240182
Stock options104059
Performance share awards242843
Weighted-average shares outstanding — diluted26,06828,80730,914
Excluded from diluted weighted-average shares outstanding:
Antidilutive18615076
Performance conditions not satisfied at the end of the period654453
"} {"question": "In which year would the weighted-average grant-date fair value of restricted share awards granted be the largest if the amount in 2019 was $97.77 instead?", "answer": ["2019"], "context": "Restricted Share Awards Restricted share awards, which are generally in the form of restricted share units, are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. All restrictions on an award will lapse upon death or disability of the employee. If the employee satisfies retirement requirements, a portion of the award may vest, depending on the terms and conditions of the particular grant. Recipients of restricted share units have no voting rights, but do receive dividend equivalents. For grants that vest through passage of time, the fair value of the award at the time of the grant is amortized to expense over the period of vesting. The fair value of restricted share awards is determined based on the closing value of our shares on the grant date. Restricted share awards generally vest in increments over a period of four years as determined by the management development and compensation committee. Restricted share award activity was as follows: The weighted-average grant-date fair value of restricted share awards granted during fiscal 2019, 2018, and 2017 was $77.77, $93.45, and $67.72, respectively. The total fair value of restricted share awards that vested during fiscal 2019, 2018, and 2017 was $48 million, $50 million, and $50 million, respectively. As of fiscal year end 2019, there was $64 million of unrecognized compensation expense related to nonvested restricted share awards, which is expected to be recognized over a weighted-average period of 1.7 years.
SharesWeighted-Average Grant-Date Fair Value
Nonvested at fiscal year end 20181,631,470$ 75.39
Granted692,89977.77
Vested(689,040)70.31
Forfeited(232,910)78.80
Nonvested at fiscal year end 20191,402,419$ 78.36
"} {"question": "What would the change in the Weighted-Average Grant-Date Fair Value for nonvested shares in 2019 from 2018 be if the weighted-average grant-date fair value in 2019 was $78.39 instead?", "answer": ["3"], "context": "Restricted Share Awards Restricted share awards, which are generally in the form of restricted share units, are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. All restrictions on an award will lapse upon death or disability of the employee. If the employee satisfies retirement requirements, a portion of the award may vest, depending on the terms and conditions of the particular grant. Recipients of restricted share units have no voting rights, but do receive dividend equivalents. For grants that vest through passage of time, the fair value of the award at the time of the grant is amortized to expense over the period of vesting. The fair value of restricted share awards is determined based on the closing value of our shares on the grant date. Restricted share awards generally vest in increments over a period of four years as determined by the management development and compensation committee. Restricted share award activity was as follows: The weighted-average grant-date fair value of restricted share awards granted during fiscal 2019, 2018, and 2017 was $77.77, $93.45, and $67.72, respectively. The total fair value of restricted share awards that vested during fiscal 2019, 2018, and 2017 was $48 million, $50 million, and $50 million, respectively. As of fiscal year end 2019, there was $64 million of unrecognized compensation expense related to nonvested restricted share awards, which is expected to be recognized over a weighted-average period of 1.7 years.
SharesWeighted-Average Grant-Date Fair Value
Nonvested at fiscal year end 20181,631,470$ 75.39
Granted692,89977.77
Vested(689,040)70.31
Forfeited(232,910)78.80
Nonvested at fiscal year end 20191,402,419$ 78.36
"} {"question": "What would the percentage change in the Weighted-Average Grant-Date Fair Value for nonvested shares in 2019 from 2018 be if the weighted-average grant-date fair value in 2019 was $78.39 instead?", "answer": ["3.98"], "context": "Restricted Share Awards Restricted share awards, which are generally in the form of restricted share units, are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. All restrictions on an award will lapse upon death or disability of the employee. If the employee satisfies retirement requirements, a portion of the award may vest, depending on the terms and conditions of the particular grant. Recipients of restricted share units have no voting rights, but do receive dividend equivalents. For grants that vest through passage of time, the fair value of the award at the time of the grant is amortized to expense over the period of vesting. The fair value of restricted share awards is determined based on the closing value of our shares on the grant date. Restricted share awards generally vest in increments over a period of four years as determined by the management development and compensation committee. Restricted share award activity was as follows: The weighted-average grant-date fair value of restricted share awards granted during fiscal 2019, 2018, and 2017 was $77.77, $93.45, and $67.72, respectively. The total fair value of restricted share awards that vested during fiscal 2019, 2018, and 2017 was $48 million, $50 million, and $50 million, respectively. As of fiscal year end 2019, there was $64 million of unrecognized compensation expense related to nonvested restricted share awards, which is expected to be recognized over a weighted-average period of 1.7 years.
SharesWeighted-Average Grant-Date Fair Value
Nonvested at fiscal year end 20181,631,470$ 75.39
Granted692,89977.77
Vested(689,040)70.31
Forfeited(232,910)78.80
Nonvested at fiscal year end 20191,402,419$ 78.36
"} {"question": "What is the change in expected volatility between 2018 and 2019 if the expected volatility in 2018 is 20.0% instead?", "answer": ["5"], "context": "Share-based payments expense for the period was $62,028,117 (2018: $57,710,434). The variables in the table below are used as inputs into the model to determine the fair value of performance rights. (1) Grant date represents the offer acceptance date. (2) The expected volatility is based on the historical implied volatility calculated based on the weighted average remaining life of the performance rights adjusted for any expected changes to future volatility due to publicly available information.
20192018
F19 LTIF18 LTI
Grant date (1)30 Nov 201831 Oct 2017
Performance period start date1 Jul 20181 Jul 2017
Exercise date1 Jul 20211 Jul 2020
Expected volatility (2)15.0%16.0%
Expected dividend yield4.0%4.0%
Risk-free interest rate2.1%1.9%
Weighted average fair value at grant date$24.63$20.23
"} {"question": "What is the average risk-free interest rate for 2018 and 2019 if the risk-free interest rate in 2019 is 3.1% instead?", "answer": ["2.5"], "context": "Share-based payments expense for the period was $62,028,117 (2018: $57,710,434). The variables in the table below are used as inputs into the model to determine the fair value of performance rights. (1) Grant date represents the offer acceptance date. (2) The expected volatility is based on the historical implied volatility calculated based on the weighted average remaining life of the performance rights adjusted for any expected changes to future volatility due to publicly available information.
20192018
F19 LTIF18 LTI
Grant date (1)30 Nov 201831 Oct 2017
Performance period start date1 Jul 20181 Jul 2017
Exercise date1 Jul 20211 Jul 2020
Expected volatility (2)15.0%16.0%
Expected dividend yield4.0%4.0%
Risk-free interest rate2.1%1.9%
Weighted average fair value at grant date$24.63$20.23
"} {"question": "What is the change in expected dividend yield between 2018 and 2019 if the expected dividend yield in 2019 is 5.0% instead?", "answer": ["1"], "context": "Share-based payments expense for the period was $62,028,117 (2018: $57,710,434). The variables in the table below are used as inputs into the model to determine the fair value of performance rights. (1) Grant date represents the offer acceptance date. (2) The expected volatility is based on the historical implied volatility calculated based on the weighted average remaining life of the performance rights adjusted for any expected changes to future volatility due to publicly available information.
20192018
F19 LTIF18 LTI
Grant date (1)30 Nov 201831 Oct 2017
Performance period start date1 Jul 20181 Jul 2017
Exercise date1 Jul 20211 Jul 2020
Expected volatility (2)15.0%16.0%
Expected dividend yield4.0%4.0%
Risk-free interest rate2.1%1.9%
Weighted average fair value at grant date$24.63$20.23
"} {"question": "What would the sum of total operating lease obligations and Long-term debt obligations including interest be if operating lease obligations was $90,000 thousand instead?", "answer": ["424500"], "context": "Contractual Obligations Our principal commitments consist of obligations for outstanding debt, leases for our office space, contractual commitments for professional service projects, and third-party consulting firms. The following table summarizes our contractual obligations at December 31, 2019 (in thousands):
Payment Due by period
TotalLess than 1 Year1-3 Years3-5 YearsMore than 5 Years
Long-term debt obligations including interest$334,500$17,250$317,250$—$—
Operating lease obligations82,8959,43447,41015,22610,825
Software subscription and other contractual obligations18,72612,3716,355——
$436,121$39,055$371,015$15,226$10,825
"} {"question": "What would the percentage of the total obligations that consists of software subscription and other contractual obligations be if total obligations were $450,000 thousand, without change in Software subscription and other contractual obligations?", "answer": ["4.16"], "context": "Contractual Obligations Our principal commitments consist of obligations for outstanding debt, leases for our office space, contractual commitments for professional service projects, and third-party consulting firms. The following table summarizes our contractual obligations at December 31, 2019 (in thousands):
Payment Due by period
TotalLess than 1 Year1-3 Years3-5 YearsMore than 5 Years
Long-term debt obligations including interest$334,500$17,250$317,250$—$—
Operating lease obligations82,8959,43447,41015,22610,825
Software subscription and other contractual obligations18,72612,3716,355——
$436,121$39,055$371,015$15,226$10,825
"} {"question": "What would the percentage of the total obligations that consists of payments due in 1-3 years be if total obligations were $450,000 thousand without change to payments due in 1-3 years?", "answer": ["82.45"], "context": "Contractual Obligations Our principal commitments consist of obligations for outstanding debt, leases for our office space, contractual commitments for professional service projects, and third-party consulting firms. The following table summarizes our contractual obligations at December 31, 2019 (in thousands):
Payment Due by period
TotalLess than 1 Year1-3 Years3-5 YearsMore than 5 Years
Long-term debt obligations including interest$334,500$17,250$317,250$—$—
Operating lease obligations82,8959,43447,41015,22610,825
Software subscription and other contractual obligations18,72612,3716,355——
$436,121$39,055$371,015$15,226$10,825
"} {"question": "Between April 1 - April 30, 2019 and May 1 - May 31, 2019, which period would have a greater amount of maximum number of shares that may yet be purchased under the plans if the latter was 3,500,000 instead of 3,482,713?", "answer": ["April 1 - April 30, 2019"], "context": "Issuer Purchases of Equity Securities The following shares of the Company were repurchased during the quarter ended June 30, 2019: (1) 250,000 shares were purchased through a publicly announced repurchase plan. There were no shares surrendered to the Company to satisfy tax withholding obligations in connection with employee restricted stock awards. (2) Total stock repurchase authorizations approved by the Company’s Board of Directors as of February 17, 2015 were for 30.0 million shares. These authorizations have no specific dollar or share price targets and no expiration dates.
Total Number of Shares Purchased (1)Average Price of ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans (1)Maximum Number of Shares that May Yet Be Purchased Under the Plans (2)
April 1 - April 30, 2019—$——3,732,713
May 1 - May 31, 2019250,000$134.35250,0003,482,713
June 1 - June 30, 2019—$——3,482,713
Total250,000$134.35250,0003,482,713
"} {"question": "What would be the cost of the shares purchased from May 1 - May 31, 2019 if average price per share was $135 instead of $134.35?", "answer": ["33750000"], "context": "Issuer Purchases of Equity Securities The following shares of the Company were repurchased during the quarter ended June 30, 2019: (1) 250,000 shares were purchased through a publicly announced repurchase plan. There were no shares surrendered to the Company to satisfy tax withholding obligations in connection with employee restricted stock awards. (2) Total stock repurchase authorizations approved by the Company’s Board of Directors as of February 17, 2015 were for 30.0 million shares. These authorizations have no specific dollar or share price targets and no expiration dates.
Total Number of Shares Purchased (1)Average Price of ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans (1)Maximum Number of Shares that May Yet Be Purchased Under the Plans (2)
April 1 - April 30, 2019—$——3,732,713
May 1 - May 31, 2019250,000$134.35250,0003,482,713
June 1 - June 30, 2019—$——3,482,713
Total250,000$134.35250,0003,482,713
"} {"question": "What percentage of maximum shares that may yet be purchased under the plans as at April 1 - April 30, 2019 would be the maximum number of shares that may be purchased as at May 1 - May 31,2019 if the latter was 3,400,000 instead of 3,482,713?", "answer": ["91.09"], "context": "Issuer Purchases of Equity Securities The following shares of the Company were repurchased during the quarter ended June 30, 2019: (1) 250,000 shares were purchased through a publicly announced repurchase plan. There were no shares surrendered to the Company to satisfy tax withholding obligations in connection with employee restricted stock awards. (2) Total stock repurchase authorizations approved by the Company’s Board of Directors as of February 17, 2015 were for 30.0 million shares. These authorizations have no specific dollar or share price targets and no expiration dates.
Total Number of Shares Purchased (1)Average Price of ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans (1)Maximum Number of Shares that May Yet Be Purchased Under the Plans (2)
April 1 - April 30, 2019—$——3,732,713
May 1 - May 31, 2019250,000$134.35250,0003,482,713
June 1 - June 30, 2019—$——3,482,713
Total250,000$134.35250,0003,482,713
"} {"question": "If the Current income tax expense in December 31, 2019 reduced to 22,984 thousand, what would be the revised change between 2018 and 2019)?", "answer": ["5526"], "context": "The components of the provision for income tax expense are as follows: Included in the Company's current income tax expense are provisions for uncertain tax positions relating to freight taxes. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions of the trading activity of its vessels. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at the time. Such information may include legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. The tax years 2008 through 2019 remain open to examination by some of the major jurisdictions in which the Company is subject to tax. (all tabular amounts stated in thousands of U.S. dollars, other than share data and unless otherwise indicated)
Year Ended December 31, 2019Year Ended December 31, 2018Year Ended December 31, 2017
$$$
Current(25,563)(17,458)(11,997)
Deferred81(2,266)(235)
Income tax expense(25,482)(19,724)(12,232)
"} {"question": "Which year would have higher current income tax expense if the value in 2019 was $(20,000) instead?", "answer": ["2019"], "context": "The components of the provision for income tax expense are as follows: Included in the Company's current income tax expense are provisions for uncertain tax positions relating to freight taxes. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions of the trading activity of its vessels. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at the time. Such information may include legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. The tax years 2008 through 2019 remain open to examination by some of the major jurisdictions in which the Company is subject to tax. (all tabular amounts stated in thousands of U.S. dollars, other than share data and unless otherwise indicated)
Year Ended December 31, 2019Year Ended December 31, 2018Year Ended December 31, 2017
$$$
Current(25,563)(17,458)(11,997)
Deferred81(2,266)(235)
Income tax expense(25,482)(19,724)(12,232)
"} {"question": "If the Income tax expense in December 31, 2019 reduced to 21,526 thousand, what would be the revised change between 2018 and 2019?", "answer": ["1802"], "context": "The components of the provision for income tax expense are as follows: Included in the Company's current income tax expense are provisions for uncertain tax positions relating to freight taxes. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions of the trading activity of its vessels. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at the time. Such information may include legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. The tax years 2008 through 2019 remain open to examination by some of the major jurisdictions in which the Company is subject to tax. (all tabular amounts stated in thousands of U.S. dollars, other than share data and unless otherwise indicated)
Year Ended December 31, 2019Year Ended December 31, 2018Year Ended December 31, 2017
$$$
Current(25,563)(17,458)(11,997)
Deferred81(2,266)(235)
Income tax expense(25,482)(19,724)(12,232)
"} {"question": "If Canadian broadband services in 2019 was 1,300,000 million, what was the increase / (decrease)?", "answer": ["94"], "context": "REVENUE (1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN. Fiscal 2019 revenue increased by 8.6% (6.8% in constant currency) resulting from: • a growth in the American broadband services segment mainly due to the impact of the MetroCast acquisition which was included in revenue for only an eight-month period in the prior year combined with strong organic growth and the acquisition of the south Florida fibre network previously owned by FiberLight, LLC (the \"FiberLight acquisition\"); partly offset by • a decrease in the Canadian broadband services segment mainly as a result of: ◦ a decline in primary service units in the fourth quarter of fiscal 2018 and the first quarter of 2019 from lower service activations primarily due to issues resulting from the implementation of a new customer management system; partly offset by ◦ rate increases; and ◦ higher net pricing from consumer sales. For further details on the Corporation’s revenue, please refer to the \"Segmented operating and financial results\" section.
Years ended August 31,
(in thousands of dollars, except percentages)2019 (1) $2018 (2) $Change %Change in constant currency (3) %Foreign exchange impact (3) $
Canadian broadband services1,294,9671,299,906(0.4)(0.4)-
American broadband services1,036,853847,37222.417.937,433
Inter-segment eliminations and other-126(100.0)(100.0)-
2,331,8202,147,4048.66.837,433
"} {"question": "If American broadband services in 2019 was 1,100,000 million, what was the average?", "answer": ["973686"], "context": "REVENUE (1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN. Fiscal 2019 revenue increased by 8.6% (6.8% in constant currency) resulting from: • a growth in the American broadband services segment mainly due to the impact of the MetroCast acquisition which was included in revenue for only an eight-month period in the prior year combined with strong organic growth and the acquisition of the south Florida fibre network previously owned by FiberLight, LLC (the \"FiberLight acquisition\"); partly offset by • a decrease in the Canadian broadband services segment mainly as a result of: ◦ a decline in primary service units in the fourth quarter of fiscal 2018 and the first quarter of 2019 from lower service activations primarily due to issues resulting from the implementation of a new customer management system; partly offset by ◦ rate increases; and ◦ higher net pricing from consumer sales. For further details on the Corporation’s revenue, please refer to the \"Segmented operating and financial results\" section.
Years ended August 31,
(in thousands of dollars, except percentages)2019 (1) $2018 (2) $Change %Change in constant currency (3) %Foreign exchange impact (3) $
Canadian broadband services1,294,9671,299,906(0.4)(0.4)-
American broadband services1,036,853847,37222.417.937,433
Inter-segment eliminations and other-126(100.0)(100.0)-
2,331,8202,147,4048.66.837,433
"} {"question": "If Inter-segment eliminations and other in 2019 was 150 million, what was the increase / (decrease)?", "answer": ["24"], "context": "REVENUE (1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN. Fiscal 2019 revenue increased by 8.6% (6.8% in constant currency) resulting from: • a growth in the American broadband services segment mainly due to the impact of the MetroCast acquisition which was included in revenue for only an eight-month period in the prior year combined with strong organic growth and the acquisition of the south Florida fibre network previously owned by FiberLight, LLC (the \"FiberLight acquisition\"); partly offset by • a decrease in the Canadian broadband services segment mainly as a result of: ◦ a decline in primary service units in the fourth quarter of fiscal 2018 and the first quarter of 2019 from lower service activations primarily due to issues resulting from the implementation of a new customer management system; partly offset by ◦ rate increases; and ◦ higher net pricing from consumer sales. For further details on the Corporation’s revenue, please refer to the \"Segmented operating and financial results\" section.
Years ended August 31,
(in thousands of dollars, except percentages)2019 (1) $2018 (2) $Change %Change in constant currency (3) %Foreign exchange impact (3) $
Canadian broadband services1,294,9671,299,906(0.4)(0.4)-
American broadband services1,036,853847,37222.417.937,433
Inter-segment eliminations and other-126(100.0)(100.0)-
2,331,8202,147,4048.66.837,433
"} {"question": "How many weighted average assumptions are used to measure the fair value of 2017 ESPP rights, if volatility is not an weighted average assumption?", "answer": ["3"], "context": "2017 ESPP In May 2017, we adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each 6 month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31, or the next business day if such date is not a business day. Shares are purchased on the last day of the purchase period. The table below sets forth the weighted average assumptions used to measure the fair value of 2017 ESPP rights: We recognize share-based compensation expense associated with the 2017 ESPP over the duration of the purchase period. We recognized$0.3 million, $0.3 million, and $0.1 million of share-based compensation expense associated with the 2017 ESPP during 2019, 2018, and 2017, respectively. At December 27, 2019, there was no unrecognized share-based compensation expense.
Year Ended
December 27, 2019December 28, 2018December 29, 2017
Weighted average expected term0.5 years0.5 years0.4 years
Risk-free interest rate2.3%1.9%1.1%
Dividend yield0.0%0.0%0.0%
Volatility56.0%52.7%47.8%
"} {"question": "What was the average risk-free interest rate for the 3 year period from 2017 to 2019, if the risk-free interest rate for 2017 was 1.5% instead?", "answer": ["1.9"], "context": "2017 ESPP In May 2017, we adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each 6 month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31, or the next business day if such date is not a business day. Shares are purchased on the last day of the purchase period. The table below sets forth the weighted average assumptions used to measure the fair value of 2017 ESPP rights: We recognize share-based compensation expense associated with the 2017 ESPP over the duration of the purchase period. We recognized$0.3 million, $0.3 million, and $0.1 million of share-based compensation expense associated with the 2017 ESPP during 2019, 2018, and 2017, respectively. At December 27, 2019, there was no unrecognized share-based compensation expense.
Year Ended
December 27, 2019December 28, 2018December 29, 2017
Weighted average expected term0.5 years0.5 years0.4 years
Risk-free interest rate2.3%1.9%1.1%
Dividend yield0.0%0.0%0.0%
Volatility56.0%52.7%47.8%
"} {"question": "How many years during the 3 year period had volatility of greater than 53.0%?", "answer": ["1"], "context": "2017 ESPP In May 2017, we adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each 6 month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31, or the next business day if such date is not a business day. Shares are purchased on the last day of the purchase period. The table below sets forth the weighted average assumptions used to measure the fair value of 2017 ESPP rights: We recognize share-based compensation expense associated with the 2017 ESPP over the duration of the purchase period. We recognized$0.3 million, $0.3 million, and $0.1 million of share-based compensation expense associated with the 2017 ESPP during 2019, 2018, and 2017, respectively. At December 27, 2019, there was no unrecognized share-based compensation expense.
Year Ended
December 27, 2019December 28, 2018December 29, 2017
Weighted average expected term0.5 years0.5 years0.4 years
Risk-free interest rate2.3%1.9%1.1%
Dividend yield0.0%0.0%0.0%
Volatility56.0%52.7%47.8%
"} {"question": "If the Canadian broadband services in 2019 increased to 95,893 what is the revised increase / (decrease)?", "answer": ["6488"], "context": "ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT The acquisitions of property, plant and equipment as well as the capital intensity per operating segment are as follows: (1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section. (2) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN. Fiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 10.6% (11.2% in constant currency) mainly due to lower capital expenditures in the Canadian and American broadband services segments. Fiscal 2019 fourth-quarter capital intensity reached 24.9% compared to 28.7% for the same period of the prior year mainly as a result of lower capital capital expenditures combined with higher revenue.
Three months ended August 31,20192018ChangeChange in constant currency(2)
(in thousands of dollars, except percentages)$$%%
Canadian broadband services79,13289,405(11.5)(11.7)
Capital intensity24.7%28.0%
American broadband services65,96772,914(9.5)(10.5)
Capital intensity25.0%29.6%
Consolidated145,099162,319(10.6)(11.2)
Capital intensity24.9%28.7%
"} {"question": "If the American broadband services in 2019 increased to 99,893 what is the revised increase / (decrease)?", "answer": ["26979"], "context": "ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT The acquisitions of property, plant and equipment as well as the capital intensity per operating segment are as follows: (1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section. (2) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN. Fiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 10.6% (11.2% in constant currency) mainly due to lower capital expenditures in the Canadian and American broadband services segments. Fiscal 2019 fourth-quarter capital intensity reached 24.9% compared to 28.7% for the same period of the prior year mainly as a result of lower capital capital expenditures combined with higher revenue.
Three months ended August 31,20192018ChangeChange in constant currency(2)
(in thousands of dollars, except percentages)$$%%
Canadian broadband services79,13289,405(11.5)(11.7)
Capital intensity24.7%28.0%
American broadband services65,96772,914(9.5)(10.5)
Capital intensity25.0%29.6%
Consolidated145,099162,319(10.6)(11.2)
Capital intensity24.9%28.7%
"} {"question": "If the Consolidated in 2019 increased to 179,893 what is the revised increase / (decrease)?", "answer": ["17574"], "context": "ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT The acquisitions of property, plant and equipment as well as the capital intensity per operating segment are as follows: (1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section. (2) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN. Fiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 10.6% (11.2% in constant currency) mainly due to lower capital expenditures in the Canadian and American broadband services segments. Fiscal 2019 fourth-quarter capital intensity reached 24.9% compared to 28.7% for the same period of the prior year mainly as a result of lower capital capital expenditures combined with higher revenue.
Three months ended August 31,20192018ChangeChange in constant currency(2)
(in thousands of dollars, except percentages)$$%%
Canadian broadband services79,13289,405(11.5)(11.7)
Capital intensity24.7%28.0%
American broadband services65,96772,914(9.5)(10.5)
Capital intensity25.0%29.6%
Consolidated145,099162,319(10.6)(11.2)
Capital intensity24.9%28.7%
"} {"question": "If the Net sales in 2019 is increased to 9,912 million, what is the revised average?", "answer": ["9277.33"], "context": "Our 2019 net revenues decreased 1.1% compared to the prior year, primarily due to a decrease in volumes of approximately 8%, partially compensated by an increase in average selling prices of approximately 7%. The increase in the average selling prices was driven by favorable product mix of approximately 10%, partially offset by a negative pricing effect of approximately 3%. Our 2018 net revenues increased 15.8% compared to the prior year, primarily due to increase in average selling prices of approximately 16%, while volumes remained substantially flat. The increase in the average selling prices was driven by favorable product mix of approximately 18%, partially offset by a negative pricing effect of approximately 2%. Our net revenues registered double-digit growth across all product groups and geographies. In 2019, 2018 and 2017, our largest customer, Apple, accounted for 17.6%, 13.1% and 10.5% of our net revenues, respectively, reported within our three product groups.
Year Ended December 31,Year Ended December 31,Year Ended December 31,% Variation% Variation
2019201820172019 vs 20182018 vs 2017
(in millions)(in millions)(in millions)
Net sales$9,529$9,612$8,308(0.9)%15.7%
Other revenues275239(49.0)36.1
Net revenues$9,556$9,664$8,347(1.1)%15.8%
"} {"question": "If the other revenues in 2019 is increased to 30 million, what is the revised average?", "answer": ["40.33"], "context": "Our 2019 net revenues decreased 1.1% compared to the prior year, primarily due to a decrease in volumes of approximately 8%, partially compensated by an increase in average selling prices of approximately 7%. The increase in the average selling prices was driven by favorable product mix of approximately 10%, partially offset by a negative pricing effect of approximately 3%. Our 2018 net revenues increased 15.8% compared to the prior year, primarily due to increase in average selling prices of approximately 16%, while volumes remained substantially flat. The increase in the average selling prices was driven by favorable product mix of approximately 18%, partially offset by a negative pricing effect of approximately 2%. Our net revenues registered double-digit growth across all product groups and geographies. In 2019, 2018 and 2017, our largest customer, Apple, accounted for 17.6%, 13.1% and 10.5% of our net revenues, respectively, reported within our three product groups.
Year Ended December 31,Year Ended December 31,Year Ended December 31,% Variation% Variation
2019201820172019 vs 20182018 vs 2017
(in millions)(in millions)(in millions)
Net sales$9,529$9,612$8,308(0.9)%15.7%
Other revenues275239(49.0)36.1
Net revenues$9,556$9,664$8,347(1.1)%15.8%
"} {"question": "If the Net revenues in 2019 is increased to 10,912 million, what is the revised average?", "answer": ["9641"], "context": "Our 2019 net revenues decreased 1.1% compared to the prior year, primarily due to a decrease in volumes of approximately 8%, partially compensated by an increase in average selling prices of approximately 7%. The increase in the average selling prices was driven by favorable product mix of approximately 10%, partially offset by a negative pricing effect of approximately 3%. Our 2018 net revenues increased 15.8% compared to the prior year, primarily due to increase in average selling prices of approximately 16%, while volumes remained substantially flat. The increase in the average selling prices was driven by favorable product mix of approximately 18%, partially offset by a negative pricing effect of approximately 2%. Our net revenues registered double-digit growth across all product groups and geographies. In 2019, 2018 and 2017, our largest customer, Apple, accounted for 17.6%, 13.1% and 10.5% of our net revenues, respectively, reported within our three product groups.
Year Ended December 31,Year Ended December 31,Year Ended December 31,% Variation% Variation
2019201820172019 vs 20182018 vs 2017
(in millions)(in millions)(in millions)
Net sales$9,529$9,612$8,308(0.9)%15.7%
Other revenues275239(49.0)36.1
Net revenues$9,556$9,664$8,347(1.1)%15.8%
"} {"question": "What is the median remuneration of employees for the financial year if the median remuneration in the previous year was $96,000?", "answer": ["99552"], "context": "@ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company and hence not stated. @@ In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are in full time employment with any other Tata company and hence not stated. * Relinquished the position of Independent Director w.e.f. July 10, 2018. ** Relinquished the position of Independent Director w.e.f. September 28, 2018. *** Appointed as an Additional and Independent Director w.e.f. December 18, 2018. **** Appointed as an Additional and Independent Director w.e.f. January 10, 2019. ^ Since the remuneration is only for part of the year, the ratio of their remuneration to median remuneration and percentage increase in remuneration is not comparable and hence, not stated. ^^ Remuneration received in FY 2019 is not comparable with remuneration received in FY 2018 and hence, not stated. Particulars of employees The information required under Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given below: a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company and percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer and Company Secretary in the financial year: b. The percentage increase in the median remuneration of employees in the financial year: 3.70 percent c. The number of permanent employees on the rolls of Company: 424,285 d. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: The average annual increase was 6 percent in India. However, during the course of the year, the total increase is approximately 7.2 percent, after accounting for promotions and other event based compensation revisions. Employees outside India received a wage increase varying from 2 percent to 5 percent. The increase in remuneration is in line with the market trends in the respective countries. Increase in the managerial remuneration for the year was 14.66 percent. e. Affirmation that the remuneration is as per the remuneration policy of the Company: The Company affirms that the remuneration is as per the remuneration policy of the Company. f. The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any Member interested in obtaining a copy of the same may write to the Company Secretary.
NameRatio to median remuneration% increase in remuneration in the financial year
Non-executive directors
N Chandrasekaran@--
Aman Mehta51.555.00
V Thyagarajan*^^
Prof Clayton M Christensen**^^
Dr Ron Sommer36.004.76
O P Bhatt35.187.50
Aarthi Subramanian@@--
Dr Pradeep Kumar Khosla24.55^^
Hanne Sorensen***^^
Keki Mistry***^^
Don Callahan****^^
Executive directors
Rajesh Gopinathan262.3028.31
N Ganapathy Subramaniam190.0124.88
Chief Financial Officer
Ramakrishnan V-22.58
Company Secretary
Rajendra Moholkar-18.23
"} {"question": "If the % increase in remuneration for Dr Ron Sommer is 6.00, what is the average % increase in remuneration in the financial year for the Director, Chief Executive Officer, Chief Financial Officer and Company Secretary?", "answer": ["16.07"], "context": "@ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company and hence not stated. @@ In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are in full time employment with any other Tata company and hence not stated. * Relinquished the position of Independent Director w.e.f. July 10, 2018. ** Relinquished the position of Independent Director w.e.f. September 28, 2018. *** Appointed as an Additional and Independent Director w.e.f. December 18, 2018. **** Appointed as an Additional and Independent Director w.e.f. January 10, 2019. ^ Since the remuneration is only for part of the year, the ratio of their remuneration to median remuneration and percentage increase in remuneration is not comparable and hence, not stated. ^^ Remuneration received in FY 2019 is not comparable with remuneration received in FY 2018 and hence, not stated. Particulars of employees The information required under Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given below: a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company and percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer and Company Secretary in the financial year: b. The percentage increase in the median remuneration of employees in the financial year: 3.70 percent c. The number of permanent employees on the rolls of Company: 424,285 d. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: The average annual increase was 6 percent in India. However, during the course of the year, the total increase is approximately 7.2 percent, after accounting for promotions and other event based compensation revisions. Employees outside India received a wage increase varying from 2 percent to 5 percent. The increase in remuneration is in line with the market trends in the respective countries. Increase in the managerial remuneration for the year was 14.66 percent. e. Affirmation that the remuneration is as per the remuneration policy of the Company: The Company affirms that the remuneration is as per the remuneration policy of the Company. f. The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any Member interested in obtaining a copy of the same may write to the Company Secretary.
NameRatio to median remuneration% increase in remuneration in the financial year
Non-executive directors
N Chandrasekaran@--
Aman Mehta51.555.00
V Thyagarajan*^^
Prof Clayton M Christensen**^^
Dr Ron Sommer36.004.76
O P Bhatt35.187.50
Aarthi Subramanian@@--
Dr Pradeep Kumar Khosla24.55^^
Hanne Sorensen***^^
Keki Mistry***^^
Don Callahan****^^
Executive directors
Rajesh Gopinathan262.3028.31
N Ganapathy Subramaniam190.0124.88
Chief Financial Officer
Ramakrishnan V-22.58
Company Secretary
Rajendra Moholkar-18.23
"} {"question": "What ratio to median remuneration would N Ganapathy Subramaniam need to have so that the difference in ratio to median remuneration between the two Executive Directors is 60? ", "answer": ["202.3"], "context": "@ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company and hence not stated. @@ In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are in full time employment with any other Tata company and hence not stated. * Relinquished the position of Independent Director w.e.f. July 10, 2018. ** Relinquished the position of Independent Director w.e.f. September 28, 2018. *** Appointed as an Additional and Independent Director w.e.f. December 18, 2018. **** Appointed as an Additional and Independent Director w.e.f. January 10, 2019. ^ Since the remuneration is only for part of the year, the ratio of their remuneration to median remuneration and percentage increase in remuneration is not comparable and hence, not stated. ^^ Remuneration received in FY 2019 is not comparable with remuneration received in FY 2018 and hence, not stated. Particulars of employees The information required under Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given below: a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company and percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer and Company Secretary in the financial year: b. The percentage increase in the median remuneration of employees in the financial year: 3.70 percent c. The number of permanent employees on the rolls of Company: 424,285 d. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: The average annual increase was 6 percent in India. However, during the course of the year, the total increase is approximately 7.2 percent, after accounting for promotions and other event based compensation revisions. Employees outside India received a wage increase varying from 2 percent to 5 percent. The increase in remuneration is in line with the market trends in the respective countries. Increase in the managerial remuneration for the year was 14.66 percent. e. Affirmation that the remuneration is as per the remuneration policy of the Company: The Company affirms that the remuneration is as per the remuneration policy of the Company. f. The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any Member interested in obtaining a copy of the same may write to the Company Secretary.
NameRatio to median remuneration% increase in remuneration in the financial year
Non-executive directors
N Chandrasekaran@--
Aman Mehta51.555.00
V Thyagarajan*^^
Prof Clayton M Christensen**^^
Dr Ron Sommer36.004.76
O P Bhatt35.187.50
Aarthi Subramanian@@--
Dr Pradeep Kumar Khosla24.55^^
Hanne Sorensen***^^
Keki Mistry***^^
Don Callahan****^^
Executive directors
Rajesh Gopinathan262.3028.31
N Ganapathy Subramaniam190.0124.88
Chief Financial Officer
Ramakrishnan V-22.58
Company Secretary
Rajendra Moholkar-18.23
"} {"question": "If revenue in 2019 was 270,000 thousands, what was the increase / (decrease) in revenue from 2018 to 2019?", "answer": ["23557"], "context": "(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN. REVENUE Fiscal 2019 fourth-quarter revenue increased by 7.0% (6.0% in constant currency). In local currency, revenue amounted to US$199.5 million compared to US$188.1 million for the same period of fiscal 2018. The increase resulted mainly from: • rate increases; • activation of bulk properties in Florida during the fourth quarter of fiscal 2019; • continued growth in Internet service customers; and • the FiberLight acquisition completed in the first quarter of fiscal 2019; partly offset by • a decrease in video service customers. OPERATING EXPENSES Fiscal 2019 fourth-quarter operating expenses increased by 8.6% (7.6% in constant currency) mainly as a result of: • programming rate increases; • the FiberLight acquisition completed in the first quarter of fiscal 2019; • higher compensation expenses due to higher headcount to support growth; and • higher marketing initiatives to drive primary service units growth. ADJUSTED EBITDA Fiscal 2019 fourth-quarter adjusted EBITDA increased by 5.1% (4.1% in constant currency). In local currency, adjusted EBITDA amounted to US$87.4 million compared to US$83.9 million for the same period of fiscal 2018. The increase was mainly due to organic growth combined with the impact of the FiberLight acquisition. ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT Fiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 9.5% (10.5% in constant currency) mainly due to: • lower purchases of customer premise equipment due to the timing of certain initiatives; and • lower capital expenditures due to the timing of certain initiatives; partly offset by • additional capital expenditures related to the expansion in Florida.
Three months ended August 31,2019(1)2018(2)ChangeChange in constant currency(3)Foreign exchange impact(3)
(in thousands of dollars, except percentages)$$%%$
Revenue263,738246,4437.06.02,427
Operating expenses148,215136,5068.67.61,370
Adjusted EBITDA115,523109,9375.14.11,057
Adjusted EBITDA margin43.8%44.6%
Acquisitions of property, plant and equipment65,96772,914(9.5)(10.5)704
Capital intensity25.0%29.6%
"} {"question": "If revenue in 2019 was 150,000 thousands, what was the increase / (decrease) in operating expenses from 2018 to 2019?", "answer": ["13494"], "context": "(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN. REVENUE Fiscal 2019 fourth-quarter revenue increased by 7.0% (6.0% in constant currency). In local currency, revenue amounted to US$199.5 million compared to US$188.1 million for the same period of fiscal 2018. The increase resulted mainly from: • rate increases; • activation of bulk properties in Florida during the fourth quarter of fiscal 2019; • continued growth in Internet service customers; and • the FiberLight acquisition completed in the first quarter of fiscal 2019; partly offset by • a decrease in video service customers. OPERATING EXPENSES Fiscal 2019 fourth-quarter operating expenses increased by 8.6% (7.6% in constant currency) mainly as a result of: • programming rate increases; • the FiberLight acquisition completed in the first quarter of fiscal 2019; • higher compensation expenses due to higher headcount to support growth; and • higher marketing initiatives to drive primary service units growth. ADJUSTED EBITDA Fiscal 2019 fourth-quarter adjusted EBITDA increased by 5.1% (4.1% in constant currency). In local currency, adjusted EBITDA amounted to US$87.4 million compared to US$83.9 million for the same period of fiscal 2018. The increase was mainly due to organic growth combined with the impact of the FiberLight acquisition. ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT Fiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 9.5% (10.5% in constant currency) mainly due to: • lower purchases of customer premise equipment due to the timing of certain initiatives; and • lower capital expenditures due to the timing of certain initiatives; partly offset by • additional capital expenditures related to the expansion in Florida.
Three months ended August 31,2019(1)2018(2)ChangeChange in constant currency(3)Foreign exchange impact(3)
(in thousands of dollars, except percentages)$$%%$
Revenue263,738246,4437.06.02,427
Operating expenses148,215136,5068.67.61,370
Adjusted EBITDA115,523109,9375.14.11,057
Adjusted EBITDA margin43.8%44.6%
Acquisitions of property, plant and equipment65,96772,914(9.5)(10.5)704
Capital intensity25.0%29.6%
"} {"question": "If Adjusted EBITDA in 2019 was 120,000 thousands, what was the average?", "answer": ["114968.5"], "context": "(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN. REVENUE Fiscal 2019 fourth-quarter revenue increased by 7.0% (6.0% in constant currency). In local currency, revenue amounted to US$199.5 million compared to US$188.1 million for the same period of fiscal 2018. The increase resulted mainly from: • rate increases; • activation of bulk properties in Florida during the fourth quarter of fiscal 2019; • continued growth in Internet service customers; and • the FiberLight acquisition completed in the first quarter of fiscal 2019; partly offset by • a decrease in video service customers. OPERATING EXPENSES Fiscal 2019 fourth-quarter operating expenses increased by 8.6% (7.6% in constant currency) mainly as a result of: • programming rate increases; • the FiberLight acquisition completed in the first quarter of fiscal 2019; • higher compensation expenses due to higher headcount to support growth; and • higher marketing initiatives to drive primary service units growth. ADJUSTED EBITDA Fiscal 2019 fourth-quarter adjusted EBITDA increased by 5.1% (4.1% in constant currency). In local currency, adjusted EBITDA amounted to US$87.4 million compared to US$83.9 million for the same period of fiscal 2018. The increase was mainly due to organic growth combined with the impact of the FiberLight acquisition. ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT Fiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 9.5% (10.5% in constant currency) mainly due to: • lower purchases of customer premise equipment due to the timing of certain initiatives; and • lower capital expenditures due to the timing of certain initiatives; partly offset by • additional capital expenditures related to the expansion in Florida.
Three months ended August 31,2019(1)2018(2)ChangeChange in constant currency(3)Foreign exchange impact(3)
(in thousands of dollars, except percentages)$$%%$
Revenue263,738246,4437.06.02,427
Operating expenses148,215136,5068.67.61,370
Adjusted EBITDA115,523109,9375.14.11,057
Adjusted EBITDA margin43.8%44.6%
Acquisitions of property, plant and equipment65,96772,914(9.5)(10.5)704
Capital intensity25.0%29.6%
"} {"question": "In which year would diluted net income per common share be larger if the amount in 2018 was $2.60 instead?", "answer": ["2018"], "context": "Pro Forma Information The following unaudited pro forma information gives effect to the acquisition of AutoGuide as if the acquisition occurred on January 1, 2018 and the acquisition of MiR as if the acquisition occurred on January 1, 2017. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented: Pro forma results for the year ended December 31, 2019 were adjusted to exclude $1.2 million of AutoGuide acquisition related costs and $0.1 million of AutoGuide non-recurring expense related to fair value adjustment to acquisition-date inventory. Pro forma results for the year ended December 31, 2018 were adjusted to include $1.2 million of AutoGuide acquisition related costs and $0.4 million of AutoGuide non-recurring expense related to fair value adjustment to acquisition-date inventory. Pro forma results for the year ended December 31, 2018 were adjusted to exclude $2.9 million of MiR acquisition related costs and $0.4 million of MiR non-recurring expense related to fair value adjustment to acquisition-date inventory.
For the Year Ended
December 31, 2019December 31, 2018
(in thousands, except per share amounts)
Revenues$2,303,737$2,111,373
Net income$464,602$442,082
Net income per common share:
Basic$2.73$2.36
Diluted$2.59$2.30
"} {"question": "What would the change in diluted net income per common share from 2018 to 2019 be if the amount in 2019 was $2.60 instead?", "answer": ["0.3"], "context": "Pro Forma Information The following unaudited pro forma information gives effect to the acquisition of AutoGuide as if the acquisition occurred on January 1, 2018 and the acquisition of MiR as if the acquisition occurred on January 1, 2017. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented: Pro forma results for the year ended December 31, 2019 were adjusted to exclude $1.2 million of AutoGuide acquisition related costs and $0.1 million of AutoGuide non-recurring expense related to fair value adjustment to acquisition-date inventory. Pro forma results for the year ended December 31, 2018 were adjusted to include $1.2 million of AutoGuide acquisition related costs and $0.4 million of AutoGuide non-recurring expense related to fair value adjustment to acquisition-date inventory. Pro forma results for the year ended December 31, 2018 were adjusted to exclude $2.9 million of MiR acquisition related costs and $0.4 million of MiR non-recurring expense related to fair value adjustment to acquisition-date inventory.
For the Year Ended
December 31, 2019December 31, 2018
(in thousands, except per share amounts)
Revenues$2,303,737$2,111,373
Net income$464,602$442,082
Net income per common share:
Basic$2.73$2.36
Diluted$2.59$2.30
"} {"question": "What would the percentage change in diluted net income per common share from 2018 to 2019 be if the amount in 2019 was $2.60 instead?", "answer": ["13.04"], "context": "Pro Forma Information The following unaudited pro forma information gives effect to the acquisition of AutoGuide as if the acquisition occurred on January 1, 2018 and the acquisition of MiR as if the acquisition occurred on January 1, 2017. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented: Pro forma results for the year ended December 31, 2019 were adjusted to exclude $1.2 million of AutoGuide acquisition related costs and $0.1 million of AutoGuide non-recurring expense related to fair value adjustment to acquisition-date inventory. Pro forma results for the year ended December 31, 2018 were adjusted to include $1.2 million of AutoGuide acquisition related costs and $0.4 million of AutoGuide non-recurring expense related to fair value adjustment to acquisition-date inventory. Pro forma results for the year ended December 31, 2018 were adjusted to exclude $2.9 million of MiR acquisition related costs and $0.4 million of MiR non-recurring expense related to fair value adjustment to acquisition-date inventory.
For the Year Ended
December 31, 2019December 31, 2018
(in thousands, except per share amounts)
Revenues$2,303,737$2,111,373
Net income$464,602$442,082
Net income per common share:
Basic$2.73$2.36
Diluted$2.59$2.30
"} {"question": "Which year would the basic earnings per share be the highest if the amount was 0.06 in 2019?", "answer": ["2018"], "context": "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) 29. Earnings/(losses) per share (‘‘EPS’’) Basic earnings/(losses) per share was calculated by dividing the profit/(loss) for the year attributable to the owners of the common shares after deducting the dividend on Preference Shares by the weighted average number of common shares issued and outstanding during the year. Diluted EPS is calculated by dividing the profit/(loss) for the year attributable to the owners of the Group adjusted for the effects of all dilutive potential ordinary shares by the weighted average number of all potential ordinary shares assumed to have been converted into common shares, unless such potential ordinary shares have an antidilutive effect. The following reflects the earnings/(losses) and share data used in the basic and diluted earnings/ (losses) per share computations: The Group excluded the effect of 2,630,173 SARs and 367,162 RSUs in calculating diluted EPS for the year ended December 31, 2019, as they were anti-dilutive (December 31, 2018: 555,453 SARs and 0 RSUs, December 31, 2017: 998,502 SARs and 0 RSUs).
For the year ended December 31,
201720182019
Basic earnings/(loss) per share
Profit/(loss) for the year attributable to owners of the Group15,50647,683(100,661)
Less: Dividends on Preference Shares(10,064)(10,063)(10,063)
Profit/(loss) for the year available to owners of the Group5,44237,620(110,724)
Weighted average number of shares outstanding, basic80,622,78880,792,83780,849,818
Basic earnings/(loss) per share0.070.47(1.37)
Diluted earnings/(loss) per share
Profit/(loss) for the year available to owners of the Group used in the calculation of diluted EPS5,44237,620(110,724)
Weighted average number of shares outstanding, basic80,622,78880,792,83780,849,818
Dilutive potential ordinary shares643,342844,185—
Weighted average number of shares used in the calculation of diluted EPS81,266,13081,637,02280,849,818
Diluted earnings/(loss) per share0.070.46(1.37)
"} {"question": "What would be the change in basic EPS from 2018 to 2019 if the amount was 0.59 in 2019?", "answer": ["0.12"], "context": "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) 29. Earnings/(losses) per share (‘‘EPS’’) Basic earnings/(losses) per share was calculated by dividing the profit/(loss) for the year attributable to the owners of the common shares after deducting the dividend on Preference Shares by the weighted average number of common shares issued and outstanding during the year. Diluted EPS is calculated by dividing the profit/(loss) for the year attributable to the owners of the Group adjusted for the effects of all dilutive potential ordinary shares by the weighted average number of all potential ordinary shares assumed to have been converted into common shares, unless such potential ordinary shares have an antidilutive effect. The following reflects the earnings/(losses) and share data used in the basic and diluted earnings/ (losses) per share computations: The Group excluded the effect of 2,630,173 SARs and 367,162 RSUs in calculating diluted EPS for the year ended December 31, 2019, as they were anti-dilutive (December 31, 2018: 555,453 SARs and 0 RSUs, December 31, 2017: 998,502 SARs and 0 RSUs).
For the year ended December 31,
201720182019
Basic earnings/(loss) per share
Profit/(loss) for the year attributable to owners of the Group15,50647,683(100,661)
Less: Dividends on Preference Shares(10,064)(10,063)(10,063)
Profit/(loss) for the year available to owners of the Group5,44237,620(110,724)
Weighted average number of shares outstanding, basic80,622,78880,792,83780,849,818
Basic earnings/(loss) per share0.070.47(1.37)
Diluted earnings/(loss) per share
Profit/(loss) for the year available to owners of the Group used in the calculation of diluted EPS5,44237,620(110,724)
Weighted average number of shares outstanding, basic80,622,78880,792,83780,849,818
Dilutive potential ordinary shares643,342844,185—
Weighted average number of shares used in the calculation of diluted EPS81,266,13081,637,02280,849,818
Diluted earnings/(loss) per share0.070.46(1.37)
"} {"question": "What would be the percentage change in diluted EPS from 2017 to 2018 if the amount was 0.32 in 2018?", "answer": ["357.14"], "context": "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) 29. Earnings/(losses) per share (‘‘EPS’’) Basic earnings/(losses) per share was calculated by dividing the profit/(loss) for the year attributable to the owners of the common shares after deducting the dividend on Preference Shares by the weighted average number of common shares issued and outstanding during the year. Diluted EPS is calculated by dividing the profit/(loss) for the year attributable to the owners of the Group adjusted for the effects of all dilutive potential ordinary shares by the weighted average number of all potential ordinary shares assumed to have been converted into common shares, unless such potential ordinary shares have an antidilutive effect. The following reflects the earnings/(losses) and share data used in the basic and diluted earnings/ (losses) per share computations: The Group excluded the effect of 2,630,173 SARs and 367,162 RSUs in calculating diluted EPS for the year ended December 31, 2019, as they were anti-dilutive (December 31, 2018: 555,453 SARs and 0 RSUs, December 31, 2017: 998,502 SARs and 0 RSUs).
For the year ended December 31,
201720182019
Basic earnings/(loss) per share
Profit/(loss) for the year attributable to owners of the Group15,50647,683(100,661)
Less: Dividends on Preference Shares(10,064)(10,063)(10,063)
Profit/(loss) for the year available to owners of the Group5,44237,620(110,724)
Weighted average number of shares outstanding, basic80,622,78880,792,83780,849,818
Basic earnings/(loss) per share0.070.47(1.37)
Diluted earnings/(loss) per share
Profit/(loss) for the year available to owners of the Group used in the calculation of diluted EPS5,44237,620(110,724)
Weighted average number of shares outstanding, basic80,622,78880,792,83780,849,818
Dilutive potential ordinary shares643,342844,185—
Weighted average number of shares used in the calculation of diluted EPS81,266,13081,637,02280,849,818
Diluted earnings/(loss) per share0.070.46(1.37)
"} {"question": "What would be the difference between the high and low closing prices per share for common stock in the second quarter of 2019 if the low closing price was $15.00 instead?", "answer": ["2.81"], "context": "Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ADTRAN’s common stock is traded on the NASDAQ Global Select Market under the symbol ADTN. As of February 19, 2020, ADTRAN had 163 stockholders of record and approximately 6,972 beneficial owners of shares held in street name. The following table shows the high and low closing prices per share for our common stock as reported by NASDAQ for the periods indicated.
COMMON STOCK PRICES
2019First QuarterSecond QuarterThird QuarterFourth Quarter
High$15.40$17.81$16.40$11.59
Low$10.49$13.76$ 9.92$ 8.09
"} {"question": "What would be the average low closing price for 2019 if low closing price for first quarter 2019 was $9.90 instead?", "answer": ["10.42"], "context": "Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ADTRAN’s common stock is traded on the NASDAQ Global Select Market under the symbol ADTN. As of February 19, 2020, ADTRAN had 163 stockholders of record and approximately 6,972 beneficial owners of shares held in street name. The following table shows the high and low closing prices per share for our common stock as reported by NASDAQ for the periods indicated.
COMMON STOCK PRICES
2019First QuarterSecond QuarterThird QuarterFourth Quarter
High$15.40$17.81$16.40$11.59
Low$10.49$13.76$ 9.92$ 8.09
"} {"question": "What would be the percentage change in the high closing price between the third and fourth quarter in 2019 if the high closing price in the third quarter was $12.00 instead?", "answer": ["-3.42"], "context": "Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ADTRAN’s common stock is traded on the NASDAQ Global Select Market under the symbol ADTN. As of February 19, 2020, ADTRAN had 163 stockholders of record and approximately 6,972 beneficial owners of shares held in street name. The following table shows the high and low closing prices per share for our common stock as reported by NASDAQ for the periods indicated.
COMMON STOCK PRICES
2019First QuarterSecond QuarterThird QuarterFourth Quarter
High$15.40$17.81$16.40$11.59
Low$10.49$13.76$ 9.92$ 8.09
"} {"question": "How many years did Gross increases for tax positions of the current year exceed $1,000 thousand if Gross increases for tax positions of the current year in 2019 was $1,2000 thousand instead?", "answer": ["2"], "context": "The following is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits (in thousands): The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $ 1.5 million and $4.6 million for the fiscal years ended September 28, 2019 and September 29, 2018, respectively. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The total accrued penalties and net accrued interest with respect to income taxes was approximately $0.2 million for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017. The Company recognized less than $0.1 million of expense for accrued penalties and net accrued interest in the Consolidated Statements of Comprehensive Income for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017.
201920182017
Balance at beginning of fiscal year$5,841$3,115$2,799
Gross increases for tax positions of prior years6221184
Gross increases for tax positions of the current year392,893163
Gross decreases for tax positions of prior years(3,672)(188)(31)
Balance at end of fiscal year2,2705,8413,115
"} {"question": "What would be the change in the Gross increases for tax positions of prior years between 2018 and 2019 if the Gross increases for tax positions of prior years in 2018 was $50 thousand instead?", "answer": ["12"], "context": "The following is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits (in thousands): The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $ 1.5 million and $4.6 million for the fiscal years ended September 28, 2019 and September 29, 2018, respectively. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The total accrued penalties and net accrued interest with respect to income taxes was approximately $0.2 million for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017. The Company recognized less than $0.1 million of expense for accrued penalties and net accrued interest in the Consolidated Statements of Comprehensive Income for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017.
201920182017
Balance at beginning of fiscal year$5,841$3,115$2,799
Gross increases for tax positions of prior years6221184
Gross increases for tax positions of the current year392,893163
Gross decreases for tax positions of prior years(3,672)(188)(31)
Balance at end of fiscal year2,2705,8413,115
"} {"question": "What would be the percentage change in the balance at end of fiscal year between 2018 and 2019 if the balance at end of fiscal year in 2019 was $6,000 thousand instead?", "answer": ["2.72"], "context": "The following is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits (in thousands): The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $ 1.5 million and $4.6 million for the fiscal years ended September 28, 2019 and September 29, 2018, respectively. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The total accrued penalties and net accrued interest with respect to income taxes was approximately $0.2 million for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017. The Company recognized less than $0.1 million of expense for accrued penalties and net accrued interest in the Consolidated Statements of Comprehensive Income for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017.
201920182017
Balance at beginning of fiscal year$5,841$3,115$2,799
Gross increases for tax positions of prior years6221184
Gross increases for tax positions of the current year392,893163
Gross decreases for tax positions of prior years(3,672)(188)(31)
Balance at end of fiscal year2,2705,8413,115
"} {"question": "In which year would the adjusted cash from operations be larger if the amount in 2019 was 248.1 million instead?", "answer": ["2019"], "context": "Adjusted cash flow A reconciliation showing the items that bridge between net cash from operating activities as reported under IFRS to an adjusted basis is given below. Adjusted cash from operations is used by the Board to monitor the performance of the Group, with a focus on elements of cashflow, such as Net capital expenditure, which are subject to day to day control by the business. Adjusted cash conversion in 2019 is 84% (2018: 91%). Cash conversion is calculated as adjusted cash from operations divided by adjusted operating profit. The adjusted cash flow is included in the Financial Review on page 58.
20192018
£m£m
Net cash from operating activities as reported under IFRS227.4212.6
Acquisition and disposal costs2.50.2
Net capital expenditure excluding acquired intangibles from acquisitions(59.0)(31.5)
Tax paid78.461.6
Repayments of principal under lease liabilities(11.2)–
Adjusted cash from operations238.1242.9
"} {"question": "What would the percentage change in the adjusted cash conversion in 2019 from 2018 be if the amount in 2019 was 94% instead?", "answer": ["10"], "context": "Adjusted cash flow A reconciliation showing the items that bridge between net cash from operating activities as reported under IFRS to an adjusted basis is given below. Adjusted cash from operations is used by the Board to monitor the performance of the Group, with a focus on elements of cashflow, such as Net capital expenditure, which are subject to day to day control by the business. Adjusted cash conversion in 2019 is 84% (2018: 91%). Cash conversion is calculated as adjusted cash from operations divided by adjusted operating profit. The adjusted cash flow is included in the Financial Review on page 58.
20192018
£m£m
Net cash from operating activities as reported under IFRS227.4212.6
Acquisition and disposal costs2.50.2
Net capital expenditure excluding acquired intangibles from acquisitions(59.0)(31.5)
Tax paid78.461.6
Repayments of principal under lease liabilities(11.2)–
Adjusted cash from operations238.1242.9
"} {"question": "What would the percentage change in the amount of tax paid in 2019 from 2018 be if the amount in 2019 was 80.0 million instead?", "answer": ["29.87"], "context": "Adjusted cash flow A reconciliation showing the items that bridge between net cash from operating activities as reported under IFRS to an adjusted basis is given below. Adjusted cash from operations is used by the Board to monitor the performance of the Group, with a focus on elements of cashflow, such as Net capital expenditure, which are subject to day to day control by the business. Adjusted cash conversion in 2019 is 84% (2018: 91%). Cash conversion is calculated as adjusted cash from operations divided by adjusted operating profit. The adjusted cash flow is included in the Financial Review on page 58.
20192018
£m£m
Net cash from operating activities as reported under IFRS227.4212.6
Acquisition and disposal costs2.50.2
Net capital expenditure excluding acquired intangibles from acquisitions(59.0)(31.5)
Tax paid78.461.6
Repayments of principal under lease liabilities(11.2)–
Adjusted cash from operations238.1242.9
"} {"question": "What would be the percentage change in the net cash provided by operating activities between 2017 and 2018 if net cash provided in 2018 is increased by $500,000?", "answer": ["57.37"], "context": "Cash flows for the year ended December 31, 2019, 2018 and 2017 Operating Activities: Net cash used in operating activities was $9.9 million for the year ended December 31, 2019 and is comprised of $16.5 million in net loss, $4.5 million change in deferred income taxes and $0.7 million loss from the sale of the investment in JVP offset by $1.0 million in stock based compensation, $2.0 million in depreciation and amortization and $7.1 million, primarily changes in net operating assets and liabilities. Net cash provided by operating activities was $25.6 million for the year ended December 31, 2018 and is comprised of $20.7 million in net income, $1.6 million in stock-based compensation, $1.8 million in depreciation and amortization, $3.4 million change in warrant liability and a change in deferred income taxes of $2.5 million, offset by a $4.4 million change in net operating assets and liabilities. Net cash provided by operating activities was $16.6 million for the year ended December 31, 2017 and is comprised of $22.8 million in net income, $0.8 million in stock-based compensation, $0.8 million in depreciation and amortization, $0.6 million change in net operating assets and liabilities, offset by $2.2 million change in the warrant liability and a change in deferred income taxes of $6.2 million. Investing Activities: During the year ended December 31, 2019, cash used in investing activities of $3.8 million was related to purchases of marketable securities of $24.5 million, purchases of property and equipment of $0.4 million and purchase of additional investment in JVP of $0.7 million offset by redemptions of marketable securities of $18.3 million and $3.5 million from the sale of our interest in JVP. During the year ended December 31, 2018, cash used in investing activities of $13.2 million was related to purchase of investments of $11.3 million, the purchase of assets under the May 2018 Patent Assignment Agreement of $1.0 million and a $0.9 million investment in the JVP fund. During the year ended December 31, 2017, cash used in investing activities of $2.0 million was related to the purchase of assets under the first Patent Assignment Agreement, offset by $0.1 million in cash distribution received from our investment in the JVP fund. Financing Activities: During the year ended December 31, 2019, we did not have any activity related to financing. During the year ended December 31, 2018, net cash used in financing activities of $21.6 million was primarily from the redemption of Series A-1 Preferred Stock totaling $19.9 million, $2.0 million related to the share repurchase program, offset by $0.3 million of proceeds received from the exercise of stock options. During the year ended December 31, 2017, net cash provided by financing activities of $12.8 million was primarily from the issuance of Series A-1 Preferred Stock totaling $14.4 million and a Common Share offering for $12.0 million, offset by redeeming and retiring Series A Preferred Stock Financing of $13.8 million.
For the Years Ended December 31,
201920182017
(in thousands)
Net cash provided by (used in) operating activities$(9,885)$25,601$16,586
Net cash used in investing activities$(3,822)(13,203)(1,873)
Net cash provided by (used in) financing activities$—(21,556)12,778
"} {"question": "What would be the average net cash provided by (used in) financing activities between 2017 and 2018 if net cash in 2017 is decreased by $50,000?", "answer": ["-4414"], "context": "Cash flows for the year ended December 31, 2019, 2018 and 2017 Operating Activities: Net cash used in operating activities was $9.9 million for the year ended December 31, 2019 and is comprised of $16.5 million in net loss, $4.5 million change in deferred income taxes and $0.7 million loss from the sale of the investment in JVP offset by $1.0 million in stock based compensation, $2.0 million in depreciation and amortization and $7.1 million, primarily changes in net operating assets and liabilities. Net cash provided by operating activities was $25.6 million for the year ended December 31, 2018 and is comprised of $20.7 million in net income, $1.6 million in stock-based compensation, $1.8 million in depreciation and amortization, $3.4 million change in warrant liability and a change in deferred income taxes of $2.5 million, offset by a $4.4 million change in net operating assets and liabilities. Net cash provided by operating activities was $16.6 million for the year ended December 31, 2017 and is comprised of $22.8 million in net income, $0.8 million in stock-based compensation, $0.8 million in depreciation and amortization, $0.6 million change in net operating assets and liabilities, offset by $2.2 million change in the warrant liability and a change in deferred income taxes of $6.2 million. Investing Activities: During the year ended December 31, 2019, cash used in investing activities of $3.8 million was related to purchases of marketable securities of $24.5 million, purchases of property and equipment of $0.4 million and purchase of additional investment in JVP of $0.7 million offset by redemptions of marketable securities of $18.3 million and $3.5 million from the sale of our interest in JVP. During the year ended December 31, 2018, cash used in investing activities of $13.2 million was related to purchase of investments of $11.3 million, the purchase of assets under the May 2018 Patent Assignment Agreement of $1.0 million and a $0.9 million investment in the JVP fund. During the year ended December 31, 2017, cash used in investing activities of $2.0 million was related to the purchase of assets under the first Patent Assignment Agreement, offset by $0.1 million in cash distribution received from our investment in the JVP fund. Financing Activities: During the year ended December 31, 2019, we did not have any activity related to financing. During the year ended December 31, 2018, net cash used in financing activities of $21.6 million was primarily from the redemption of Series A-1 Preferred Stock totaling $19.9 million, $2.0 million related to the share repurchase program, offset by $0.3 million of proceeds received from the exercise of stock options. During the year ended December 31, 2017, net cash provided by financing activities of $12.8 million was primarily from the issuance of Series A-1 Preferred Stock totaling $14.4 million and a Common Share offering for $12.0 million, offset by redeeming and retiring Series A Preferred Stock Financing of $13.8 million.
For the Years Ended December 31,
201920182017
(in thousands)
Net cash provided by (used in) operating activities$(9,885)$25,601$16,586
Net cash used in investing activities$(3,822)(13,203)(1,873)
Net cash provided by (used in) financing activities$—(21,556)12,778
"} {"question": "What would be the percentage change in net cash used in investing activities between 2018 and 2019 if the net cash used in 2019 is instead $15,000,000?", "answer": ["13.61"], "context": "Cash flows for the year ended December 31, 2019, 2018 and 2017 Operating Activities: Net cash used in operating activities was $9.9 million for the year ended December 31, 2019 and is comprised of $16.5 million in net loss, $4.5 million change in deferred income taxes and $0.7 million loss from the sale of the investment in JVP offset by $1.0 million in stock based compensation, $2.0 million in depreciation and amortization and $7.1 million, primarily changes in net operating assets and liabilities. Net cash provided by operating activities was $25.6 million for the year ended December 31, 2018 and is comprised of $20.7 million in net income, $1.6 million in stock-based compensation, $1.8 million in depreciation and amortization, $3.4 million change in warrant liability and a change in deferred income taxes of $2.5 million, offset by a $4.4 million change in net operating assets and liabilities. Net cash provided by operating activities was $16.6 million for the year ended December 31, 2017 and is comprised of $22.8 million in net income, $0.8 million in stock-based compensation, $0.8 million in depreciation and amortization, $0.6 million change in net operating assets and liabilities, offset by $2.2 million change in the warrant liability and a change in deferred income taxes of $6.2 million. Investing Activities: During the year ended December 31, 2019, cash used in investing activities of $3.8 million was related to purchases of marketable securities of $24.5 million, purchases of property and equipment of $0.4 million and purchase of additional investment in JVP of $0.7 million offset by redemptions of marketable securities of $18.3 million and $3.5 million from the sale of our interest in JVP. During the year ended December 31, 2018, cash used in investing activities of $13.2 million was related to purchase of investments of $11.3 million, the purchase of assets under the May 2018 Patent Assignment Agreement of $1.0 million and a $0.9 million investment in the JVP fund. During the year ended December 31, 2017, cash used in investing activities of $2.0 million was related to the purchase of assets under the first Patent Assignment Agreement, offset by $0.1 million in cash distribution received from our investment in the JVP fund. Financing Activities: During the year ended December 31, 2019, we did not have any activity related to financing. During the year ended December 31, 2018, net cash used in financing activities of $21.6 million was primarily from the redemption of Series A-1 Preferred Stock totaling $19.9 million, $2.0 million related to the share repurchase program, offset by $0.3 million of proceeds received from the exercise of stock options. During the year ended December 31, 2017, net cash provided by financing activities of $12.8 million was primarily from the issuance of Series A-1 Preferred Stock totaling $14.4 million and a Common Share offering for $12.0 million, offset by redeeming and retiring Series A Preferred Stock Financing of $13.8 million.
For the Years Ended December 31,
201920182017
(in thousands)
Net cash provided by (used in) operating activities$(9,885)$25,601$16,586
Net cash used in investing activities$(3,822)(13,203)(1,873)
Net cash provided by (used in) financing activities$—(21,556)12,778
"} {"question": "If salary of Gavin Darby in 2018/19 was 650 thousands, what would be the change from 2017/18 to 2018/19?", "answer": ["-50"], "context": "Single figure table for total remuneration (audited) Single figure for the total remuneration received by each executive director for the 52 weeks ended 30 March 2019 (2018/19) and 31 March 2018 (2017/18). Gavin Darby Mr Darby received a basic salary of £700,000 per annum and a salary supplement in lieu of pension of 20% of base salary on a pro rata basis for the period up to 31 January 2019. Mr Darby received a pro rata bonus of £525,500 for the financial period to 31 January 2019. Benefits were provided for the period up to 31 January 2019 relating to the provision of an executive driver service, private health insurance and annual medical assessment. Alastair Murray Mr Murray received a basic salary for the period of £416,201 per annum and an annualised supplement in lieu of pension of 7.5% of the Earnings Cap (£160,800 for the 2018/19 tax year) which equates to £12,060 for the period together with an additional RPI adjusted pensions supplement of £24,348. He was appointed Acting CEO on 1 February 2019, in addition to his current role of Chief Financial Officer, on a temporary basis whilst the Board conducts a search process for a new CEO. In recognition of this significant additional responsibility, it was agreed that Mr Murray would receive a monthly salary supplement of £20,000 (which does not count towards pension, annual bonus or long-term incentives) whilst he carries out this role. Mr Murray received a bonus of £231,615 for the financial period. Benefits related to the provision of a company car, use of an executive driver service (following his appointment as Acting CEO) and private health insurance. In line with the current Remuneration Policy, one-third of his annual bonus award will be in the form of shares deferred for three years. Full details of the annual bonus performance assessments for Mr Darby and Mr Murray are set out on pages 53 to 55.
Gavin DarbyAlastair Murray
2018/192017/182018/192017/18
£’000£’000£’000£’000
Salary583700416408
Salary supplement––40–
Taxable benefits17222724
Pension1171403635
Annual Bonus525368232153
Share based awards––––
Total1,2421,230751620
"} {"question": "If salary of Alastair Murray in 2018/19 was 402 thousands, what would be the average in 2017/18 and 2018/19?", "answer": ["405"], "context": "Single figure table for total remuneration (audited) Single figure for the total remuneration received by each executive director for the 52 weeks ended 30 March 2019 (2018/19) and 31 March 2018 (2017/18). Gavin Darby Mr Darby received a basic salary of £700,000 per annum and a salary supplement in lieu of pension of 20% of base salary on a pro rata basis for the period up to 31 January 2019. Mr Darby received a pro rata bonus of £525,500 for the financial period to 31 January 2019. Benefits were provided for the period up to 31 January 2019 relating to the provision of an executive driver service, private health insurance and annual medical assessment. Alastair Murray Mr Murray received a basic salary for the period of £416,201 per annum and an annualised supplement in lieu of pension of 7.5% of the Earnings Cap (£160,800 for the 2018/19 tax year) which equates to £12,060 for the period together with an additional RPI adjusted pensions supplement of £24,348. He was appointed Acting CEO on 1 February 2019, in addition to his current role of Chief Financial Officer, on a temporary basis whilst the Board conducts a search process for a new CEO. In recognition of this significant additional responsibility, it was agreed that Mr Murray would receive a monthly salary supplement of £20,000 (which does not count towards pension, annual bonus or long-term incentives) whilst he carries out this role. Mr Murray received a bonus of £231,615 for the financial period. Benefits related to the provision of a company car, use of an executive driver service (following his appointment as Acting CEO) and private health insurance. In line with the current Remuneration Policy, one-third of his annual bonus award will be in the form of shares deferred for three years. Full details of the annual bonus performance assessments for Mr Darby and Mr Murray are set out on pages 53 to 55.
Gavin DarbyAlastair Murray
2018/192017/182018/192017/18
£’000£’000£’000£’000
Salary583700416408
Salary supplement––40–
Taxable benefits17222724
Pension1171403635
Annual Bonus525368232153
Share based awards––––
Total1,2421,230751620
"} {"question": "If taxable benefit for Gavin Darby 2018/19 was 28 thousands, what would be the average for 2017/18 and 2018/19?", "answer": ["25"], "context": "Single figure table for total remuneration (audited) Single figure for the total remuneration received by each executive director for the 52 weeks ended 30 March 2019 (2018/19) and 31 March 2018 (2017/18). Gavin Darby Mr Darby received a basic salary of £700,000 per annum and a salary supplement in lieu of pension of 20% of base salary on a pro rata basis for the period up to 31 January 2019. Mr Darby received a pro rata bonus of £525,500 for the financial period to 31 January 2019. Benefits were provided for the period up to 31 January 2019 relating to the provision of an executive driver service, private health insurance and annual medical assessment. Alastair Murray Mr Murray received a basic salary for the period of £416,201 per annum and an annualised supplement in lieu of pension of 7.5% of the Earnings Cap (£160,800 for the 2018/19 tax year) which equates to £12,060 for the period together with an additional RPI adjusted pensions supplement of £24,348. He was appointed Acting CEO on 1 February 2019, in addition to his current role of Chief Financial Officer, on a temporary basis whilst the Board conducts a search process for a new CEO. In recognition of this significant additional responsibility, it was agreed that Mr Murray would receive a monthly salary supplement of £20,000 (which does not count towards pension, annual bonus or long-term incentives) whilst he carries out this role. Mr Murray received a bonus of £231,615 for the financial period. Benefits related to the provision of a company car, use of an executive driver service (following his appointment as Acting CEO) and private health insurance. In line with the current Remuneration Policy, one-third of his annual bonus award will be in the form of shares deferred for three years. Full details of the annual bonus performance assessments for Mr Darby and Mr Murray are set out on pages 53 to 55.
Gavin DarbyAlastair Murray
2018/192017/182018/192017/18
£’000£’000£’000£’000
Salary583700416408
Salary supplement––40–
Taxable benefits17222724
Pension1171403635
Annual Bonus525368232153
Share based awards––––
Total1,2421,230751620
"} {"question": "Between year ended 2018 and 2019, which year would have higher gross profit if year ended December 31, 2018's gross profit was $870,000 (in thousands)?", "answer": ["2018"], "context": "Gross Profit Gross profit increased $269.4 million, or 45.2%, for the year ended December 31, 2019 compared to the same period in 2018. As a percentage of total revenues, gross profit decreased from 55.6% in the year ended December 31, 2018 to 54.9% in the year ended December 31, 2019, due to Shopify Payments representing a larger percentage of total revenue and an increase in amortization of technology related to the 6RS acquisition as well as other platform enhancements. This was partly offset by lower third-party infrastructure and hosting costs and employee-related costs as a percentage of revenues as well as the relative growth of higher-margin merchant solutions products, namely Shopify Capital and referral fees from partners. Gross profit increased $216.0 million, or 56.8%, for the year ended December 31, 2018 compared to the same period in 2017. As a percentage of total revenues, gross profit decreased from 56.5% in the year ended December 31, 2017 to 55.6% in the year ended December 31, 2018, due to Shopify Payments representing a larger percentage of total revenue, increasing the functionality and flexibility of our hosting infrastructure, and higher product costs associated with expanding our product offerings. This was partly offset by the relative growth of higher-margin merchant solutions products, namely referral fees from partners, Shopify Capital, and Shopify Shipping.
Years ended December 312019 vs 20182018 vs 2017
201920182017% Change% Change
(in thousands, except percentages)
Gross profit$ 865,643$ 596,267$ 380,25345.2 %56.8 %
Percentage of total revenues54.9 %55.6 %56.5 %
"} {"question": "Between year ended 2017 and 2018, which year would have higher gross profit if year ended December 31, 2017's gross profit was $600,000 (in thousands)?", "answer": ["2017"], "context": "Gross Profit Gross profit increased $269.4 million, or 45.2%, for the year ended December 31, 2019 compared to the same period in 2018. As a percentage of total revenues, gross profit decreased from 55.6% in the year ended December 31, 2018 to 54.9% in the year ended December 31, 2019, due to Shopify Payments representing a larger percentage of total revenue and an increase in amortization of technology related to the 6RS acquisition as well as other platform enhancements. This was partly offset by lower third-party infrastructure and hosting costs and employee-related costs as a percentage of revenues as well as the relative growth of higher-margin merchant solutions products, namely Shopify Capital and referral fees from partners. Gross profit increased $216.0 million, or 56.8%, for the year ended December 31, 2018 compared to the same period in 2017. As a percentage of total revenues, gross profit decreased from 56.5% in the year ended December 31, 2017 to 55.6% in the year ended December 31, 2018, due to Shopify Payments representing a larger percentage of total revenue, increasing the functionality and flexibility of our hosting infrastructure, and higher product costs associated with expanding our product offerings. This was partly offset by the relative growth of higher-margin merchant solutions products, namely referral fees from partners, Shopify Capital, and Shopify Shipping.
Years ended December 312019 vs 20182018 vs 2017
201920182017% Change% Change
(in thousands, except percentages)
Gross profit$ 865,643$ 596,267$ 380,25345.2 %56.8 %
Percentage of total revenues54.9 %55.6 %56.5 %
"} {"question": "What would be the average gross profit for 2018 and 2019 if 2018 gross profit was $550,000 (in thousands)?", "answer": ["707821.5"], "context": "Gross Profit Gross profit increased $269.4 million, or 45.2%, for the year ended December 31, 2019 compared to the same period in 2018. As a percentage of total revenues, gross profit decreased from 55.6% in the year ended December 31, 2018 to 54.9% in the year ended December 31, 2019, due to Shopify Payments representing a larger percentage of total revenue and an increase in amortization of technology related to the 6RS acquisition as well as other platform enhancements. This was partly offset by lower third-party infrastructure and hosting costs and employee-related costs as a percentage of revenues as well as the relative growth of higher-margin merchant solutions products, namely Shopify Capital and referral fees from partners. Gross profit increased $216.0 million, or 56.8%, for the year ended December 31, 2018 compared to the same period in 2017. As a percentage of total revenues, gross profit decreased from 56.5% in the year ended December 31, 2017 to 55.6% in the year ended December 31, 2018, due to Shopify Payments representing a larger percentage of total revenue, increasing the functionality and flexibility of our hosting infrastructure, and higher product costs associated with expanding our product offerings. This was partly offset by the relative growth of higher-margin merchant solutions products, namely referral fees from partners, Shopify Capital, and Shopify Shipping.
Years ended December 312019 vs 20182018 vs 2017
201920182017% Change% Change
(in thousands, except percentages)
Gross profit$ 865,643$ 596,267$ 380,25345.2 %56.8 %
Percentage of total revenues54.9 %55.6 %56.5 %
"} {"question": "What would be the percentage change in the weighted average basic common shares outstanding between 2018 and 2019 if the weighted average common shares outstanding in 2019 is increased by 5,000?", "answer": ["-8.77"], "context": "3. EARNINGS PER SHARE: Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive equity awards.
For Fiscal Years
2019 Basic2018 Basic
Weighted average common shares outstanding597,961660,925
Net income available to common shareholders$3,202,943$3,614,610
Net earnings per share available to common shareholders$5.36$5.47
"} {"question": "What would be the percentage change in the net income available to common shareholders between 2018 and 2019 if the net income available in 2019 is increased by 5%?", "answer": ["-6.96"], "context": "3. EARNINGS PER SHARE: Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive equity awards.
For Fiscal Years
2019 Basic2018 Basic
Weighted average common shares outstanding597,961660,925
Net income available to common shareholders$3,202,943$3,614,610
Net earnings per share available to common shareholders$5.36$5.47
"} {"question": "What would be the average net earnings per share available to common basic shareholders in 2018 and 2019 if the net earnings per share in 2018 is decreased by $0.47?", "answer": ["5.18"], "context": "3. EARNINGS PER SHARE: Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive equity awards.
For Fiscal Years
2019 Basic2018 Basic
Weighted average common shares outstanding597,961660,925
Net income available to common shareholders$3,202,943$3,614,610
Net earnings per share available to common shareholders$5.36$5.47
"} {"question": "What would be the average revenue for 2018 and 2019 if 2018 revenue was 45,000 €m?", "answer": ["44333"], "context": "Selected financial data Unaudited information The selected financial data shown below include the results of Vodafone India as discontinued operations in all years following the agreement to combine it with Idea Cellular. Notes: 1 See note 8 to the consolidated financial statements, “Earnings per share”. Earnings and dividends per ADS is calculated by multiplying earnings per ordinary share by ten, the number of ordinary shares per ADS. 2 On 19 February 2014, we announced a “6 for 11” share consolidation effective 24 February 2014. This had the effect of reducing the number of shares in issue from 52,821,751,216 ordinary shares (including 4,351,833,492 ordinary shares held in Treasury) as at the close of business on 18 February 2014 to 28,811,864,298 new ordinary shares in issue immediately after the share consolidation on 24 February 2014. 3 The final dividend for the year ended 31 March 2019 was proposed by the Directors on 14 May 2019 and is payable on 2 August 2019 to holders of record as of 7 June 2019. The total dividends have been translated into US dollars at 31 March 2019 for purposes of the above disclosure but the dividends are payable in US dollars under the terms of the ADS depositary agreement.
At/for the year ended 31 March20192018201720162015
Consolidated income statement data (€m)
Revenue43,66646,57147,63149,81048,385
Operating (loss)/profit(951)4,2993,7251,3202,073
(Loss)/profit before taxation(2,613)3,8782,792(190)1,734
(Loss)/profit for financial year from continuing operations(4,109)4,757(1,972)(5,127)7,805
(Loss)/profit for the financial year(7,644)2,788(6,079)(5,122)7,477
Consolidated statement of financial position data (€m)
Total assets142,862145,611154,684169,107169,579
Total equity63,44568,60773,71985,13693,708
Total equity shareholders’ funds62,21867,64072,20083,32591,510
Earnings per share1,2
Weighted average number of shares (millions)
– Basic27,60727,77027,97126,69226,489
– Diluted27,60727,85727,97126,69226,629
Basic (loss)/earnings per ordinary share(29.05)c8.78c(22.51)c(20.25)c27.48c
Diluted (loss)/earnings per ordinary share(29.05)c8.76c(22.51)c(20.25)c27.33c
Basic (loss)/earnings per share from continuing operations(16.25)c15.87c(7.83)c(20.27)c28.72c
Cash dividends1,3
Amount per ordinary share (eurocents)9.00c15.07c14.77c––
Amount per ADS (eurocents)9.00c15.07c147.7c––
Amount per ordinary share (pence)–––11.45p11.22p
Amount per ADS (pence)–––114.5p111.2p
Amount per ordinary share (US cents)10.10c17.93c18.52c16.49c16.65c
Amount per ADS (US cents)10.10c179.3c182.5c164.9c166.5c
"} {"question": "What would be the average revenue for 2017 and 2018 if 2017 revenue was 47,000 €m?", "answer": ["46785.5"], "context": "Selected financial data Unaudited information The selected financial data shown below include the results of Vodafone India as discontinued operations in all years following the agreement to combine it with Idea Cellular. Notes: 1 See note 8 to the consolidated financial statements, “Earnings per share”. Earnings and dividends per ADS is calculated by multiplying earnings per ordinary share by ten, the number of ordinary shares per ADS. 2 On 19 February 2014, we announced a “6 for 11” share consolidation effective 24 February 2014. This had the effect of reducing the number of shares in issue from 52,821,751,216 ordinary shares (including 4,351,833,492 ordinary shares held in Treasury) as at the close of business on 18 February 2014 to 28,811,864,298 new ordinary shares in issue immediately after the share consolidation on 24 February 2014. 3 The final dividend for the year ended 31 March 2019 was proposed by the Directors on 14 May 2019 and is payable on 2 August 2019 to holders of record as of 7 June 2019. The total dividends have been translated into US dollars at 31 March 2019 for purposes of the above disclosure but the dividends are payable in US dollars under the terms of the ADS depositary agreement.
At/for the year ended 31 March20192018201720162015
Consolidated income statement data (€m)
Revenue43,66646,57147,63149,81048,385
Operating (loss)/profit(951)4,2993,7251,3202,073
(Loss)/profit before taxation(2,613)3,8782,792(190)1,734
(Loss)/profit for financial year from continuing operations(4,109)4,757(1,972)(5,127)7,805
(Loss)/profit for the financial year(7,644)2,788(6,079)(5,122)7,477
Consolidated statement of financial position data (€m)
Total assets142,862145,611154,684169,107169,579
Total equity63,44568,60773,71985,13693,708
Total equity shareholders’ funds62,21867,64072,20083,32591,510
Earnings per share1,2
Weighted average number of shares (millions)
– Basic27,60727,77027,97126,69226,489
– Diluted27,60727,85727,97126,69226,629
Basic (loss)/earnings per ordinary share(29.05)c8.78c(22.51)c(20.25)c27.48c
Diluted (loss)/earnings per ordinary share(29.05)c8.76c(22.51)c(20.25)c27.33c
Basic (loss)/earnings per share from continuing operations(16.25)c15.87c(7.83)c(20.27)c28.72c
Cash dividends1,3
Amount per ordinary share (eurocents)9.00c15.07c14.77c––
Amount per ADS (eurocents)9.00c15.07c147.7c––
Amount per ordinary share (pence)–––11.45p11.22p
Amount per ADS (pence)–––114.5p111.2p
Amount per ordinary share (US cents)10.10c17.93c18.52c16.49c16.65c
Amount per ADS (US cents)10.10c179.3c182.5c164.9c166.5c
"} {"question": "Between 2018 and 2019, which year would have a higher amount of revenue if the value in 2019 was $45,000 €m?", "answer": ["2018"], "context": "Selected financial data Unaudited information The selected financial data shown below include the results of Vodafone India as discontinued operations in all years following the agreement to combine it with Idea Cellular. Notes: 1 See note 8 to the consolidated financial statements, “Earnings per share”. Earnings and dividends per ADS is calculated by multiplying earnings per ordinary share by ten, the number of ordinary shares per ADS. 2 On 19 February 2014, we announced a “6 for 11” share consolidation effective 24 February 2014. This had the effect of reducing the number of shares in issue from 52,821,751,216 ordinary shares (including 4,351,833,492 ordinary shares held in Treasury) as at the close of business on 18 February 2014 to 28,811,864,298 new ordinary shares in issue immediately after the share consolidation on 24 February 2014. 3 The final dividend for the year ended 31 March 2019 was proposed by the Directors on 14 May 2019 and is payable on 2 August 2019 to holders of record as of 7 June 2019. The total dividends have been translated into US dollars at 31 March 2019 for purposes of the above disclosure but the dividends are payable in US dollars under the terms of the ADS depositary agreement.
At/for the year ended 31 March20192018201720162015
Consolidated income statement data (€m)
Revenue43,66646,57147,63149,81048,385
Operating (loss)/profit(951)4,2993,7251,3202,073
(Loss)/profit before taxation(2,613)3,8782,792(190)1,734
(Loss)/profit for financial year from continuing operations(4,109)4,757(1,972)(5,127)7,805
(Loss)/profit for the financial year(7,644)2,788(6,079)(5,122)7,477
Consolidated statement of financial position data (€m)
Total assets142,862145,611154,684169,107169,579
Total equity63,44568,60773,71985,13693,708
Total equity shareholders’ funds62,21867,64072,20083,32591,510
Earnings per share1,2
Weighted average number of shares (millions)
– Basic27,60727,77027,97126,69226,489
– Diluted27,60727,85727,97126,69226,629
Basic (loss)/earnings per ordinary share(29.05)c8.78c(22.51)c(20.25)c27.48c
Diluted (loss)/earnings per ordinary share(29.05)c8.76c(22.51)c(20.25)c27.33c
Basic (loss)/earnings per share from continuing operations(16.25)c15.87c(7.83)c(20.27)c28.72c
Cash dividends1,3
Amount per ordinary share (eurocents)9.00c15.07c14.77c––
Amount per ADS (eurocents)9.00c15.07c147.7c––
Amount per ordinary share (pence)–––11.45p11.22p
Amount per ADS (pence)–––114.5p111.2p
Amount per ordinary share (US cents)10.10c17.93c18.52c16.49c16.65c
Amount per ADS (US cents)10.10c179.3c182.5c164.9c166.5c
"} {"question": "What would be the change in restructuring expense between Quarter Ended September and December if the restructuring expense in Quarter Ended September was $1,000 thousand instead?", "answer": ["418"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) NOTE 23. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables present unaudited quarterly results for each of the eight quarters in the periods ended December 31, 2019 and 2018, in thousands. We believe that all necessary adjustments have been included in the amounts stated below to present fairly such quarterly information. Due to the volatility of the industries in which our customers operate, the operating results for any quarter are not necessarily indicative of results for any subsequent period.
Quarter Ended
December 31, 2019September 30, 2019June 30, 2019March 31, 2019
Sales, net$ 338,268$ 175,127$ 134,810$ 140,743
Gross Profit$112,295$73,491$64,126$65,740
Restructuring Expense$1,418$152$1,795$1,673
Operating income$22,202$9,390$11,005$11,791
Income from continuing operations, net of income taxes$ 10,479$ 7,256$ 23,373$ 15,387
Loss (income) from discontinued operations, net of income taxes$ (210)$ 375$ 8,324$ (9)
Net Income$ 10,269$ 7,631$ 31,697$ 15,378
Income from continuing operations attributable to noncontrolling interest$ 5$ 10$ 11$ 8
Net income attributable to Advanced Energy Industries, Inc.$ 10,264$ 7,621$ 31,686$ 15,370
Earnings (Loss) Per Share:
Continuing Operations:
Basic earnings per share$ 0.27$ 0.19$ 0.61$ 0.40
Diluted earnings per share$ 0.27$ 0.19$ 0.61$ 0.40
Discontinued Operations:
Basic loss per share$ (0.01)$ 0.01$ 0.22$ —
Diluted loss per share$ (0.01)$ 0.01$ 0.22$ —
Net Income:
Basic earnings per share$ 0.27$ 0.20$ 0.83$ 0.40
Diluted earnings per share$ 0.27$ 0.20$ 0.82$ 0.40
"} {"question": "What would be the change in gross profit between Quarter Ended March and June if the Gross profit in Quarter Ended June was $70,000 thousand instead?", "answer": ["4260"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) NOTE 23. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables present unaudited quarterly results for each of the eight quarters in the periods ended December 31, 2019 and 2018, in thousands. We believe that all necessary adjustments have been included in the amounts stated below to present fairly such quarterly information. Due to the volatility of the industries in which our customers operate, the operating results for any quarter are not necessarily indicative of results for any subsequent period.
Quarter Ended
December 31, 2019September 30, 2019June 30, 2019March 31, 2019
Sales, net$ 338,268$ 175,127$ 134,810$ 140,743
Gross Profit$112,295$73,491$64,126$65,740
Restructuring Expense$1,418$152$1,795$1,673
Operating income$22,202$9,390$11,005$11,791
Income from continuing operations, net of income taxes$ 10,479$ 7,256$ 23,373$ 15,387
Loss (income) from discontinued operations, net of income taxes$ (210)$ 375$ 8,324$ (9)
Net Income$ 10,269$ 7,631$ 31,697$ 15,378
Income from continuing operations attributable to noncontrolling interest$ 5$ 10$ 11$ 8
Net income attributable to Advanced Energy Industries, Inc.$ 10,264$ 7,621$ 31,686$ 15,370
Earnings (Loss) Per Share:
Continuing Operations:
Basic earnings per share$ 0.27$ 0.19$ 0.61$ 0.40
Diluted earnings per share$ 0.27$ 0.19$ 0.61$ 0.40
Discontinued Operations:
Basic loss per share$ (0.01)$ 0.01$ 0.22$ —
Diluted loss per share$ (0.01)$ 0.01$ 0.22$ —
Net Income:
Basic earnings per share$ 0.27$ 0.20$ 0.83$ 0.40
Diluted earnings per share$ 0.27$ 0.20$ 0.82$ 0.40
"} {"question": "What would be the percentage change in Operating income between Quarter Ended June and September if the operating income in Quarter Ended September was $12,000 thousand instead?", "answer": ["9.04"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) NOTE 23. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables present unaudited quarterly results for each of the eight quarters in the periods ended December 31, 2019 and 2018, in thousands. We believe that all necessary adjustments have been included in the amounts stated below to present fairly such quarterly information. Due to the volatility of the industries in which our customers operate, the operating results for any quarter are not necessarily indicative of results for any subsequent period.
Quarter Ended
December 31, 2019September 30, 2019June 30, 2019March 31, 2019
Sales, net$ 338,268$ 175,127$ 134,810$ 140,743
Gross Profit$112,295$73,491$64,126$65,740
Restructuring Expense$1,418$152$1,795$1,673
Operating income$22,202$9,390$11,005$11,791
Income from continuing operations, net of income taxes$ 10,479$ 7,256$ 23,373$ 15,387
Loss (income) from discontinued operations, net of income taxes$ (210)$ 375$ 8,324$ (9)
Net Income$ 10,269$ 7,631$ 31,697$ 15,378
Income from continuing operations attributable to noncontrolling interest$ 5$ 10$ 11$ 8
Net income attributable to Advanced Energy Industries, Inc.$ 10,264$ 7,621$ 31,686$ 15,370
Earnings (Loss) Per Share:
Continuing Operations:
Basic earnings per share$ 0.27$ 0.19$ 0.61$ 0.40
Diluted earnings per share$ 0.27$ 0.19$ 0.61$ 0.40
Discontinued Operations:
Basic loss per share$ (0.01)$ 0.01$ 0.22$ —
Diluted loss per share$ (0.01)$ 0.01$ 0.22$ —
Net Income:
Basic earnings per share$ 0.27$ 0.20$ 0.83$ 0.40
Diluted earnings per share$ 0.27$ 0.20$ 0.82$ 0.40
"} {"question": "What would be the change in Purchases and leases of products and purchases of services between 2018 and 2019 if Purchases and leases of products and purchases of services in 2018 was $100 million instead?", "answer": ["100"], "context": "We engaged with Dell in the following ongoing related party transactions, which resulted in costs to us: • We purchase and lease products and purchase services from Dell. • From time to time, we and Dell enter into agreements to collaborate on technology projects, and we pay Dell for services provided to us by Dell related to such projects. • In certain geographic regions where we do not have an established legal entity, we contract with Dell subsidiaries for support services and support from Dell personnel who are managed by us. The costs incurred by Dell on our behalf related to these employees are charged to us with a mark-up intended to approximate costs that would have been incurred had we contracted for such services with an unrelated third party. These costs are included as expenses on our consolidated statements of income and primarily include salaries, benefits, travel and occupancy expenses. Dell also incurs certain administrative costs on our behalf in the U.S. that are recorded as expenses on our consolidated statements of income. • In certain geographic regions, Dell files a consolidated indirect tax return, which includes value added taxes and other indirect taxes collected by us from our customers. We remit the indirect taxes to Dell and Dell remits the tax payment to the foreign governments on our behalf. • From time to time, we invoice end users on behalf of Dell for certain services rendered by Dell. Cash related to these services is collected from the end user by us and remitted to Dell. • From time to time, we also enter into agency arrangements with Dell that enable us to sell our subscriptions and services, leveraging the Dell enterprise relationships and end customer contracts. Information about our payments for such arrangements during the periods presented consisted of the following (table in millions): 1) Amount includes indirect taxes that were remitted to Dell during the periods presented. We also purchase Dell products through Dell’s channel partners. Purchases of Dell products through Dell’s channel partners were not significant during the periods presented.
For the Year Ended
January 31, 2020February 1, 2019February 2, 2018
Purchases and leases of products and purchases of services(1)$242$200$142
Dell subsidiary support and administrative costs119145212
"} {"question": "How many years would Dell subsidiary support and administrative costs exceed $200 million if Dell subsidiary support and administrative costs in 2019 was $210 million instead?", "answer": ["2"], "context": "We engaged with Dell in the following ongoing related party transactions, which resulted in costs to us: • We purchase and lease products and purchase services from Dell. • From time to time, we and Dell enter into agreements to collaborate on technology projects, and we pay Dell for services provided to us by Dell related to such projects. • In certain geographic regions where we do not have an established legal entity, we contract with Dell subsidiaries for support services and support from Dell personnel who are managed by us. The costs incurred by Dell on our behalf related to these employees are charged to us with a mark-up intended to approximate costs that would have been incurred had we contracted for such services with an unrelated third party. These costs are included as expenses on our consolidated statements of income and primarily include salaries, benefits, travel and occupancy expenses. Dell also incurs certain administrative costs on our behalf in the U.S. that are recorded as expenses on our consolidated statements of income. • In certain geographic regions, Dell files a consolidated indirect tax return, which includes value added taxes and other indirect taxes collected by us from our customers. We remit the indirect taxes to Dell and Dell remits the tax payment to the foreign governments on our behalf. • From time to time, we invoice end users on behalf of Dell for certain services rendered by Dell. Cash related to these services is collected from the end user by us and remitted to Dell. • From time to time, we also enter into agency arrangements with Dell that enable us to sell our subscriptions and services, leveraging the Dell enterprise relationships and end customer contracts. Information about our payments for such arrangements during the periods presented consisted of the following (table in millions): 1) Amount includes indirect taxes that were remitted to Dell during the periods presented. We also purchase Dell products through Dell’s channel partners. Purchases of Dell products through Dell’s channel partners were not significant during the periods presented.
For the Year Ended
January 31, 2020February 1, 2019February 2, 2018
Purchases and leases of products and purchases of services(1)$242$200$142
Dell subsidiary support and administrative costs119145212
"} {"question": "What would be the percentage change in the Dell subsidiary support and administrative costs between 2019 and 2020 if Dell subsidiary support and administrative costs in 2019 was $200 million instead?", "answer": ["37.93"], "context": "We engaged with Dell in the following ongoing related party transactions, which resulted in costs to us: • We purchase and lease products and purchase services from Dell. • From time to time, we and Dell enter into agreements to collaborate on technology projects, and we pay Dell for services provided to us by Dell related to such projects. • In certain geographic regions where we do not have an established legal entity, we contract with Dell subsidiaries for support services and support from Dell personnel who are managed by us. The costs incurred by Dell on our behalf related to these employees are charged to us with a mark-up intended to approximate costs that would have been incurred had we contracted for such services with an unrelated third party. These costs are included as expenses on our consolidated statements of income and primarily include salaries, benefits, travel and occupancy expenses. Dell also incurs certain administrative costs on our behalf in the U.S. that are recorded as expenses on our consolidated statements of income. • In certain geographic regions, Dell files a consolidated indirect tax return, which includes value added taxes and other indirect taxes collected by us from our customers. We remit the indirect taxes to Dell and Dell remits the tax payment to the foreign governments on our behalf. • From time to time, we invoice end users on behalf of Dell for certain services rendered by Dell. Cash related to these services is collected from the end user by us and remitted to Dell. • From time to time, we also enter into agency arrangements with Dell that enable us to sell our subscriptions and services, leveraging the Dell enterprise relationships and end customer contracts. Information about our payments for such arrangements during the periods presented consisted of the following (table in millions): 1) Amount includes indirect taxes that were remitted to Dell during the periods presented. We also purchase Dell products through Dell’s channel partners. Purchases of Dell products through Dell’s channel partners were not significant during the periods presented.
For the Year Ended
January 31, 2020February 1, 2019February 2, 2018
Purchases and leases of products and purchases of services(1)$242$200$142
Dell subsidiary support and administrative costs119145212
"} {"question": "In which year would total capital be larger if the amount in 2018 was 380.8 million instead?", "answer": ["2018"], "context": "Capital management The Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt and lease financing, less unamortised debt fees and cash and cash equivalents as shown in note 32. Total equity is as shown in the Consolidated balance sheet. The calculation of total capital is shown in the table below: Following the application of IFRS 16, total capital for the year ended 31 March 2018 has been restated (note 2). The objectives for managing capital are to safeguard the Group’s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders and to maintain an efficient capital structure to optimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or take other steps to increase share capital and reduce or increase debt facilities. As at 31 March 2019, the Group had borrowings of £313.0m (2018: £343.0m) through its Syndicated revolving credit facility (2018: Syndicated Term Loan). Interest is payable on this facility at a rate of LIBOR plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of Auto Trader Group plc and its subsidiaries, which is calculated and reviewed on a biannual basis. The Group remains in compliance with its banking covenants.
2019(Restated) 2018
£m£m
Total net debt321.0355.2
Total equity59.05.6
Total capital380.0360.8
"} {"question": "What would the change in total capital in 2019 from 2018 be if the amount in 2019 was 380.8 million instead?", "answer": ["20"], "context": "Capital management The Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt and lease financing, less unamortised debt fees and cash and cash equivalents as shown in note 32. Total equity is as shown in the Consolidated balance sheet. The calculation of total capital is shown in the table below: Following the application of IFRS 16, total capital for the year ended 31 March 2018 has been restated (note 2). The objectives for managing capital are to safeguard the Group’s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders and to maintain an efficient capital structure to optimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or take other steps to increase share capital and reduce or increase debt facilities. As at 31 March 2019, the Group had borrowings of £313.0m (2018: £343.0m) through its Syndicated revolving credit facility (2018: Syndicated Term Loan). Interest is payable on this facility at a rate of LIBOR plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of Auto Trader Group plc and its subsidiaries, which is calculated and reviewed on a biannual basis. The Group remains in compliance with its banking covenants.
2019(Restated) 2018
£m£m
Total net debt321.0355.2
Total equity59.05.6
Total capital380.0360.8
"} {"question": "What would the percentage change in total capital in 2019 from 2018 be if the amount in 2019 was 380.8 million instead?", "answer": ["5.54"], "context": "Capital management The Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt and lease financing, less unamortised debt fees and cash and cash equivalents as shown in note 32. Total equity is as shown in the Consolidated balance sheet. The calculation of total capital is shown in the table below: Following the application of IFRS 16, total capital for the year ended 31 March 2018 has been restated (note 2). The objectives for managing capital are to safeguard the Group’s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders and to maintain an efficient capital structure to optimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or take other steps to increase share capital and reduce or increase debt facilities. As at 31 March 2019, the Group had borrowings of £313.0m (2018: £343.0m) through its Syndicated revolving credit facility (2018: Syndicated Term Loan). Interest is payable on this facility at a rate of LIBOR plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of Auto Trader Group plc and its subsidiaries, which is calculated and reviewed on a biannual basis. The Group remains in compliance with its banking covenants.
2019(Restated) 2018
£m£m
Total net debt321.0355.2
Total equity59.05.6
Total capital380.0360.8
"} {"question": "In which year would the Gross margin excluding surcharge revenue be larger if the amount in 2018 was 18.3% instead?", "answer": ["2017"], "context": "Gross Profit Gross profit in fiscal year 2018 increased to $382.3 million, or 17.7 percent of net sales from $300.8 million, or 16.7 percent of net sales for fiscal year 2017. Excluding the impact of the surcharge revenue, our gross margin in fiscal year 2018 was 21.3 percent compared to 19.3 percent in fiscal year 2017. The results reflect the impact of stronger demand and improved product mix coupled with operating cost improvements compared to fiscal year 2017. Our surcharge mechanism is structured to recover increases in raw material costs, although in certain cases with a lag effect as discussed above. While the surcharge generally protects the absolute gross profit dollars, it does have a dilutive effect on gross margin as a percent of sales. The following represents a summary of the dilutive impact of the surcharge on gross margin. We present and discuss these financial measures because management believes removing the impact of surcharge provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section “Non-GAAP Financial Measures” below for further discussion of these financial measures.
Fiscal Year
($ in millions)20182017
Net sales$2,157.7$1,797.6
Less: surcharge revenue365.4239.2
Net sales excluding surcharge revenue$1,792.3$1,558.4
Gross profit$382.3$300.8
Gross margin17.7%16.7%
Gross margin excluding surcharge revenue21.3%19.3%
"} {"question": "What would the change in gross profit in 2018 from 2017 be if the amount in 2018 was $380.8 million instead?", "answer": ["80"], "context": "Gross Profit Gross profit in fiscal year 2018 increased to $382.3 million, or 17.7 percent of net sales from $300.8 million, or 16.7 percent of net sales for fiscal year 2017. Excluding the impact of the surcharge revenue, our gross margin in fiscal year 2018 was 21.3 percent compared to 19.3 percent in fiscal year 2017. The results reflect the impact of stronger demand and improved product mix coupled with operating cost improvements compared to fiscal year 2017. Our surcharge mechanism is structured to recover increases in raw material costs, although in certain cases with a lag effect as discussed above. While the surcharge generally protects the absolute gross profit dollars, it does have a dilutive effect on gross margin as a percent of sales. The following represents a summary of the dilutive impact of the surcharge on gross margin. We present and discuss these financial measures because management believes removing the impact of surcharge provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section “Non-GAAP Financial Measures” below for further discussion of these financial measures.
Fiscal Year
($ in millions)20182017
Net sales$2,157.7$1,797.6
Less: surcharge revenue365.4239.2
Net sales excluding surcharge revenue$1,792.3$1,558.4
Gross profit$382.3$300.8
Gross margin17.7%16.7%
Gross margin excluding surcharge revenue21.3%19.3%
"} {"question": "What would the percentage change in gross profit in 2018 from 2017 be if the amount in 2018 was $380.8 million instead?", "answer": ["26.6"], "context": "Gross Profit Gross profit in fiscal year 2018 increased to $382.3 million, or 17.7 percent of net sales from $300.8 million, or 16.7 percent of net sales for fiscal year 2017. Excluding the impact of the surcharge revenue, our gross margin in fiscal year 2018 was 21.3 percent compared to 19.3 percent in fiscal year 2017. The results reflect the impact of stronger demand and improved product mix coupled with operating cost improvements compared to fiscal year 2017. Our surcharge mechanism is structured to recover increases in raw material costs, although in certain cases with a lag effect as discussed above. While the surcharge generally protects the absolute gross profit dollars, it does have a dilutive effect on gross margin as a percent of sales. The following represents a summary of the dilutive impact of the surcharge on gross margin. We present and discuss these financial measures because management believes removing the impact of surcharge provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section “Non-GAAP Financial Measures” below for further discussion of these financial measures.
Fiscal Year
($ in millions)20182017
Net sales$2,157.7$1,797.6
Less: surcharge revenue365.4239.2
Net sales excluding surcharge revenue$1,792.3$1,558.4
Gross profit$382.3$300.8
Gross margin17.7%16.7%
Gross margin excluding surcharge revenue21.3%19.3%
"} {"question": "What is the difference in fair value of cash and cash equivalents between 2018 and 2019 if the 2019 value is increased by 1001 thousand?", "answer": ["-6007"], "context": "Fair Value Disclosures Under the fair value standards fair value is based on the exit price and defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement should reflect all the assumptions that market participants would use in pricing an asset or liability. A fair value hierarchy is established in the authoritative guidance outlined in three levels ranking from Level 1 to level 3 with Level 1 being the highest priority. Level 1: observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly Level 3: unobservable inputs (e.g., a reporting entity’s or other entity’s own data) The Company had no assets or liabilities measured at fair value on a recurring (except our pension plan assets, see Note 15) or non-recurring basis as of September 30, 2019 or September 30, 2018. To estimate fair value of the financial instruments below quoted market prices are used when available and classified within Level 1. If this data is not available, we use observable market based inputs to estimate fair value, which are classified within Level 2. If the preceding information is unavailable, we use internally generated data to estimate fair value which is classified within Level 3. Cash and cash equivalents Carrying amount approximated fair value Accounts and long term receivable with original maturity over one year Fair value was estimated by discounting future cash flows based on the current rate with similar terms. Note payable Fair value was estimated based on quoted market prices. Fair value of accounts receivable with an original maturity of one year or less and accounts payable was not materially different from their carrying values at September 30, 2019, and 2018.
As of September 30, 2019As of September 30, 2018
Carrying amountFair valueCarrying amountFair valueFair Value LevelReferences
(Amounts in thousands)
Assets:
Cash and cash equivalents$18,099$18,099$25,107$25,1071Consolidated Balance SSheets
Accounts & long term receivable*7,0877,087--3Note 3
Liabilities:
Note payable1,0011,001--2Note 11
*Original maturity over one year
"} {"question": "What is the difference in the carrying amount and fair value of the accounts and long term receivable in 2019 if the carrying amount is 13 thousand more than double the current carrying amount value but the fair value remained constant?", "answer": ["7100"], "context": "Fair Value Disclosures Under the fair value standards fair value is based on the exit price and defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement should reflect all the assumptions that market participants would use in pricing an asset or liability. A fair value hierarchy is established in the authoritative guidance outlined in three levels ranking from Level 1 to level 3 with Level 1 being the highest priority. Level 1: observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly Level 3: unobservable inputs (e.g., a reporting entity’s or other entity’s own data) The Company had no assets or liabilities measured at fair value on a recurring (except our pension plan assets, see Note 15) or non-recurring basis as of September 30, 2019 or September 30, 2018. To estimate fair value of the financial instruments below quoted market prices are used when available and classified within Level 1. If this data is not available, we use observable market based inputs to estimate fair value, which are classified within Level 2. If the preceding information is unavailable, we use internally generated data to estimate fair value which is classified within Level 3. Cash and cash equivalents Carrying amount approximated fair value Accounts and long term receivable with original maturity over one year Fair value was estimated by discounting future cash flows based on the current rate with similar terms. Note payable Fair value was estimated based on quoted market prices. Fair value of accounts receivable with an original maturity of one year or less and accounts payable was not materially different from their carrying values at September 30, 2019, and 2018.
As of September 30, 2019As of September 30, 2018
Carrying amountFair valueCarrying amountFair valueFair Value LevelReferences
(Amounts in thousands)
Assets:
Cash and cash equivalents$18,099$18,099$25,107$25,1071Consolidated Balance SSheets
Accounts & long term receivable*7,0877,087--3Note 3
Liabilities:
Note payable1,0011,001--2Note 11
*Original maturity over one year
"} {"question": "What is the percentage change in the fair value of cash and cash equivalents between 2018 and 2019 if the 2019 value is halved, and added by 20,000 thousand?", "answer": ["15.7"], "context": "Fair Value Disclosures Under the fair value standards fair value is based on the exit price and defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement should reflect all the assumptions that market participants would use in pricing an asset or liability. A fair value hierarchy is established in the authoritative guidance outlined in three levels ranking from Level 1 to level 3 with Level 1 being the highest priority. Level 1: observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly Level 3: unobservable inputs (e.g., a reporting entity’s or other entity’s own data) The Company had no assets or liabilities measured at fair value on a recurring (except our pension plan assets, see Note 15) or non-recurring basis as of September 30, 2019 or September 30, 2018. To estimate fair value of the financial instruments below quoted market prices are used when available and classified within Level 1. If this data is not available, we use observable market based inputs to estimate fair value, which are classified within Level 2. If the preceding information is unavailable, we use internally generated data to estimate fair value which is classified within Level 3. Cash and cash equivalents Carrying amount approximated fair value Accounts and long term receivable with original maturity over one year Fair value was estimated by discounting future cash flows based on the current rate with similar terms. Note payable Fair value was estimated based on quoted market prices. Fair value of accounts receivable with an original maturity of one year or less and accounts payable was not materially different from their carrying values at September 30, 2019, and 2018.
As of September 30, 2019As of September 30, 2018
Carrying amountFair valueCarrying amountFair valueFair Value LevelReferences
(Amounts in thousands)
Assets:
Cash and cash equivalents$18,099$18,099$25,107$25,1071Consolidated Balance SSheets
Accounts & long term receivable*7,0877,087--3Note 3
Liabilities:
Note payable1,0011,001--2Note 11
*Original maturity over one year
"} {"question": "What would be the difference between cash and cash equivalents and Available-for-sale debt investments in 2019 if Cash and cash equivalents were $20,000 million instead?", "answer": ["1660"], "context": "Balance Sheet and Cash Flows Cash and Cash Equivalents and Investments The following table summarizes our cash and cash equivalents and investments (in millions): The net decrease in cash and cash equivalents and investments from fiscal 2018 to fiscal 2019 was primarily driven by cash returned to shareholders in the form of repurchases of common stock of $20.7 billion under the stock repurchase program and cash dividends of $6.0 billion, net cash paid for acquisitions and divestitures of $2.2 billion, a net decrease in debt of $1.1 billion, and capital expenditures of $0.9 billion. These uses of cash were partially offset by cash provided by operating activities of $15.8 billion and the timing of settlements of investments and other of $2.0 billion. In addition to cash requirements in the normal course of business, on July 9, 2019 we announced our intent to acquire Acacia Communications, Inc. (“Acacia”) for a purchase consideration of approximately $2.6 billion in cash. Additionally, $0.7 billion of the U.S. transition tax on accumulated earnings for foreign subsidiaries, $6.0 billion of long-term debt and $4.2 billion of commercial paper notes outstanding at July 27, 2019, are payable within the next 12 months from the balance sheet date. See further discussion of liquidity and future payments under “Contractual Obligations” and “Liquidity and Capital Resource Requirements” below. We maintain an investment portfolio of various holdings, types, and maturities. We classify our investments as short-term investments based on their nature and their availability for use in current operations. We believe the overall credit quality of our portfolio is strong, with our cash equivalents and our available-for-sale debt investment portfolio consisting primarily of high quality investment-grade securities. We believe that our strong cash and cash equivalents and investments position allows us to use our cash resources for strategic investments to gain access to new technologies, for acquisitions, for customer financing activities, for working capital needs, and for the repurchase of shares of common stock and payment of dividends as discussed below.
July 27, 2019July 28, 2018Increase (Decrease)
Cash and cash equivalents .$11,750$8,934$2,816
Available-for-sale debt investments21,66037,009(15,349)
Marketable equity securities3605(602)
Total$33,413$46,548$(13,135)
"} {"question": "How many years would Marketable equity securities exceed $500 million if Marketable equity securities in 2019 was $1,000 million?", "answer": ["2"], "context": "Balance Sheet and Cash Flows Cash and Cash Equivalents and Investments The following table summarizes our cash and cash equivalents and investments (in millions): The net decrease in cash and cash equivalents and investments from fiscal 2018 to fiscal 2019 was primarily driven by cash returned to shareholders in the form of repurchases of common stock of $20.7 billion under the stock repurchase program and cash dividends of $6.0 billion, net cash paid for acquisitions and divestitures of $2.2 billion, a net decrease in debt of $1.1 billion, and capital expenditures of $0.9 billion. These uses of cash were partially offset by cash provided by operating activities of $15.8 billion and the timing of settlements of investments and other of $2.0 billion. In addition to cash requirements in the normal course of business, on July 9, 2019 we announced our intent to acquire Acacia Communications, Inc. (“Acacia”) for a purchase consideration of approximately $2.6 billion in cash. Additionally, $0.7 billion of the U.S. transition tax on accumulated earnings for foreign subsidiaries, $6.0 billion of long-term debt and $4.2 billion of commercial paper notes outstanding at July 27, 2019, are payable within the next 12 months from the balance sheet date. See further discussion of liquidity and future payments under “Contractual Obligations” and “Liquidity and Capital Resource Requirements” below. We maintain an investment portfolio of various holdings, types, and maturities. We classify our investments as short-term investments based on their nature and their availability for use in current operations. We believe the overall credit quality of our portfolio is strong, with our cash equivalents and our available-for-sale debt investment portfolio consisting primarily of high quality investment-grade securities. We believe that our strong cash and cash equivalents and investments position allows us to use our cash resources for strategic investments to gain access to new technologies, for acquisitions, for customer financing activities, for working capital needs, and for the repurchase of shares of common stock and payment of dividends as discussed below.
July 27, 2019July 28, 2018Increase (Decrease)
Cash and cash equivalents .$11,750$8,934$2,816
Available-for-sale debt investments21,66037,009(15,349)
Marketable equity securities3605(602)
Total$33,413$46,548$(13,135)
"} {"question": "What would be the percentage change in the total between 2018 and 2019 if the total in 2019 was $50,000 million instead?", "answer": ["7.42"], "context": "Balance Sheet and Cash Flows Cash and Cash Equivalents and Investments The following table summarizes our cash and cash equivalents and investments (in millions): The net decrease in cash and cash equivalents and investments from fiscal 2018 to fiscal 2019 was primarily driven by cash returned to shareholders in the form of repurchases of common stock of $20.7 billion under the stock repurchase program and cash dividends of $6.0 billion, net cash paid for acquisitions and divestitures of $2.2 billion, a net decrease in debt of $1.1 billion, and capital expenditures of $0.9 billion. These uses of cash were partially offset by cash provided by operating activities of $15.8 billion and the timing of settlements of investments and other of $2.0 billion. In addition to cash requirements in the normal course of business, on July 9, 2019 we announced our intent to acquire Acacia Communications, Inc. (“Acacia”) for a purchase consideration of approximately $2.6 billion in cash. Additionally, $0.7 billion of the U.S. transition tax on accumulated earnings for foreign subsidiaries, $6.0 billion of long-term debt and $4.2 billion of commercial paper notes outstanding at July 27, 2019, are payable within the next 12 months from the balance sheet date. See further discussion of liquidity and future payments under “Contractual Obligations” and “Liquidity and Capital Resource Requirements” below. We maintain an investment portfolio of various holdings, types, and maturities. We classify our investments as short-term investments based on their nature and their availability for use in current operations. We believe the overall credit quality of our portfolio is strong, with our cash equivalents and our available-for-sale debt investment portfolio consisting primarily of high quality investment-grade securities. We believe that our strong cash and cash equivalents and investments position allows us to use our cash resources for strategic investments to gain access to new technologies, for acquisitions, for customer financing activities, for working capital needs, and for the repurchase of shares of common stock and payment of dividends as discussed below.
July 27, 2019July 28, 2018Increase (Decrease)
Cash and cash equivalents .$11,750$8,934$2,816
Available-for-sale debt investments21,66037,009(15,349)
Marketable equity securities3605(602)
Total$33,413$46,548$(13,135)
"} {"question": "What would be the average age of the company's Chairman and Vice Chairman if their total age is decreased by 10 years?", "answer": ["64"], "context": "ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES A. Directors and Senior Management Set forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected. Set forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected. Certain biographical information with respect to each director and senior management of the Company listed above is set forth below. On March 6, 2020, Andreas Ove Ugland, a director and Vice Chairman of the Company and our Audit Committee Chairman, passed. Mr. Ugland had been a valued member of our Board of Directors since 1997. Herbjørn Hansson earned his M.B.A. at the Norwegian School of Economics and Business Administration and attended Harvard Business School. In 1974 he was employed by the Norwegian Shipowners’ Association. In the period from 1975 to 1980, he was Chief Economist and Research Manager of INTERTANKO, an industry association whose members control about 70% of the world’s independently owned tanker fleet, excluding state owned and oil company fleets. During the 1980s, he was Chief Financial Officer of Kosmos/Anders Jahre, at the time one of the largest Norwegian based shipping and industry groups. In 1989, Mr. Hansson founded Ugland Nordic Shipping AS, or UNS, which became one of the world’s largest owners of specialized shuttle tankers. He served as Chairman in the first phase and as Chief Executive Officer as from 1993 to 2001 when UNS, under his management, was sold to Teekay Shipping Corporation, or Teekay, for an enterprise value of $780.0 million. He continued to work with Teekay, and reached the position of Vice Chairman of Teekay Norway AS, until he started working full-time for the Company on September 1, 2004. Mr. Hansson is the founder and has been Chairman and Chief Executive Officer of the Company since its establishment in 1995. He also has been a member of various governing bodies of companies within shipping, insurance, banking, manufacturing, national/international shipping agencies including classification societies and protection and indemnity associations. Mr. Hansson is fluent in Norwegian and English, and has a command of German and French for conversational purposes. David Workman has been a director of the Company since November 2019. Mr. Workman has served as Hermitage Offshore Services Ltd.’s Class A Director since December 2013. Mr. Workman was Chief Operating Officer and member of the Supervisory Board of Stork Technical Services, or STS, guided, as Chief Executive Officer, the sale of the RBG Offshore Services Group into the STS group in 2011. Mr. Workman has 30 years of broad experience in the offshore sector ranging from drilling operations/field development through production operations and project management. He has worked with a wide variety of exploration and production companies in the sector and has balanced this with exposure to the service sector, working with management companies. As part of his experience with these different companies, he has had extensive exposure to the North Sea market. Mr. Workman graduated from Imperial College London in 1983 with a Masters in Petroleum Engineering and spent his early years as a Drilling/Production Operations Engineer with BP. In 1987 he joined Hamilton Brothers Oil and Gas who were early adopters of floating production systems. In 1993 he joined Kerr McGee as an operations manager for the Tentech 850 designed Gryphon FPSO, the first permanently moored FPSO in the North Sea. In 1996, Mr. Workman established the service company Atlantic Floating Production, which went on to become the management contractor and duty holder on the John Fredriksen owned Northern Producer and on the Petroleum Geo-Services (PGS) owned Banff FPF. In 2003, Mr. Workman was instrumental in founding Tuscan Energy which went on to redevelop the abandoned Argyll Field in the UK Continental Shelf. In 2009, Mr. Workman was appointed as Chief Executive Officer of STS in 2011. Richard H. K. Vietor has been a director of the Company since July 2007. Mr. Vietor is the Paul Whiton Cherrington Professor of Business Administration where he teaches courses on the regulation of business and the international political economy. He was appointed Professor in 1984. Before coming to Harvard Business School in 1978, Professor Vietor held faculty appointments at Virginia Polytechnic Institute and the University of Missouri. He received a B.A. in economics from Union College in 1967, an M.A. in history from Hofstra University in 1971, and a Ph.D. from the University of Pittsburgh in 1975. Alexander Hansson has been a director of the Company since November 2019. Mr. Hansson is an investor in various markets globally and has made several successful investments in both listed and privately held companies. Mr. Hansson is the son of the Company’s Chairman and Chief Executive Officer and he has built a network over the last 20 years in the shipping and finance sector. He has operated shipping and trading offices in London and Monaco. He studied at EBS Regents College in London, United Kingdom. Jim Kelly has been a director of the Company since June 2010. Mr. Kelly has worked for Time Inc., the world’s largest magazine publisher, since 1978. He served as Foreign Editor during the fall of the Soviet Union and the first Gulf War, and was named Deputy Managing Editor in 1996. In 2001, Mr. Kelly became the magazine’s managing editor, and during his tenure the magazine won a record four National Magazine awards. In 2004, Time Magazine received its first EMMA for its contribution to the ABC News Series “Iraq: Where Things Stand.” In late 2006, Mr. Kelly became the managing editor of all of Time Inc., helping supervise the work of more than 2,000 journalists working at 125 titles, including Fortune, Money, Sports Illustrated and People. Since 2009, Mr. Kelly has worked as a consultant at Bloomberg LP and taught at Princeton and Columbia Universities. Jim Kelly was elected as member of our Audit Committee in February 2012. Mr. Kelly was appointed as the Chairman of the Audit Committee upon the passing of Mr. Ugland. Bjørn Giaever joined the Company as Chief Financial Officer and Secretary on October 16, 2017. Mr. Giaever has over 20 years of experience in the shipping & offshore industry, holding key roles in corporate finance and equity research. He joined the Company from Fearnley Securities AS, where he served as partner and director in the Corporate Finance division. From 2006 to 2010, Mr. Giaever served as a senior corporate advisor in the John Fredriksen group in London. In addition, Mr. Giaever has been a top rated Shipping Analyst at DNB Markets and partner at Inge Steensland AS, specializing in gas and maritime matters. Mr. Giaever holds a BSc in business and economics.
The Company
NameAgePosition
Herbjørn Hansson72Chairman, Chief Executive Officer, President and Director
David Workman58Director
Richard H. K. Vietor74Director
Alexander Hansson38Director
Jim Kelly66Vice Chairman, Director and Audit Committee Member
Bjørn Giaever52Chief Financial Officer
"} {"question": "What would be the average age of the company's Chief Executive Officer and Chief Financial Officer if the age of the Chief Financial Officer is doubled?", "answer": ["88"], "context": "ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES A. Directors and Senior Management Set forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected. Set forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected. Certain biographical information with respect to each director and senior management of the Company listed above is set forth below. On March 6, 2020, Andreas Ove Ugland, a director and Vice Chairman of the Company and our Audit Committee Chairman, passed. Mr. Ugland had been a valued member of our Board of Directors since 1997. Herbjørn Hansson earned his M.B.A. at the Norwegian School of Economics and Business Administration and attended Harvard Business School. In 1974 he was employed by the Norwegian Shipowners’ Association. In the period from 1975 to 1980, he was Chief Economist and Research Manager of INTERTANKO, an industry association whose members control about 70% of the world’s independently owned tanker fleet, excluding state owned and oil company fleets. During the 1980s, he was Chief Financial Officer of Kosmos/Anders Jahre, at the time one of the largest Norwegian based shipping and industry groups. In 1989, Mr. Hansson founded Ugland Nordic Shipping AS, or UNS, which became one of the world’s largest owners of specialized shuttle tankers. He served as Chairman in the first phase and as Chief Executive Officer as from 1993 to 2001 when UNS, under his management, was sold to Teekay Shipping Corporation, or Teekay, for an enterprise value of $780.0 million. He continued to work with Teekay, and reached the position of Vice Chairman of Teekay Norway AS, until he started working full-time for the Company on September 1, 2004. Mr. Hansson is the founder and has been Chairman and Chief Executive Officer of the Company since its establishment in 1995. He also has been a member of various governing bodies of companies within shipping, insurance, banking, manufacturing, national/international shipping agencies including classification societies and protection and indemnity associations. Mr. Hansson is fluent in Norwegian and English, and has a command of German and French for conversational purposes. David Workman has been a director of the Company since November 2019. Mr. Workman has served as Hermitage Offshore Services Ltd.’s Class A Director since December 2013. Mr. Workman was Chief Operating Officer and member of the Supervisory Board of Stork Technical Services, or STS, guided, as Chief Executive Officer, the sale of the RBG Offshore Services Group into the STS group in 2011. Mr. Workman has 30 years of broad experience in the offshore sector ranging from drilling operations/field development through production operations and project management. He has worked with a wide variety of exploration and production companies in the sector and has balanced this with exposure to the service sector, working with management companies. As part of his experience with these different companies, he has had extensive exposure to the North Sea market. Mr. Workman graduated from Imperial College London in 1983 with a Masters in Petroleum Engineering and spent his early years as a Drilling/Production Operations Engineer with BP. In 1987 he joined Hamilton Brothers Oil and Gas who were early adopters of floating production systems. In 1993 he joined Kerr McGee as an operations manager for the Tentech 850 designed Gryphon FPSO, the first permanently moored FPSO in the North Sea. In 1996, Mr. Workman established the service company Atlantic Floating Production, which went on to become the management contractor and duty holder on the John Fredriksen owned Northern Producer and on the Petroleum Geo-Services (PGS) owned Banff FPF. In 2003, Mr. Workman was instrumental in founding Tuscan Energy which went on to redevelop the abandoned Argyll Field in the UK Continental Shelf. In 2009, Mr. Workman was appointed as Chief Executive Officer of STS in 2011. Richard H. K. Vietor has been a director of the Company since July 2007. Mr. Vietor is the Paul Whiton Cherrington Professor of Business Administration where he teaches courses on the regulation of business and the international political economy. He was appointed Professor in 1984. Before coming to Harvard Business School in 1978, Professor Vietor held faculty appointments at Virginia Polytechnic Institute and the University of Missouri. He received a B.A. in economics from Union College in 1967, an M.A. in history from Hofstra University in 1971, and a Ph.D. from the University of Pittsburgh in 1975. Alexander Hansson has been a director of the Company since November 2019. Mr. Hansson is an investor in various markets globally and has made several successful investments in both listed and privately held companies. Mr. Hansson is the son of the Company’s Chairman and Chief Executive Officer and he has built a network over the last 20 years in the shipping and finance sector. He has operated shipping and trading offices in London and Monaco. He studied at EBS Regents College in London, United Kingdom. Jim Kelly has been a director of the Company since June 2010. Mr. Kelly has worked for Time Inc., the world’s largest magazine publisher, since 1978. He served as Foreign Editor during the fall of the Soviet Union and the first Gulf War, and was named Deputy Managing Editor in 1996. In 2001, Mr. Kelly became the magazine’s managing editor, and during his tenure the magazine won a record four National Magazine awards. In 2004, Time Magazine received its first EMMA for its contribution to the ABC News Series “Iraq: Where Things Stand.” In late 2006, Mr. Kelly became the managing editor of all of Time Inc., helping supervise the work of more than 2,000 journalists working at 125 titles, including Fortune, Money, Sports Illustrated and People. Since 2009, Mr. Kelly has worked as a consultant at Bloomberg LP and taught at Princeton and Columbia Universities. Jim Kelly was elected as member of our Audit Committee in February 2012. Mr. Kelly was appointed as the Chairman of the Audit Committee upon the passing of Mr. Ugland. Bjørn Giaever joined the Company as Chief Financial Officer and Secretary on October 16, 2017. Mr. Giaever has over 20 years of experience in the shipping & offshore industry, holding key roles in corporate finance and equity research. He joined the Company from Fearnley Securities AS, where he served as partner and director in the Corporate Finance division. From 2006 to 2010, Mr. Giaever served as a senior corporate advisor in the John Fredriksen group in London. In addition, Mr. Giaever has been a top rated Shipping Analyst at DNB Markets and partner at Inge Steensland AS, specializing in gas and maritime matters. Mr. Giaever holds a BSc in business and economics.
The Company
NameAgePosition
Herbjørn Hansson72Chairman, Chief Executive Officer, President and Director
David Workman58Director
Richard H. K. Vietor74Director
Alexander Hansson38Director
Jim Kelly66Vice Chairman, Director and Audit Committee Member
Bjørn Giaever52Chief Financial Officer
"} {"question": "What would be the total age of the company's Chief Executive Officer and Chief Financial Officer if their total age is decreased by 10%?", "answer": ["111.6"], "context": "ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES A. Directors and Senior Management Set forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected. Set forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected. Certain biographical information with respect to each director and senior management of the Company listed above is set forth below. On March 6, 2020, Andreas Ove Ugland, a director and Vice Chairman of the Company and our Audit Committee Chairman, passed. Mr. Ugland had been a valued member of our Board of Directors since 1997. Herbjørn Hansson earned his M.B.A. at the Norwegian School of Economics and Business Administration and attended Harvard Business School. In 1974 he was employed by the Norwegian Shipowners’ Association. In the period from 1975 to 1980, he was Chief Economist and Research Manager of INTERTANKO, an industry association whose members control about 70% of the world’s independently owned tanker fleet, excluding state owned and oil company fleets. During the 1980s, he was Chief Financial Officer of Kosmos/Anders Jahre, at the time one of the largest Norwegian based shipping and industry groups. In 1989, Mr. Hansson founded Ugland Nordic Shipping AS, or UNS, which became one of the world’s largest owners of specialized shuttle tankers. He served as Chairman in the first phase and as Chief Executive Officer as from 1993 to 2001 when UNS, under his management, was sold to Teekay Shipping Corporation, or Teekay, for an enterprise value of $780.0 million. He continued to work with Teekay, and reached the position of Vice Chairman of Teekay Norway AS, until he started working full-time for the Company on September 1, 2004. Mr. Hansson is the founder and has been Chairman and Chief Executive Officer of the Company since its establishment in 1995. He also has been a member of various governing bodies of companies within shipping, insurance, banking, manufacturing, national/international shipping agencies including classification societies and protection and indemnity associations. Mr. Hansson is fluent in Norwegian and English, and has a command of German and French for conversational purposes. David Workman has been a director of the Company since November 2019. Mr. Workman has served as Hermitage Offshore Services Ltd.’s Class A Director since December 2013. Mr. Workman was Chief Operating Officer and member of the Supervisory Board of Stork Technical Services, or STS, guided, as Chief Executive Officer, the sale of the RBG Offshore Services Group into the STS group in 2011. Mr. Workman has 30 years of broad experience in the offshore sector ranging from drilling operations/field development through production operations and project management. He has worked with a wide variety of exploration and production companies in the sector and has balanced this with exposure to the service sector, working with management companies. As part of his experience with these different companies, he has had extensive exposure to the North Sea market. Mr. Workman graduated from Imperial College London in 1983 with a Masters in Petroleum Engineering and spent his early years as a Drilling/Production Operations Engineer with BP. In 1987 he joined Hamilton Brothers Oil and Gas who were early adopters of floating production systems. In 1993 he joined Kerr McGee as an operations manager for the Tentech 850 designed Gryphon FPSO, the first permanently moored FPSO in the North Sea. In 1996, Mr. Workman established the service company Atlantic Floating Production, which went on to become the management contractor and duty holder on the John Fredriksen owned Northern Producer and on the Petroleum Geo-Services (PGS) owned Banff FPF. In 2003, Mr. Workman was instrumental in founding Tuscan Energy which went on to redevelop the abandoned Argyll Field in the UK Continental Shelf. In 2009, Mr. Workman was appointed as Chief Executive Officer of STS in 2011. Richard H. K. Vietor has been a director of the Company since July 2007. Mr. Vietor is the Paul Whiton Cherrington Professor of Business Administration where he teaches courses on the regulation of business and the international political economy. He was appointed Professor in 1984. Before coming to Harvard Business School in 1978, Professor Vietor held faculty appointments at Virginia Polytechnic Institute and the University of Missouri. He received a B.A. in economics from Union College in 1967, an M.A. in history from Hofstra University in 1971, and a Ph.D. from the University of Pittsburgh in 1975. Alexander Hansson has been a director of the Company since November 2019. Mr. Hansson is an investor in various markets globally and has made several successful investments in both listed and privately held companies. Mr. Hansson is the son of the Company’s Chairman and Chief Executive Officer and he has built a network over the last 20 years in the shipping and finance sector. He has operated shipping and trading offices in London and Monaco. He studied at EBS Regents College in London, United Kingdom. Jim Kelly has been a director of the Company since June 2010. Mr. Kelly has worked for Time Inc., the world’s largest magazine publisher, since 1978. He served as Foreign Editor during the fall of the Soviet Union and the first Gulf War, and was named Deputy Managing Editor in 1996. In 2001, Mr. Kelly became the magazine’s managing editor, and during his tenure the magazine won a record four National Magazine awards. In 2004, Time Magazine received its first EMMA for its contribution to the ABC News Series “Iraq: Where Things Stand.” In late 2006, Mr. Kelly became the managing editor of all of Time Inc., helping supervise the work of more than 2,000 journalists working at 125 titles, including Fortune, Money, Sports Illustrated and People. Since 2009, Mr. Kelly has worked as a consultant at Bloomberg LP and taught at Princeton and Columbia Universities. Jim Kelly was elected as member of our Audit Committee in February 2012. Mr. Kelly was appointed as the Chairman of the Audit Committee upon the passing of Mr. Ugland. Bjørn Giaever joined the Company as Chief Financial Officer and Secretary on October 16, 2017. Mr. Giaever has over 20 years of experience in the shipping & offshore industry, holding key roles in corporate finance and equity research. He joined the Company from Fearnley Securities AS, where he served as partner and director in the Corporate Finance division. From 2006 to 2010, Mr. Giaever served as a senior corporate advisor in the John Fredriksen group in London. In addition, Mr. Giaever has been a top rated Shipping Analyst at DNB Markets and partner at Inge Steensland AS, specializing in gas and maritime matters. Mr. Giaever holds a BSc in business and economics.
The Company
NameAgePosition
Herbjørn Hansson72Chairman, Chief Executive Officer, President and Director
David Workman58Director
Richard H. K. Vietor74Director
Alexander Hansson38Director
Jim Kelly66Vice Chairman, Director and Audit Committee Member
Bjørn Giaever52Chief Financial Officer
"} {"question": "If Prior service credits for 2019 was $0.5(in millions) instead, What is the total Prior service credits for the 3 years?", "answer": ["2.1"], "context": "The following table provides detail of amounts reclassified from AOCL: (1) These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 15, “Derivatives and Hedging Activities,” of the Notes to Consolidated Financial Statements for additional details.
(In millions)201920182017Location of Amount Reclassified from AOCL
Defined benefit pension plans and other post-employment benefits:
Prior service credits$ 0.1$0.3$ 1.3
Actuarial losses(4.9)(3.1)(10.0)
Total pre-tax amount(4.8)(2.8)(8.7)Other (expense) income, net
Tax benefit1.20.72.5
Net of tax(3.6)(2.1)(6.2)
Net gains (losses) on cash flow hedging derivatives:(1)
Foreign currency forward contracts1.60.20.9Cost of sales
Interest rate and currency swaps——(3.4)
Treasury locks0.10.10.1Interest expense, net
Total pre-tax amount1.70.3(2.4)
Tax (expense) benefit(0.6)(0.1)0.8
Net of tax1.10.2(1.6)
Total reclassifications for the period(2.5 )(1.9 )(7.8 )
"} {"question": "If the total reclassifications for the period for 2019 was (2.1)(in millions) instead, What is the average Total reclassifications for the period for the 3 years?", "answer": ["-3.93"], "context": "The following table provides detail of amounts reclassified from AOCL: (1) These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 15, “Derivatives and Hedging Activities,” of the Notes to Consolidated Financial Statements for additional details.
(In millions)201920182017Location of Amount Reclassified from AOCL
Defined benefit pension plans and other post-employment benefits:
Prior service credits$ 0.1$0.3$ 1.3
Actuarial losses(4.9)(3.1)(10.0)
Total pre-tax amount(4.8)(2.8)(8.7)Other (expense) income, net
Tax benefit1.20.72.5
Net of tax(3.6)(2.1)(6.2)
Net gains (losses) on cash flow hedging derivatives:(1)
Foreign currency forward contracts1.60.20.9Cost of sales
Interest rate and currency swaps——(3.4)
Treasury locks0.10.10.1Interest expense, net
Total pre-tax amount1.70.3(2.4)
Tax (expense) benefit(0.6)(0.1)0.8
Net of tax1.10.2(1.6)
Total reclassifications for the period(2.5 )(1.9 )(7.8 )
"} {"question": "If for Treasury locks in 2019, the Total pre-tax amount was 2.3(in millions) instead, What is the Net of tax expressed as a percentage of Total pre-tax amount?", "answer": ["73.91"], "context": "The following table provides detail of amounts reclassified from AOCL: (1) These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 15, “Derivatives and Hedging Activities,” of the Notes to Consolidated Financial Statements for additional details.
(In millions)201920182017Location of Amount Reclassified from AOCL
Defined benefit pension plans and other post-employment benefits:
Prior service credits$ 0.1$0.3$ 1.3
Actuarial losses(4.9)(3.1)(10.0)
Total pre-tax amount(4.8)(2.8)(8.7)Other (expense) income, net
Tax benefit1.20.72.5
Net of tax(3.6)(2.1)(6.2)
Net gains (losses) on cash flow hedging derivatives:(1)
Foreign currency forward contracts1.60.20.9Cost of sales
Interest rate and currency swaps——(3.4)
Treasury locks0.10.10.1Interest expense, net
Total pre-tax amount1.70.3(2.4)
Tax (expense) benefit(0.6)(0.1)0.8
Net of tax1.10.2(1.6)
Total reclassifications for the period(2.5 )(1.9 )(7.8 )
"} {"question": "What would be the change in net revenues from FEI-NY between 2018 and 2019 if the value in 2018 increased by $10,000 thousand?", "answer": ["1160"], "context": "14. Segment Information The Company operates under two reportable segments based on the geographic locations of its subsidiaries: (1) FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets- communication satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S. military. The FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiaries, FEI-Elcom and FEI-Asia. FEI- Asia functions as a manufacturing facility for the FEI-NY segment with historically minimal sales to outside customers. FEI- Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s satellite business. (2) FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the U. S. market. The Company measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users. Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business. The accounting policies of the two segments are the same as those described in the “Summary of Significant Accounting Policies.” The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes. All acquired assets, including intangible assets, are included in the assets of both reporting segments. The table below presents information about reported segments for each of the years ended April 30, 2019 and 2018, respectively, with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the years (in thousands):
20192018
Net revenues:
FEI-NY$38,096$26,936
FEI-Zyfer12,23515,272
Less intersegment revenues(822 )(2,801)
Consolidated revenues$49,509$ 39,407
Operating loss:
FEI-NY$(4,429 )$ (15,097)
FEI-Zyfer1,7303,164
Corporate(118 )(462)
Consolidated operating loss$(2,817 )$ (12,395)
20192018
Identifiable assets:
FEI-NY (approximately $1.5 in China in 2019)$54,295$ 55,181
FEI-Zyfer10,4788,168
less intersegment receivables(8,346 )(11,888)
Corporate30,34432,123
Consolidated identifiable assets$86,771$ 83,584
Depreciation and amortization (allocated):
FEI-NY$2,695$ 2,355
FEI-Zyfer92114
Corporate1515
Consolidated depreciation and amortization expense$2,802$ 2,484
"} {"question": "What would be the average net revenue from FEI-Zyfer in 2018 and 2019 if the value in 2019 decreased by $2,000 thousand instead?", "answer": ["12753.5"], "context": "14. Segment Information The Company operates under two reportable segments based on the geographic locations of its subsidiaries: (1) FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets- communication satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S. military. The FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiaries, FEI-Elcom and FEI-Asia. FEI- Asia functions as a manufacturing facility for the FEI-NY segment with historically minimal sales to outside customers. FEI- Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s satellite business. (2) FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the U. S. market. The Company measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users. Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business. The accounting policies of the two segments are the same as those described in the “Summary of Significant Accounting Policies.” The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes. All acquired assets, including intangible assets, are included in the assets of both reporting segments. The table below presents information about reported segments for each of the years ended April 30, 2019 and 2018, respectively, with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the years (in thousands):
20192018
Net revenues:
FEI-NY$38,096$26,936
FEI-Zyfer12,23515,272
Less intersegment revenues(822 )(2,801)
Consolidated revenues$49,509$ 39,407
Operating loss:
FEI-NY$(4,429 )$ (15,097)
FEI-Zyfer1,7303,164
Corporate(118 )(462)
Consolidated operating loss$(2,817 )$ (12,395)
20192018
Identifiable assets:
FEI-NY (approximately $1.5 in China in 2019)$54,295$ 55,181
FEI-Zyfer10,4788,168
less intersegment receivables(8,346 )(11,888)
Corporate30,34432,123
Consolidated identifiable assets$86,771$ 83,584
Depreciation and amortization (allocated):
FEI-NY$2,695$ 2,355
FEI-Zyfer92114
Corporate1515
Consolidated depreciation and amortization expense$2,802$ 2,484
"} {"question": "In 2019, what would be the percentage constitution of the revenue from FEI-NY among the total consolidated revenues if the total consolidated revenues increased by $10,000 thousand while the net revenues value remains constant?", "answer": ["64.02"], "context": "14. Segment Information The Company operates under two reportable segments based on the geographic locations of its subsidiaries: (1) FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets- communication satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S. military. The FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiaries, FEI-Elcom and FEI-Asia. FEI- Asia functions as a manufacturing facility for the FEI-NY segment with historically minimal sales to outside customers. FEI- Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s satellite business. (2) FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the U. S. market. The Company measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users. Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business. The accounting policies of the two segments are the same as those described in the “Summary of Significant Accounting Policies.” The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes. All acquired assets, including intangible assets, are included in the assets of both reporting segments. The table below presents information about reported segments for each of the years ended April 30, 2019 and 2018, respectively, with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the years (in thousands):
20192018
Net revenues:
FEI-NY$38,096$26,936
FEI-Zyfer12,23515,272
Less intersegment revenues(822 )(2,801)
Consolidated revenues$49,509$ 39,407
Operating loss:
FEI-NY$(4,429 )$ (15,097)
FEI-Zyfer1,7303,164
Corporate(118 )(462)
Consolidated operating loss$(2,817 )$ (12,395)
20192018
Identifiable assets:
FEI-NY (approximately $1.5 in China in 2019)$54,295$ 55,181
FEI-Zyfer10,4788,168
less intersegment receivables(8,346 )(11,888)
Corporate30,34432,123
Consolidated identifiable assets$86,771$ 83,584
Depreciation and amortization (allocated):
FEI-NY$2,695$ 2,355
FEI-Zyfer92114
Corporate1515
Consolidated depreciation and amortization expense$2,802$ 2,484
"} {"question": "In which year would the amount of Granted stocks be the largest if the amount in 2019 was $112 thousand instead?", "answer": ["2019"], "context": "Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.36 per share divided by Teradyne’s stock price on the grant date of $37.95 for the 2019 grants, $47.70 for the 2018 grants and $28.56 for the 2017 grants. Stock compensation plan activity for the years 2019, 2018, and 2017, is as follows:
201920182017
(in thousands)
Restricted Stock Units:
Non-vested at January 12,4543,1743,778
Awarded1,139790939
Vested(1,237)(1,382)(1,434)
Forfeited(87)(128)(109)
Non-vested at December312,2692,4543,174
Stock Options:
Outstanding at January 1506531926
Granted10269111
Exercised(280)(94)(501)
Forfeited(7)——
Expired(2)—(5)
Outstanding at December 31319506531
Vested and expected to vest at December 31319506531
Exercisable at December 3185256233
"} {"question": "What would the change in granted stocks in 2019 from 2018 be if the amount in 2019 was $100 thousand instead?", "answer": ["31"], "context": "Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.36 per share divided by Teradyne’s stock price on the grant date of $37.95 for the 2019 grants, $47.70 for the 2018 grants and $28.56 for the 2017 grants. Stock compensation plan activity for the years 2019, 2018, and 2017, is as follows:
201920182017
(in thousands)
Restricted Stock Units:
Non-vested at January 12,4543,1743,778
Awarded1,139790939
Vested(1,237)(1,382)(1,434)
Forfeited(87)(128)(109)
Non-vested at December312,2692,4543,174
Stock Options:
Outstanding at January 1506531926
Granted10269111
Exercised(280)(94)(501)
Forfeited(7)——
Expired(2)—(5)
Outstanding at December 31319506531
Vested and expected to vest at December 31319506531
Exercisable at December 3185256233
"} {"question": "What would the percentage change in granted stocks in 2019 from 2018 be if the amount in 2019 was $100 thousand instead?", "answer": ["44.93"], "context": "Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.36 per share divided by Teradyne’s stock price on the grant date of $37.95 for the 2019 grants, $47.70 for the 2018 grants and $28.56 for the 2017 grants. Stock compensation plan activity for the years 2019, 2018, and 2017, is as follows:
201920182017
(in thousands)
Restricted Stock Units:
Non-vested at January 12,4543,1743,778
Awarded1,139790939
Vested(1,237)(1,382)(1,434)
Forfeited(87)(128)(109)
Non-vested at December312,2692,4543,174
Stock Options:
Outstanding at January 1506531926
Granted10269111
Exercised(280)(94)(501)
Forfeited(7)——
Expired(2)—(5)
Outstanding at December 31319506531
Vested and expected to vest at December 31319506531
Exercisable at December 3185256233
"} {"question": "What would be the percentage change in net sales from 2018 to 2019 if 2018 year end's net sales was $210,000 thousands?", "answer": ["17.08"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following selected consolidated financial data should be read together with our consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this report. The selected consolidated financial data in this section is not intended to replace our consolidated financial statements and the accompanying notes. Our historical results are not necessarily indicative of our future results. We derived the consolidated statements of operations data for the fiscal years ended December 31, 2019, 2018 and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 from our audited consolidated financial statements appearing elsewhere in this report. The consolidated statement of operations data for the years ended December 31, 2016 and 2015 and the consolidated balance sheet data as of December 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements, which are not included in this report.
Year Ended December 31,
20192018201720162015
Consolidated Statement of Operations Data(Dollars in thousands except share and per share data)
Net sales$ 245,862$193,237$152,359$129,707$113,505
Cost of goods sold131,665103,24779,94369,33658,856
Gross profit114,19789,99072,41660,37154,649
Selling, general and administrative expenses114,45094,87675,16762,58658,297
Loss from operations(253)(4,886)(2,751)(2,215)(3,648)
Other income (expenses), net5(102)(525)(182)449
Interest expense(991)(296)(910)(698)(455)
Loss before income taxes(1,239)(5,284)(4,187)(3,095)(3,653)
Income tax expense14477756658
Net loss attributable to common stockholders$(1,383)$(5,361)$(4,262)$(3,161)$(3,711)
Net loss per share
Basic$(0.04)$(0.15)$(0.12)$(0.09)$(0.11)
Diluted$(0.04)$(0.15)$(0.12)$(0.09)$(0.11)
Weighted Average shares of common stock outstanding
Basic35,950,11735,329,17034,487,23933,674,41633,497,940
Diluted35,950,11735,329,17034,487,23933,674,41633,497,940
"} {"question": "What would be the percentage change in cost of goods sold from 2018 to 2019 if 2018 year end's cost of goods sold was $120,000 thousands?", "answer": ["9.72"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following selected consolidated financial data should be read together with our consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this report. The selected consolidated financial data in this section is not intended to replace our consolidated financial statements and the accompanying notes. Our historical results are not necessarily indicative of our future results. We derived the consolidated statements of operations data for the fiscal years ended December 31, 2019, 2018 and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 from our audited consolidated financial statements appearing elsewhere in this report. The consolidated statement of operations data for the years ended December 31, 2016 and 2015 and the consolidated balance sheet data as of December 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements, which are not included in this report.
Year Ended December 31,
20192018201720162015
Consolidated Statement of Operations Data(Dollars in thousands except share and per share data)
Net sales$ 245,862$193,237$152,359$129,707$113,505
Cost of goods sold131,665103,24779,94369,33658,856
Gross profit114,19789,99072,41660,37154,649
Selling, general and administrative expenses114,45094,87675,16762,58658,297
Loss from operations(253)(4,886)(2,751)(2,215)(3,648)
Other income (expenses), net5(102)(525)(182)449
Interest expense(991)(296)(910)(698)(455)
Loss before income taxes(1,239)(5,284)(4,187)(3,095)(3,653)
Income tax expense14477756658
Net loss attributable to common stockholders$(1,383)$(5,361)$(4,262)$(3,161)$(3,711)
Net loss per share
Basic$(0.04)$(0.15)$(0.12)$(0.09)$(0.11)
Diluted$(0.04)$(0.15)$(0.12)$(0.09)$(0.11)
Weighted Average shares of common stock outstanding
Basic35,950,11735,329,17034,487,23933,674,41633,497,940
Diluted35,950,11735,329,17034,487,23933,674,41633,497,940
"} {"question": "What would be the percentage change in gross profit from 2018 to 2019 year end if 2018 year end's gross profit was $130,000 thousands?", "answer": ["-12.16"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following selected consolidated financial data should be read together with our consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this report. The selected consolidated financial data in this section is not intended to replace our consolidated financial statements and the accompanying notes. Our historical results are not necessarily indicative of our future results. We derived the consolidated statements of operations data for the fiscal years ended December 31, 2019, 2018 and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 from our audited consolidated financial statements appearing elsewhere in this report. The consolidated statement of operations data for the years ended December 31, 2016 and 2015 and the consolidated balance sheet data as of December 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements, which are not included in this report.
Year Ended December 31,
20192018201720162015
Consolidated Statement of Operations Data(Dollars in thousands except share and per share data)
Net sales$ 245,862$193,237$152,359$129,707$113,505
Cost of goods sold131,665103,24779,94369,33658,856
Gross profit114,19789,99072,41660,37154,649
Selling, general and administrative expenses114,45094,87675,16762,58658,297
Loss from operations(253)(4,886)(2,751)(2,215)(3,648)
Other income (expenses), net5(102)(525)(182)449
Interest expense(991)(296)(910)(698)(455)
Loss before income taxes(1,239)(5,284)(4,187)(3,095)(3,653)
Income tax expense14477756658
Net loss attributable to common stockholders$(1,383)$(5,361)$(4,262)$(3,161)$(3,711)
Net loss per share
Basic$(0.04)$(0.15)$(0.12)$(0.09)$(0.11)
Diluted$(0.04)$(0.15)$(0.12)$(0.09)$(0.11)
Weighted Average shares of common stock outstanding
Basic35,950,11735,329,17034,487,23933,674,41633,497,940
Diluted35,950,11735,329,17034,487,23933,674,41633,497,940
"} {"question": "Given that the total acquisition related and other expenses in 2018 was 67 million, how much was the total acquisition related and other expenses in 2018 and 2019?", "answer": ["55.5"], "context": "Acquisition Related and Other Expenses: Acquisition related and other expenses consist of personnel related costs and stock-based compensation for transitional and certain other employees, integration related professional services, and certain business combination adjustments including certain adjustments after the measurement period has ended and certain other operating items, net. Stock-based compensation expenses included in acquisition related and other expenses resulted from unvested restricted stock-based awards and stock options assumed from acquisitions whereby vesting was accelerated generally upon termination of the employees pursuant to the original terms of those restricted stock-based awards and stock options. * Not meaningful On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 .
Year Ended May 31,
Percent Change
(Dollars in millions)2019ActualConstant2018
Transitional and other employee related costs$493%4%$48
Stock-based compensation—-100%-100%1
Professional fees and other, net16373%426%3
Business combination adjustments, net(21)**—
Total acquisition related and other expenses$44-15%-13%$52
"} {"question": "If the transitional and other employee related costs in 2017 was 33 million, what was the difference in transitional and other employee related costs in 2019 and 2017?", "answer": ["16"], "context": "Acquisition Related and Other Expenses: Acquisition related and other expenses consist of personnel related costs and stock-based compensation for transitional and certain other employees, integration related professional services, and certain business combination adjustments including certain adjustments after the measurement period has ended and certain other operating items, net. Stock-based compensation expenses included in acquisition related and other expenses resulted from unvested restricted stock-based awards and stock options assumed from acquisitions whereby vesting was accelerated generally upon termination of the employees pursuant to the original terms of those restricted stock-based awards and stock options. * Not meaningful On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 .
Year Ended May 31,
Percent Change
(Dollars in millions)2019ActualConstant2018
Transitional and other employee related costs$493%4%$48
Stock-based compensation—-100%-100%1
Professional fees and other, net16373%426%3
Business combination adjustments, net(21)**—
Total acquisition related and other expenses$44-15%-13%$52
"} {"question": "If the company spent 22 million on professional fees and other, net, what was the total amount spent on transitional and other employee related costs and professional fees and other, net in 2019?", "answer": ["71"], "context": "Acquisition Related and Other Expenses: Acquisition related and other expenses consist of personnel related costs and stock-based compensation for transitional and certain other employees, integration related professional services, and certain business combination adjustments including certain adjustments after the measurement period has ended and certain other operating items, net. Stock-based compensation expenses included in acquisition related and other expenses resulted from unvested restricted stock-based awards and stock options assumed from acquisitions whereby vesting was accelerated generally upon termination of the employees pursuant to the original terms of those restricted stock-based awards and stock options. * Not meaningful On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 .
Year Ended May 31,
Percent Change
(Dollars in millions)2019ActualConstant2018
Transitional and other employee related costs$493%4%$48
Stock-based compensation—-100%-100%1
Professional fees and other, net16373%426%3
Business combination adjustments, net(21)**—
Total acquisition related and other expenses$44-15%-13%$52
"} {"question": "In which year would the amount of Other receivables be larger if the amount in 2018 was 0.4 million instead?", "answer": ["2018"], "context": "31. Financial instruments Financial assets
20192018
Note£m£m
Net trade receivables1824.925.4
Accrued income1828.026.7
Other receivables180.30.1
Cash and cash equivalents195.94.3
Total59.156.5
"} {"question": "What would the change in Other receivables in 2019 from 2018 be if the amount in 2019 was 0.2 million instead?", "answer": ["0.1"], "context": "31. Financial instruments Financial assets
20192018
Note£m£m
Net trade receivables1824.925.4
Accrued income1828.026.7
Other receivables180.30.1
Cash and cash equivalents195.94.3
Total59.156.5
"} {"question": "What would the percentage change in Other receivables in 2019 from 2018 be if the amount in 2019 was 0.2 million instead?", "answer": ["100"], "context": "31. Financial instruments Financial assets
20192018
Note£m£m
Net trade receivables1824.925.4
Accrued income1828.026.7
Other receivables180.30.1
Cash and cash equivalents195.94.3
Total59.156.5
"} {"question": "If the Numerator (basic) – Net income in 2019 increased to 2,938 million, what is the revised increase / (decrease)?", "answer": ["879"], "context": "EXPLANATORY INFORMATION For the years ended December 31, 2019 and 2018, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2019 was reduced by $6 million (2018 – $2 million) in the diluted earnings per share calculation. For the year ended December 31, 2019, there were 1,077,875 options out of the money (2018 – 37,715) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.
Years ended December 31
(In millions of dollars, except per share amounts)20192018
Numerator (basic) – Net income for the year2,0432,059
Denominator – Number of shares (in millions): Weighted average number of shares outstanding – basic512515
Effect of dilutive securities (in millions): Employee stock options and restricted share units11
Weighted average number of shares outstanding – diluted513516
Earnings per share:
Basic$3.99$4.00
Diluted$3.97$3.99
"} {"question": "If the Basic Earnings per share in 2019 increased to $4.11, what is the revised increase / (decrease)?", "answer": ["0.11"], "context": "EXPLANATORY INFORMATION For the years ended December 31, 2019 and 2018, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2019 was reduced by $6 million (2018 – $2 million) in the diluted earnings per share calculation. For the year ended December 31, 2019, there were 1,077,875 options out of the money (2018 – 37,715) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.
Years ended December 31
(In millions of dollars, except per share amounts)20192018
Numerator (basic) – Net income for the year2,0432,059
Denominator – Number of shares (in millions): Weighted average number of shares outstanding – basic512515
Effect of dilutive securities (in millions): Employee stock options and restricted share units11
Weighted average number of shares outstanding – diluted513516
Earnings per share:
Basic$3.99$4.00
Diluted$3.97$3.99
"} {"question": "If the Diluted Earnings per share in 2019 increased to $4.81, what is the revised increase / (decrease)?", "answer": ["0.82"], "context": "EXPLANATORY INFORMATION For the years ended December 31, 2019 and 2018, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2019 was reduced by $6 million (2018 – $2 million) in the diluted earnings per share calculation. For the year ended December 31, 2019, there were 1,077,875 options out of the money (2018 – 37,715) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.
Years ended December 31
(In millions of dollars, except per share amounts)20192018
Numerator (basic) – Net income for the year2,0432,059
Denominator – Number of shares (in millions): Weighted average number of shares outstanding – basic512515
Effect of dilutive securities (in millions): Employee stock options and restricted share units11
Weighted average number of shares outstanding – diluted513516
Earnings per share:
Basic$3.99$4.00
Diluted$3.97$3.99
"} {"question": "If receivables in December 2019 was 6,000, what would be the increase / (decrease) in the receivables from 31 December 2018 to 31 December 2019?", "answer": ["552"], "context": "Accounts receivable and contract balances The timing of revenue recognition may differ from the time of billing to customers. Receivables presented in the balance sheet represent an unconditional right to consideration. Contract balances represent amounts from an arrangement when either the performance obligation has been satisfied by transferring goods and/or services to the customer in advance of receiving all or partial consideration for such goods and/or services from the customer, or the customer has made payment in advance of obtaining control of the goods and/or services promised to the customer in the contract. Contract assets primarily relate to rights to consideration for goods and/or services provided to the customers but for which there is not an unconditional right at the reporting date. Under a fixed-term plan, the total contract revenue is allocated between wireless services and equipment revenues, as discussed above. In conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer. The contract asset is recognized as accounts receivable as wireless services are provided and billed. The right to bill the customer is obtained as service is provided over time, which results in the right to the payment being unconditional. The contract asset balances are presented in the balance sheets as prepaid expenses and other, and other assets - net. Contract assets are assessed for impairment on an annual basis and an impairment charge is recognized to the extent the carrying amount is not recoverable. The impairment charge related to contract assets was insignificant for the years ended December 31, 2019 and 2018. Increases in the contract asset balances were primarily due to new contracts and increases in sales promotions recognized upfront, driven by customer activity related to wireless services, while decreases were due to reclassifications to accounts receivable due to billings on the existing contracts and insignificant impairment charges. Contract liabilities arise when customers are billed and consideration is received in advance of providing the goods and/or services promised in the contract. The majority of the contract liability at each year end is recognized during the following year as these contract liabilities primarily relate to advanced billing of fixed monthly fees for service that are recognized within the following month when services are provided to the customer. The contract liability balances are presented in the balance sheet as contract liabilities and other, and other liabilities. Increases in contract liabilities were primarily due to increases in sales promotions recognized over time and upfront fees, as well as increases in deferred revenue related to advanced billings, while decreases in contract liabilities were primarily due to the satisfaction of performance obligations related to wireless services. The balance of receivables from contracts with customers, contract assets and contract liabilities recorded in the balance sheet were as follows: (1) Balances do not include receivables related to the following contracts: leasing arrangements (such as towers) and the interest on equipment financed on a device payment plan agreement when sold to the customer by an authorized agent. (2) Included in device payment plan agreement receivables presented in Device Payment Plans Note. Balances do not include receivables related to contracts completed prior to January 1, 2018 and receivables derived from the sale of equipment on a device payment plan through an authorized agent.
At December 31, 2019At December 31, 2018At January 1, 2018
Receivables (1)$ 5,752$ 5,448$ 5,555
Device payment plan agreement receivables (2)15,31312,2722,073
Contract assets761772858
Contract liabilities4,7214,5213,445
"} {"question": "If contract assets in December 2019 was 800, what would be the average contract assets for years ended 2018 and 2019?", "answer": ["786"], "context": "Accounts receivable and contract balances The timing of revenue recognition may differ from the time of billing to customers. Receivables presented in the balance sheet represent an unconditional right to consideration. Contract balances represent amounts from an arrangement when either the performance obligation has been satisfied by transferring goods and/or services to the customer in advance of receiving all or partial consideration for such goods and/or services from the customer, or the customer has made payment in advance of obtaining control of the goods and/or services promised to the customer in the contract. Contract assets primarily relate to rights to consideration for goods and/or services provided to the customers but for which there is not an unconditional right at the reporting date. Under a fixed-term plan, the total contract revenue is allocated between wireless services and equipment revenues, as discussed above. In conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer. The contract asset is recognized as accounts receivable as wireless services are provided and billed. The right to bill the customer is obtained as service is provided over time, which results in the right to the payment being unconditional. The contract asset balances are presented in the balance sheets as prepaid expenses and other, and other assets - net. Contract assets are assessed for impairment on an annual basis and an impairment charge is recognized to the extent the carrying amount is not recoverable. The impairment charge related to contract assets was insignificant for the years ended December 31, 2019 and 2018. Increases in the contract asset balances were primarily due to new contracts and increases in sales promotions recognized upfront, driven by customer activity related to wireless services, while decreases were due to reclassifications to accounts receivable due to billings on the existing contracts and insignificant impairment charges. Contract liabilities arise when customers are billed and consideration is received in advance of providing the goods and/or services promised in the contract. The majority of the contract liability at each year end is recognized during the following year as these contract liabilities primarily relate to advanced billing of fixed monthly fees for service that are recognized within the following month when services are provided to the customer. The contract liability balances are presented in the balance sheet as contract liabilities and other, and other liabilities. Increases in contract liabilities were primarily due to increases in sales promotions recognized over time and upfront fees, as well as increases in deferred revenue related to advanced billings, while decreases in contract liabilities were primarily due to the satisfaction of performance obligations related to wireless services. The balance of receivables from contracts with customers, contract assets and contract liabilities recorded in the balance sheet were as follows: (1) Balances do not include receivables related to the following contracts: leasing arrangements (such as towers) and the interest on equipment financed on a device payment plan agreement when sold to the customer by an authorized agent. (2) Included in device payment plan agreement receivables presented in Device Payment Plans Note. Balances do not include receivables related to contracts completed prior to January 1, 2018 and receivables derived from the sale of equipment on a device payment plan through an authorized agent.
At December 31, 2019At December 31, 2018At January 1, 2018
Receivables (1)$ 5,752$ 5,448$ 5,555
Device payment plan agreement receivables (2)15,31312,2722,073
Contract assets761772858
Contract liabilities4,7214,5213,445
"} {"question": "If contract liabilities in December 2019 was 5,000, what would be the increase / (decrease) in contract liabilities from December 2018 to December 2019?", "answer": ["479"], "context": "Accounts receivable and contract balances The timing of revenue recognition may differ from the time of billing to customers. Receivables presented in the balance sheet represent an unconditional right to consideration. Contract balances represent amounts from an arrangement when either the performance obligation has been satisfied by transferring goods and/or services to the customer in advance of receiving all or partial consideration for such goods and/or services from the customer, or the customer has made payment in advance of obtaining control of the goods and/or services promised to the customer in the contract. Contract assets primarily relate to rights to consideration for goods and/or services provided to the customers but for which there is not an unconditional right at the reporting date. Under a fixed-term plan, the total contract revenue is allocated between wireless services and equipment revenues, as discussed above. In conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer. The contract asset is recognized as accounts receivable as wireless services are provided and billed. The right to bill the customer is obtained as service is provided over time, which results in the right to the payment being unconditional. The contract asset balances are presented in the balance sheets as prepaid expenses and other, and other assets - net. Contract assets are assessed for impairment on an annual basis and an impairment charge is recognized to the extent the carrying amount is not recoverable. The impairment charge related to contract assets was insignificant for the years ended December 31, 2019 and 2018. Increases in the contract asset balances were primarily due to new contracts and increases in sales promotions recognized upfront, driven by customer activity related to wireless services, while decreases were due to reclassifications to accounts receivable due to billings on the existing contracts and insignificant impairment charges. Contract liabilities arise when customers are billed and consideration is received in advance of providing the goods and/or services promised in the contract. The majority of the contract liability at each year end is recognized during the following year as these contract liabilities primarily relate to advanced billing of fixed monthly fees for service that are recognized within the following month when services are provided to the customer. The contract liability balances are presented in the balance sheet as contract liabilities and other, and other liabilities. Increases in contract liabilities were primarily due to increases in sales promotions recognized over time and upfront fees, as well as increases in deferred revenue related to advanced billings, while decreases in contract liabilities were primarily due to the satisfaction of performance obligations related to wireless services. The balance of receivables from contracts with customers, contract assets and contract liabilities recorded in the balance sheet were as follows: (1) Balances do not include receivables related to the following contracts: leasing arrangements (such as towers) and the interest on equipment financed on a device payment plan agreement when sold to the customer by an authorized agent. (2) Included in device payment plan agreement receivables presented in Device Payment Plans Note. Balances do not include receivables related to contracts completed prior to January 1, 2018 and receivables derived from the sale of equipment on a device payment plan through an authorized agent.
At December 31, 2019At December 31, 2018At January 1, 2018
Receivables (1)$ 5,752$ 5,448$ 5,555
Device payment plan agreement receivables (2)15,31312,2722,073
Contract assets761772858
Contract liabilities4,7214,5213,445
"} {"question": "If Unbilled accounts receivable, net in 2018 was 50,000 thousands, what would be the change from 2018 to 2019?", "answer": ["3897"], "context": "Customer Contract - Related Balance Sheet Amounts The Company generally invoices customers in annual installments payable in advance. The difference between the timing of revenue recognition and the timing of billings results in the recognition of unbilled accounts receivable or deferred revenue in the consolidated balance sheets. Amounts related to customer contract-related arrangements are included on the consolidated balance sheets as of August 1, 2018 and July 31, 2019 as follows (in thousands): (1) The short- and long-term portions of this balance are reported in ‘Prepaid expenses and other current assets’ and ‘Other assets,’ respectively, on the consolidated balance sheets. Unbilled accounts receivable Unbilled accounts receivable includes those amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition. This situation typically occurs when the Company transfers control of time-based software licenses to customers up-front, but invoices customers annually over the term of the license, which is typically two years. During the fiscal year ended July 31, 2019, the Company transferred control of a ten year timebased license that resulted in $9.7 million of unbilled accounts receivable as of July 31, 2019, representing future billings in years two through ten of the license term. Unbilled accounts receivable is classified as either current or non-current based on the duration of remaining time between the date of the consolidated balance sheets and the anticipated due date of the underlying receivables. Contract costs Contract costs consist of customer acquisition costs and costs to fulfill a contract, which includes commissions and their related payroll taxes, royalties, and referral fees. Contract costs are classified as either current or non-current based on the duration of time remaining between the date of the consolidated balance sheets and the anticipated amortization date of the associated costs. The current portion of contract costs as of July 31, 2019 in the amount of $7.0 million is included in prepaid and other current assets on the Company’s consolidated balance sheets. The non-current portion of contract costs as of July 31, 2019 in the amount of $23.4 million is included in other assets on the Company’s consolidated balance sheets. The Company amortized $5.5 million of contract costs during the fiscal year ended July 31, 2019. Deferred revenue Deferred revenue consists of amounts that have been invoiced and for which the Company has the right to bill, but that have not been recognized as revenue because the related goods or services have not been transferred. Deferred revenue that will be realized during the 12-month period following the date of the consolidated balance sheets is recorded as current, and the remaining deferred revenue is recorded as non-current. During the fiscal year ended July 31, 2019, the Company recognized revenue of $112.2 million related to the Company’s deferred revenue balance as of August 1, 2018.
Beginning balance as of August 1, 2018 as adjustedEnding balance as of July 31, 2019 as reported
Unbilled accounts receivable, net$ 28,76246,103
Contract costs, net(1)12,93230,390
Deferred revenue, net(141,685)(131,831)
"} {"question": "If Contract costs, net in 2019 was 35,000 thousands, what would be the average for 2018 and 2019?", "answer": ["32695"], "context": "Customer Contract - Related Balance Sheet Amounts The Company generally invoices customers in annual installments payable in advance. The difference between the timing of revenue recognition and the timing of billings results in the recognition of unbilled accounts receivable or deferred revenue in the consolidated balance sheets. Amounts related to customer contract-related arrangements are included on the consolidated balance sheets as of August 1, 2018 and July 31, 2019 as follows (in thousands): (1) The short- and long-term portions of this balance are reported in ‘Prepaid expenses and other current assets’ and ‘Other assets,’ respectively, on the consolidated balance sheets. Unbilled accounts receivable Unbilled accounts receivable includes those amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition. This situation typically occurs when the Company transfers control of time-based software licenses to customers up-front, but invoices customers annually over the term of the license, which is typically two years. During the fiscal year ended July 31, 2019, the Company transferred control of a ten year timebased license that resulted in $9.7 million of unbilled accounts receivable as of July 31, 2019, representing future billings in years two through ten of the license term. Unbilled accounts receivable is classified as either current or non-current based on the duration of remaining time between the date of the consolidated balance sheets and the anticipated due date of the underlying receivables. Contract costs Contract costs consist of customer acquisition costs and costs to fulfill a contract, which includes commissions and their related payroll taxes, royalties, and referral fees. Contract costs are classified as either current or non-current based on the duration of time remaining between the date of the consolidated balance sheets and the anticipated amortization date of the associated costs. The current portion of contract costs as of July 31, 2019 in the amount of $7.0 million is included in prepaid and other current assets on the Company’s consolidated balance sheets. The non-current portion of contract costs as of July 31, 2019 in the amount of $23.4 million is included in other assets on the Company’s consolidated balance sheets. The Company amortized $5.5 million of contract costs during the fiscal year ended July 31, 2019. Deferred revenue Deferred revenue consists of amounts that have been invoiced and for which the Company has the right to bill, but that have not been recognized as revenue because the related goods or services have not been transferred. Deferred revenue that will be realized during the 12-month period following the date of the consolidated balance sheets is recorded as current, and the remaining deferred revenue is recorded as non-current. During the fiscal year ended July 31, 2019, the Company recognized revenue of $112.2 million related to the Company’s deferred revenue balance as of August 1, 2018.
Beginning balance as of August 1, 2018 as adjustedEnding balance as of July 31, 2019 as reported
Unbilled accounts receivable, net$ 28,76246,103
Contract costs, net(1)12,93230,390
Deferred revenue, net(141,685)(131,831)
"} {"question": "If Contract costs, net in 2019 was 10,000 thousands, in which year would it be less than 20,000 thousands??", "answer": ["2019", "2018"], "context": "Customer Contract - Related Balance Sheet Amounts The Company generally invoices customers in annual installments payable in advance. The difference between the timing of revenue recognition and the timing of billings results in the recognition of unbilled accounts receivable or deferred revenue in the consolidated balance sheets. Amounts related to customer contract-related arrangements are included on the consolidated balance sheets as of August 1, 2018 and July 31, 2019 as follows (in thousands): (1) The short- and long-term portions of this balance are reported in ‘Prepaid expenses and other current assets’ and ‘Other assets,’ respectively, on the consolidated balance sheets. Unbilled accounts receivable Unbilled accounts receivable includes those amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition. This situation typically occurs when the Company transfers control of time-based software licenses to customers up-front, but invoices customers annually over the term of the license, which is typically two years. During the fiscal year ended July 31, 2019, the Company transferred control of a ten year timebased license that resulted in $9.7 million of unbilled accounts receivable as of July 31, 2019, representing future billings in years two through ten of the license term. Unbilled accounts receivable is classified as either current or non-current based on the duration of remaining time between the date of the consolidated balance sheets and the anticipated due date of the underlying receivables. Contract costs Contract costs consist of customer acquisition costs and costs to fulfill a contract, which includes commissions and their related payroll taxes, royalties, and referral fees. Contract costs are classified as either current or non-current based on the duration of time remaining between the date of the consolidated balance sheets and the anticipated amortization date of the associated costs. The current portion of contract costs as of July 31, 2019 in the amount of $7.0 million is included in prepaid and other current assets on the Company’s consolidated balance sheets. The non-current portion of contract costs as of July 31, 2019 in the amount of $23.4 million is included in other assets on the Company’s consolidated balance sheets. The Company amortized $5.5 million of contract costs during the fiscal year ended July 31, 2019. Deferred revenue Deferred revenue consists of amounts that have been invoiced and for which the Company has the right to bill, but that have not been recognized as revenue because the related goods or services have not been transferred. Deferred revenue that will be realized during the 12-month period following the date of the consolidated balance sheets is recorded as current, and the remaining deferred revenue is recorded as non-current. During the fiscal year ended July 31, 2019, the Company recognized revenue of $112.2 million related to the Company’s deferred revenue balance as of August 1, 2018.
Beginning balance as of August 1, 2018 as adjustedEnding balance as of July 31, 2019 as reported
Unbilled accounts receivable, net$ 28,76246,103
Contract costs, net(1)12,93230,390
Deferred revenue, net(141,685)(131,831)
"} {"question": "How did the company's basic weighted average shares outstanding change from 2018 to 2019 if the basic weighted average shares outstanding in 2018 was 20,000? ", "answer": ["-12.88"], "context": "Earnings per share for the periods indicated were computed as follows (in thousands except per share amounts): Our weighted average shares outstanding has decreased due to the repurchase of our outstanding common stock through a modified Dutch auction tender offer (the “Tender Offer”) and the stock repurchase program announced on October 29, 2018. 11. Earnings Per Share
Year ended December 31,
20192018
Numerators
Numerator for basic and diluted earnings per share:
Net income$13,267$3,654
Denominators
Denominators for basic and diluted earnings per share:
Weighted average shares outstanding - basic17,42420,721
Dilutive potential common shares
Stock options and awards1,101296
Denominator for diluted earnings per share18,52521,017
Net income per common share - basic$0.76$0.18
Net income per common share – diluted$0.72$0.17
"} {"question": "How did the company's Denominator for diluted earnings per share change from 2018 to 2019 if the original earnings for 2018 was doubled?", "answer": ["-55.93"], "context": "Earnings per share for the periods indicated were computed as follows (in thousands except per share amounts): Our weighted average shares outstanding has decreased due to the repurchase of our outstanding common stock through a modified Dutch auction tender offer (the “Tender Offer”) and the stock repurchase program announced on October 29, 2018. 11. Earnings Per Share
Year ended December 31,
20192018
Numerators
Numerator for basic and diluted earnings per share:
Net income$13,267$3,654
Denominators
Denominators for basic and diluted earnings per share:
Weighted average shares outstanding - basic17,42420,721
Dilutive potential common shares
Stock options and awards1,101296
Denominator for diluted earnings per share18,52521,017
Net income per common share - basic$0.76$0.18
Net income per common share – diluted$0.72$0.17
"} {"question": "How much more stock options and awards did the company give out in 2019 compared to 2018 if the amount given out in 2018 was tripled?", "answer": ["213"], "context": "Earnings per share for the periods indicated were computed as follows (in thousands except per share amounts): Our weighted average shares outstanding has decreased due to the repurchase of our outstanding common stock through a modified Dutch auction tender offer (the “Tender Offer”) and the stock repurchase program announced on October 29, 2018. 11. Earnings Per Share
Year ended December 31,
20192018
Numerators
Numerator for basic and diluted earnings per share:
Net income$13,267$3,654
Denominators
Denominators for basic and diluted earnings per share:
Weighted average shares outstanding - basic17,42420,721
Dilutive potential common shares
Stock options and awards1,101296
Denominator for diluted earnings per share18,52521,017
Net income per common share - basic$0.76$0.18
Net income per common share – diluted$0.72$0.17
"} {"question": "If current assets increased to 40,000 million, what is the increase / (decrease) from 2018 to 2019?", "answer": ["-9146"], "context": "IBM Working Capital Working capital decreased $10,200 million from the year-end 2018 position. The key changes are described below: Current assets decreased $10,726 million ($10,477 million adjusted for currency) due to: • A decline in receivables of $6,769 million ($6,695 million adjusted for currency) driven by a decline in financing receivables of $8,197 million primarily due to the wind down of OEM IT commercial financing operations; partially offset by an increase in other receivables of $989 million primarily related to divestitures; and • A decrease of $3,213 million ($3,052 million adjusted for currency) in cash and cash equivalents, restricted cash, and marketable securities primarily due to retirement of debt. Current liabilities decreased $526 million ($449 million adjusted for currency) as a result of: • A decrease in accounts payable of $1,662 million primarily due to the wind down of OEM IT commercial financing operations; and • A decrease in short-term debt of $1,410 million due to maturities of $12,649 million and a decrease in commercial paper of $2,691 million; partially offset by reclassifications of $7,592 million from long-term debt to reflect upcoming maturities and issuances of $6,334 million; offset by • An increase in operating lease liabilities of $1,380 million as a result of the adoption of the new leasing standard on January 1, 2019; and • An increase in deferred income of $861 million ($890 million adjusted for currency).
($ in millions)
At December 31:20192018
Current assets$38,420$49,146
Current liabilities37,70138,227
Working capital$ 718$10,918
Current ratio1.02:11.29:1
"} {"question": "If the Current liabilities in 2019 increased to 40,000 million, what is the percentage increase / (decrease) from 2018 to 2019?", "answer": ["4.64"], "context": "IBM Working Capital Working capital decreased $10,200 million from the year-end 2018 position. The key changes are described below: Current assets decreased $10,726 million ($10,477 million adjusted for currency) due to: • A decline in receivables of $6,769 million ($6,695 million adjusted for currency) driven by a decline in financing receivables of $8,197 million primarily due to the wind down of OEM IT commercial financing operations; partially offset by an increase in other receivables of $989 million primarily related to divestitures; and • A decrease of $3,213 million ($3,052 million adjusted for currency) in cash and cash equivalents, restricted cash, and marketable securities primarily due to retirement of debt. Current liabilities decreased $526 million ($449 million adjusted for currency) as a result of: • A decrease in accounts payable of $1,662 million primarily due to the wind down of OEM IT commercial financing operations; and • A decrease in short-term debt of $1,410 million due to maturities of $12,649 million and a decrease in commercial paper of $2,691 million; partially offset by reclassifications of $7,592 million from long-term debt to reflect upcoming maturities and issuances of $6,334 million; offset by • An increase in operating lease liabilities of $1,380 million as a result of the adoption of the new leasing standard on January 1, 2019; and • An increase in deferred income of $861 million ($890 million adjusted for currency).
($ in millions)
At December 31:20192018
Current assets$38,420$49,146
Current liabilities37,70138,227
Working capital$ 718$10,918
Current ratio1.02:11.29:1
"} {"question": "If the working capital in 2019 increased to 5,000 million, what is the revised average?", "answer": ["7959"], "context": "IBM Working Capital Working capital decreased $10,200 million from the year-end 2018 position. The key changes are described below: Current assets decreased $10,726 million ($10,477 million adjusted for currency) due to: • A decline in receivables of $6,769 million ($6,695 million adjusted for currency) driven by a decline in financing receivables of $8,197 million primarily due to the wind down of OEM IT commercial financing operations; partially offset by an increase in other receivables of $989 million primarily related to divestitures; and • A decrease of $3,213 million ($3,052 million adjusted for currency) in cash and cash equivalents, restricted cash, and marketable securities primarily due to retirement of debt. Current liabilities decreased $526 million ($449 million adjusted for currency) as a result of: • A decrease in accounts payable of $1,662 million primarily due to the wind down of OEM IT commercial financing operations; and • A decrease in short-term debt of $1,410 million due to maturities of $12,649 million and a decrease in commercial paper of $2,691 million; partially offset by reclassifications of $7,592 million from long-term debt to reflect upcoming maturities and issuances of $6,334 million; offset by • An increase in operating lease liabilities of $1,380 million as a result of the adoption of the new leasing standard on January 1, 2019; and • An increase in deferred income of $861 million ($890 million adjusted for currency).
($ in millions)
At December 31:20192018
Current assets$38,420$49,146
Current liabilities37,70138,227
Working capital$ 718$10,918
Current ratio1.02:11.29:1
"} {"question": "If unbilled in 2019 was 25,000, what would be the increase / (decrease) in the unbilled from 2018 to 2019?", "answer": ["718"], "context": "Subsequent to origination, the delinquency and write-off experience is monitored as key credit quality indicators for the portfolio of device payment plan agreement receivables and fixed-term service plans. The extent of collection efforts with respect to a particular customer are based on the results of proprietary custom empirically derived internal behavioral-scoring models that analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent. These customer-scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts. Collection performance results and the credit quality of device payment plan agreement receivables are continuously monitored based on a variety of metrics, including aging. An account is considered to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date. At December 31, 2019 and 2018, the balance and aging of the device payment plan agreement receivables on a gross basis was as follows:
20192018
Unbilled$ 22,827$ 24,282
Billed:
Current1,2861,465
Past due236271
Device payment plan agreement receivables, gross$ 24,349$ 26,018
"} {"question": "If current billed in 2019 was 1,500, what would be the average current billed for 2018 and 2019?", "answer": ["1482.5"], "context": "Subsequent to origination, the delinquency and write-off experience is monitored as key credit quality indicators for the portfolio of device payment plan agreement receivables and fixed-term service plans. The extent of collection efforts with respect to a particular customer are based on the results of proprietary custom empirically derived internal behavioral-scoring models that analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent. These customer-scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts. Collection performance results and the credit quality of device payment plan agreement receivables are continuously monitored based on a variety of metrics, including aging. An account is considered to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date. At December 31, 2019 and 2018, the balance and aging of the device payment plan agreement receivables on a gross basis was as follows:
20192018
Unbilled$ 22,827$ 24,282
Billed:
Current1,2861,465
Past due236271
Device payment plan agreement receivables, gross$ 24,349$ 26,018
"} {"question": "If past due in 2019 was 300, what would be the increase / (decrease) in the past due from 2018 to 2019?", "answer": ["29"], "context": "Subsequent to origination, the delinquency and write-off experience is monitored as key credit quality indicators for the portfolio of device payment plan agreement receivables and fixed-term service plans. The extent of collection efforts with respect to a particular customer are based on the results of proprietary custom empirically derived internal behavioral-scoring models that analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent. These customer-scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts. Collection performance results and the credit quality of device payment plan agreement receivables are continuously monitored based on a variety of metrics, including aging. An account is considered to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date. At December 31, 2019 and 2018, the balance and aging of the device payment plan agreement receivables on a gross basis was as follows:
20192018
Unbilled$ 22,827$ 24,282
Billed:
Current1,2861,465
Past due236271
Device payment plan agreement receivables, gross$ 24,349$ 26,018
"} {"question": "What would be the change in the weighted average grant date fair value of nonvested shares between 2016 and 2017 if the Weighted Average Grant Date Fair Value in 2016 was $40.00?", "answer": ["2.06"], "context": "Combined Incentive Plan Information RSU share activity under the 2004 Plan is set forth below: The total intrinsic value of RSUs which vested during the years ended March 31, 2019, 2018 and 2017 was $229.3 million, $146.0 million and $166.1 million, respectively. The aggregate intrinsic value of RSUs outstanding at March 31, 2019 was $522.0 million, calculated based on the closing price of the Company's common stock of $82.96 per share on March 29, 2019. At March 31, 2019, the weighted average remaining expense recognition period was 1.91 years.
Number of SharesWeighted Average Grant Date Fair Value
Nonvested shares at March 31, 20166,307,742$36.76
Granted1,635,65551.46
Assumed upon acquisition2,059,52446.57
Forfeited(722,212)43.58
Vested(2,861,253)38.60
Nonvested shares at March 31, 20176,419,45642.06
Granted1,267,53677.26
Forfeited(279,051)49.65
Vested(1,735,501)38.00
Nonvested shares at March 31, 20185,672,44050.79
Granted1,951,40877.83
Assumed upon acquisition1,805,68091.70
Forfeited(408,242)73.36
Vested(2,729,324)61.51
Nonvested shares at March 31, 20196,291,962$64.81
"} {"question": "What would be the change in the number of vested shares between 2017 and 2018 if the number of vested shares in 2017 was -2,000,000 instead?", "answer": ["-729324"], "context": "Combined Incentive Plan Information RSU share activity under the 2004 Plan is set forth below: The total intrinsic value of RSUs which vested during the years ended March 31, 2019, 2018 and 2017 was $229.3 million, $146.0 million and $166.1 million, respectively. The aggregate intrinsic value of RSUs outstanding at March 31, 2019 was $522.0 million, calculated based on the closing price of the Company's common stock of $82.96 per share on March 29, 2019. At March 31, 2019, the weighted average remaining expense recognition period was 1.91 years.
Number of SharesWeighted Average Grant Date Fair Value
Nonvested shares at March 31, 20166,307,742$36.76
Granted1,635,65551.46
Assumed upon acquisition2,059,52446.57
Forfeited(722,212)43.58
Vested(2,861,253)38.60
Nonvested shares at March 31, 20176,419,45642.06
Granted1,267,53677.26
Forfeited(279,051)49.65
Vested(1,735,501)38.00
Nonvested shares at March 31, 20185,672,44050.79
Granted1,951,40877.83
Assumed upon acquisition1,805,68091.70
Forfeited(408,242)73.36
Vested(2,729,324)61.51
Nonvested shares at March 31, 20196,291,962$64.81
"} {"question": "What would be the percentage change in the number of nonvested shares between 2018 and 2019 if the number of unvested shares in 2019 was 6,000,000 instead?", "answer": ["5.77"], "context": "Combined Incentive Plan Information RSU share activity under the 2004 Plan is set forth below: The total intrinsic value of RSUs which vested during the years ended March 31, 2019, 2018 and 2017 was $229.3 million, $146.0 million and $166.1 million, respectively. The aggregate intrinsic value of RSUs outstanding at March 31, 2019 was $522.0 million, calculated based on the closing price of the Company's common stock of $82.96 per share on March 29, 2019. At March 31, 2019, the weighted average remaining expense recognition period was 1.91 years.
Number of SharesWeighted Average Grant Date Fair Value
Nonvested shares at March 31, 20166,307,742$36.76
Granted1,635,65551.46
Assumed upon acquisition2,059,52446.57
Forfeited(722,212)43.58
Vested(2,861,253)38.60
Nonvested shares at March 31, 20176,419,45642.06
Granted1,267,53677.26
Forfeited(279,051)49.65
Vested(1,735,501)38.00
Nonvested shares at March 31, 20185,672,44050.79
Granted1,951,40877.83
Assumed upon acquisition1,805,68091.70
Forfeited(408,242)73.36
Vested(2,729,324)61.51
Nonvested shares at March 31, 20196,291,962$64.81
"} {"question": "What is the percentage change in Asia sales between 2018 and 2019 if the 2019 sales is doubled and increased by another 400 thousand?", "answer": ["151.57"], "context": "The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: Substantially all Americas amounts are United States.
2019AmericasEuropeAsiaTotal% of total
(Amounts in thousands)
TS$67,728$3,285$646$71,15990%
HPP5,2947711,8377,90210%
Total$72,522$4,056$2,483$79,061100%
% of total92%5%3%100%
2018
TS$52,034$9,059$1,344$62,43786%
HPP8,4241,26678910,47914%
Total$60,458$10,325$2,133$72,916100%
% of total83%14%3%100%
"} {"question": "What is the difference in total sales between 2018 and 2019 if the sales in 2018 is decreased by 30%?", "answer": ["28019.8"], "context": "The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: Substantially all Americas amounts are United States.
2019AmericasEuropeAsiaTotal% of total
(Amounts in thousands)
TS$67,728$3,285$646$71,15990%
HPP5,2947711,8377,90210%
Total$72,522$4,056$2,483$79,061100%
% of total92%5%3%100%
2018
TS$52,034$9,059$1,344$62,43786%
HPP8,4241,26678910,47914%
Total$60,458$10,325$2,133$72,916100%
% of total83%14%3%100%
"} {"question": "What is the difference in total sales between TS Asia and TS Europe in 2019 if the value for TS Asia is doubled and then increased by 50?", "answer": ["2043"], "context": "The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: Substantially all Americas amounts are United States.
2019AmericasEuropeAsiaTotal% of total
(Amounts in thousands)
TS$67,728$3,285$646$71,15990%
HPP5,2947711,8377,90210%
Total$72,522$4,056$2,483$79,061100%
% of total92%5%3%100%
2018
TS$52,034$9,059$1,344$62,43786%
HPP8,4241,26678910,47914%
Total$60,458$10,325$2,133$72,916100%
% of total83%14%3%100%
"} {"question": "How many components would there be under Costs and Expenses if Other income was removed?", "answer": ["4"], "context": "NOTE 3—ACQUISITIONS AND DIVESTITURES Sale of CGD Services On April 18, 2018, we entered into a stock purchase agreement with Nova Global Supply & Services, LLC (Purchaser), an entity affiliated with GC Valiant, LP, under which we agreed to sell our CGD Services business to the Purchaser. We concluded that the sale of the CGD Services business met all of the required conditions for discontinued operations presentation in the second quarter of fiscal 2018. Consequently, in the second quarter of fiscal 2018, we recognized a $6.9 million loss within discontinued operations, which was calculated as the excess of the carrying value of the net assets of CGD Services less the estimated sales price in the stock purchase agreement less estimated selling costs. The sale closed on May 31, 2018. In accordance with the terms of the stock purchase agreement, the Purchaser agreed to pay us $135.0 million in cash upon the closing of the transaction, adjusted for the estimated working capital of CGD Services at the date of the sale compared to a working capital target. In the third quarter of fiscal 2018, we received $133.8 million in connection with the sale and we recorded a receivable from the Purchaser for the estimated amount due related to the working capital settlement. The balance of this receivable was $3.7 million at September 30, 2018. During fiscal 2019, we worked with the Purchaser and revised certain estimates related to the working capital settlement. In connection with the revision of these estimates, we reduced the receivable from the Purchaser by $1.4 million and recognized a corresponding loss on the sale of CGD Services in fiscal 2019. Certain remaining working capital settlement estimates, primarily related to the fair value of accounts receivable, have not yet been settled with the Purchaser. In addition to the amounts described above, we are eligible to receive an additional cash payment of $3.0 million based on the achievement of pre-determined earn-out conditions related to the award of certain government contracts. No amount has been recorded as a receivable related to the potential achievement of earn-out conditions based upon our assessment of the probability of achievement of the required conditions. The operations and cash flows of CGD Services are reflected in our Consolidated Statements of Operations and Consolidated Statements of Cash Flows as discontinued operations through May 31, 2018, the date of the sale. The following table presents the composition of net income from discontinued operations, net of taxes (in thousands):
Years Ended September 30,
201920182017
Net sales$ —$ 262,228$ 378,152
Costs and expenses:
Cost of sales—235,279342,819
Selling, general and administrative expenses—11,36517,487
Amortization of purchased intangibles—1,3732,752
Restructuring costs—7208
Other income—(15)(46)
Earnings from discontinued operations before income taxes—14,21914,932
Net loss on sale1,4236,131—
Income tax provision—3,845401
Net income (loss) from discontinued operations$ (1,423)$ 4,243$ 14,531
"} {"question": "What would the change in net sales in 2018 from 2017 be if the amount in 2018 was $260,000 thousand instead?", "answer": ["-118152"], "context": "NOTE 3—ACQUISITIONS AND DIVESTITURES Sale of CGD Services On April 18, 2018, we entered into a stock purchase agreement with Nova Global Supply & Services, LLC (Purchaser), an entity affiliated with GC Valiant, LP, under which we agreed to sell our CGD Services business to the Purchaser. We concluded that the sale of the CGD Services business met all of the required conditions for discontinued operations presentation in the second quarter of fiscal 2018. Consequently, in the second quarter of fiscal 2018, we recognized a $6.9 million loss within discontinued operations, which was calculated as the excess of the carrying value of the net assets of CGD Services less the estimated sales price in the stock purchase agreement less estimated selling costs. The sale closed on May 31, 2018. In accordance with the terms of the stock purchase agreement, the Purchaser agreed to pay us $135.0 million in cash upon the closing of the transaction, adjusted for the estimated working capital of CGD Services at the date of the sale compared to a working capital target. In the third quarter of fiscal 2018, we received $133.8 million in connection with the sale and we recorded a receivable from the Purchaser for the estimated amount due related to the working capital settlement. The balance of this receivable was $3.7 million at September 30, 2018. During fiscal 2019, we worked with the Purchaser and revised certain estimates related to the working capital settlement. In connection with the revision of these estimates, we reduced the receivable from the Purchaser by $1.4 million and recognized a corresponding loss on the sale of CGD Services in fiscal 2019. Certain remaining working capital settlement estimates, primarily related to the fair value of accounts receivable, have not yet been settled with the Purchaser. In addition to the amounts described above, we are eligible to receive an additional cash payment of $3.0 million based on the achievement of pre-determined earn-out conditions related to the award of certain government contracts. No amount has been recorded as a receivable related to the potential achievement of earn-out conditions based upon our assessment of the probability of achievement of the required conditions. The operations and cash flows of CGD Services are reflected in our Consolidated Statements of Operations and Consolidated Statements of Cash Flows as discontinued operations through May 31, 2018, the date of the sale. The following table presents the composition of net income from discontinued operations, net of taxes (in thousands):
Years Ended September 30,
201920182017
Net sales$ —$ 262,228$ 378,152
Costs and expenses:
Cost of sales—235,279342,819
Selling, general and administrative expenses—11,36517,487
Amortization of purchased intangibles—1,3732,752
Restructuring costs—7208
Other income—(15)(46)
Earnings from discontinued operations before income taxes—14,21914,932
Net loss on sale1,4236,131—
Income tax provision—3,845401
Net income (loss) from discontinued operations$ (1,423)$ 4,243$ 14,531
"} {"question": "What would the percentage change in net sales in 2018 from 2017 be if the amount in 2018 was $260,000 thousand instead?", "answer": ["-31.24"], "context": "NOTE 3—ACQUISITIONS AND DIVESTITURES Sale of CGD Services On April 18, 2018, we entered into a stock purchase agreement with Nova Global Supply & Services, LLC (Purchaser), an entity affiliated with GC Valiant, LP, under which we agreed to sell our CGD Services business to the Purchaser. We concluded that the sale of the CGD Services business met all of the required conditions for discontinued operations presentation in the second quarter of fiscal 2018. Consequently, in the second quarter of fiscal 2018, we recognized a $6.9 million loss within discontinued operations, which was calculated as the excess of the carrying value of the net assets of CGD Services less the estimated sales price in the stock purchase agreement less estimated selling costs. The sale closed on May 31, 2018. In accordance with the terms of the stock purchase agreement, the Purchaser agreed to pay us $135.0 million in cash upon the closing of the transaction, adjusted for the estimated working capital of CGD Services at the date of the sale compared to a working capital target. In the third quarter of fiscal 2018, we received $133.8 million in connection with the sale and we recorded a receivable from the Purchaser for the estimated amount due related to the working capital settlement. The balance of this receivable was $3.7 million at September 30, 2018. During fiscal 2019, we worked with the Purchaser and revised certain estimates related to the working capital settlement. In connection with the revision of these estimates, we reduced the receivable from the Purchaser by $1.4 million and recognized a corresponding loss on the sale of CGD Services in fiscal 2019. Certain remaining working capital settlement estimates, primarily related to the fair value of accounts receivable, have not yet been settled with the Purchaser. In addition to the amounts described above, we are eligible to receive an additional cash payment of $3.0 million based on the achievement of pre-determined earn-out conditions related to the award of certain government contracts. No amount has been recorded as a receivable related to the potential achievement of earn-out conditions based upon our assessment of the probability of achievement of the required conditions. The operations and cash flows of CGD Services are reflected in our Consolidated Statements of Operations and Consolidated Statements of Cash Flows as discontinued operations through May 31, 2018, the date of the sale. The following table presents the composition of net income from discontinued operations, net of taxes (in thousands):
Years Ended September 30,
201920182017
Net sales$ —$ 262,228$ 378,152
Costs and expenses:
Cost of sales—235,279342,819
Selling, general and administrative expenses—11,36517,487
Amortization of purchased intangibles—1,3732,752
Restructuring costs—7208
Other income—(15)(46)
Earnings from discontinued operations before income taxes—14,21914,932
Net loss on sale1,4236,131—
Income tax provision—3,845401
Net income (loss) from discontinued operations$ (1,423)$ 4,243$ 14,531
"} {"question": "What would be the difference between the fair value of Inventories between Trek and LumaSense if the fair value of Inventories of Trek is $5,000 thousand?", "answer": ["4372"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) The final fair values of the assets acquired and liabilities assumed from our acquisitions in 2018 are as follows:
TrekElectrostatic Product LineLumaSenseTotal
Accounts and other receivable, net$ 2,818$ 77$ 7,167$ 10,062
Inventories3,9412929,37213,605
Property and equipment594501,3531,997
Goodwill—1,22036,25837,478
Intangible assets7881,40043,24045,428
Deferred income tax assets606—6,3316,937
Other assets854—6,0046,858
Total assets acquired9,6013,039109,725122,365
Accounts payable747395,7346,520
Deferred income tax liabilities——11,69911,699
Other liabilities2,782—7,60810,390
Total liabilities assumed3,5293925,04128,609
Total fair value of net assets acquired$ 6,072$ 3,000$ 84,684$ 93,756
"} {"question": "What would be the difference between the total fair value of Inventories and Goodwill if the total fair value of inventories was $30,000 thousand instead?", "answer": ["7478"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) The final fair values of the assets acquired and liabilities assumed from our acquisitions in 2018 are as follows:
TrekElectrostatic Product LineLumaSenseTotal
Accounts and other receivable, net$ 2,818$ 77$ 7,167$ 10,062
Inventories3,9412929,37213,605
Property and equipment594501,3531,997
Goodwill—1,22036,25837,478
Intangible assets7881,40043,24045,428
Deferred income tax assets606—6,3316,937
Other assets854—6,0046,858
Total assets acquired9,6013,039109,725122,365
Accounts payable747395,7346,520
Deferred income tax liabilities——11,69911,699
Other liabilities2,782—7,60810,390
Total liabilities assumed3,5293925,04128,609
Total fair value of net assets acquired$ 6,072$ 3,000$ 84,684$ 93,756
"} {"question": "What would be the sum of the 3 highest total assets types if the total fair value for Property and Equipment was $30,000 thousand instead?", "answer": ["112906"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) The final fair values of the assets acquired and liabilities assumed from our acquisitions in 2018 are as follows:
TrekElectrostatic Product LineLumaSenseTotal
Accounts and other receivable, net$ 2,818$ 77$ 7,167$ 10,062
Inventories3,9412929,37213,605
Property and equipment594501,3531,997
Goodwill—1,22036,25837,478
Intangible assets7881,40043,24045,428
Deferred income tax assets606—6,3316,937
Other assets854—6,0046,858
Total assets acquired9,6013,039109,725122,365
Accounts payable747395,7346,520
Deferred income tax liabilities——11,69911,699
Other liabilities2,782—7,60810,390
Total liabilities assumed3,5293925,04128,609
Total fair value of net assets acquired$ 6,072$ 3,000$ 84,684$ 93,756
"} {"question": "Suppose the services revenue in 2018 was 4218 millions instead, by how much less did the company make in services revenues in 2019 compared to 2018?", "answer": ["978"], "context": "Services Business We offer services to customers and partners to help to maximize the performance of their investments in Oracle applications and infrastructure technologies. Services revenues are generally recognized as the services are performed. The cost of providing our services consists primarily of personnel related expenses, technology infrastructure expenditures, facilities expenses and external contractor expenses. (1) Excludes stock-based compensation and certain expense allocations. Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under “Presentation of Operating Segments and Other Financial Information” above. Excluding the effects of currency rate fluctuations, our total services revenues decreased in fiscal 2019 relative to fiscal 2018 primarily due to revenue declines in our education services and, to a lesser extent, our consulting services. During fiscal 2019, constant currency increases in our EMEA-based services revenues were offset by constant currency services revenue decreases in the Americas and the Asia Pacific regions. In constant currency, total services expenses increased in fiscal 2019 compared to fiscal 2018 primarily due to an increase in employee related expenses and external contractor expenses associated with investments in our consulting services that support our cloud offerings. In constant currency, total margin and total margin as a percentage of total services revenues decreased during fiscal 2019 relative to fiscal 2018 due to decreased revenues and increased expenses for this business.
Percent Change
(Dollars in millions)2019ActualConstant2018
Services Revenues:
Americas$1,576-5%-3%$1,654
EMEA1,021-2%2%1,046
Asia Pacific643-7%-4%695
Total revenues3,240-5%-2%3,395
Total Expenses (1)2,703-1%2%2,729
Total Margin$537-19%-18%$666
Total Margin %17%20%
% Revenues by Geography:
Americas49%49%
EMEA31%31%
Asia Pacific20%20%
"} {"question": "Given that the total margin in 2018 was 777 millions instead, how much less was the total margin in 2019 then in 2018?", "answer": ["240"], "context": "Services Business We offer services to customers and partners to help to maximize the performance of their investments in Oracle applications and infrastructure technologies. Services revenues are generally recognized as the services are performed. The cost of providing our services consists primarily of personnel related expenses, technology infrastructure expenditures, facilities expenses and external contractor expenses. (1) Excludes stock-based compensation and certain expense allocations. Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under “Presentation of Operating Segments and Other Financial Information” above. Excluding the effects of currency rate fluctuations, our total services revenues decreased in fiscal 2019 relative to fiscal 2018 primarily due to revenue declines in our education services and, to a lesser extent, our consulting services. During fiscal 2019, constant currency increases in our EMEA-based services revenues were offset by constant currency services revenue decreases in the Americas and the Asia Pacific regions. In constant currency, total services expenses increased in fiscal 2019 compared to fiscal 2018 primarily due to an increase in employee related expenses and external contractor expenses associated with investments in our consulting services that support our cloud offerings. In constant currency, total margin and total margin as a percentage of total services revenues decreased during fiscal 2019 relative to fiscal 2018 due to decreased revenues and increased expenses for this business.
Percent Change
(Dollars in millions)2019ActualConstant2018
Services Revenues:
Americas$1,576-5%-3%$1,654
EMEA1,021-2%2%1,046
Asia Pacific643-7%-4%695
Total revenues3,240-5%-2%3,395
Total Expenses (1)2,703-1%2%2,729
Total Margin$537-19%-18%$666
Total Margin %17%20%
% Revenues by Geography:
Americas49%49%
EMEA31%31%
Asia Pacific20%20%
"} {"question": "If the percentage revenues by geography for Americas and EMEA was 39% and 41% respectively in 2019, what was the difference in percentage revenues by geography in the EMEA relative to the Asia Pacific in 2019?", "answer": ["21"], "context": "Services Business We offer services to customers and partners to help to maximize the performance of their investments in Oracle applications and infrastructure technologies. Services revenues are generally recognized as the services are performed. The cost of providing our services consists primarily of personnel related expenses, technology infrastructure expenditures, facilities expenses and external contractor expenses. (1) Excludes stock-based compensation and certain expense allocations. Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under “Presentation of Operating Segments and Other Financial Information” above. Excluding the effects of currency rate fluctuations, our total services revenues decreased in fiscal 2019 relative to fiscal 2018 primarily due to revenue declines in our education services and, to a lesser extent, our consulting services. During fiscal 2019, constant currency increases in our EMEA-based services revenues were offset by constant currency services revenue decreases in the Americas and the Asia Pacific regions. In constant currency, total services expenses increased in fiscal 2019 compared to fiscal 2018 primarily due to an increase in employee related expenses and external contractor expenses associated with investments in our consulting services that support our cloud offerings. In constant currency, total margin and total margin as a percentage of total services revenues decreased during fiscal 2019 relative to fiscal 2018 due to decreased revenues and increased expenses for this business.
Percent Change
(Dollars in millions)2019ActualConstant2018
Services Revenues:
Americas$1,576-5%-3%$1,654
EMEA1,021-2%2%1,046
Asia Pacific643-7%-4%695
Total revenues3,240-5%-2%3,395
Total Expenses (1)2,703-1%2%2,729
Total Margin$537-19%-18%$666
Total Margin %17%20%
% Revenues by Geography:
Americas49%49%
EMEA31%31%
Asia Pacific20%20%
"} {"question": "If the Total reported cases in FY 2017 increased to 118 what is the revised change of total reported cases between FY2016 and FY2017?", "answer": ["2"], "context": "Reporting Channels and Whistleblower Protection To ensure that our conduct meets relevant legal requirements and the highest ethical standards under the Ethics Code, TSMC provides multiple channels for reporting business conduct concerns. First of all, our Audit Committee approved and we have implemented the “Complaint Policy and Procedures for Certain Accounting and Legal Matters” and “Procedures for Ombudsman System” that allow employees or any whistleblowers with relevant evidence to report any financial, legal, or ethical irregularities anonymously through either the Ombudsman or directly to the Audit Committee. TSMC maintains additional internal reporting channels for our employees. To foster an open culture of ethics compliance, we encourage our employees and the third parties we do business with to report any suspected noncompliance with law or relevant TSMC policy. TSMC treats any complaint and the investigation thereof in a confidential and sensitive manner, and strictly prohibits any form of retaliation against any individual who in good faith reports or helps with the investigation of any complaint. Due to the open reporting channels, TSMC receives reports on various issues from employees and external parties such as our customers and suppliers from time to time. Below is a summary of the Number of Reported Incidents. Note 1: Among the 205 cases, 132 were related to employee relationship, 47 cases related to other matters (e.g. employee’s individual interest or private matters), and 26 cases related to ethical matters. Note 2: One case involved an employee who requested a supplier to reserve a hotel and pay advance accommodation fees during his business trip, actions which violate TSMC policy, and the employee was disciplined. Another case involved an employee who abused his work relationship by requesting a supplier to make a personal loan to the employee, a severe violation of our Ethics Code, and the employee was terminated. Note 3: After the investigation by TSMC’s Sexual Harassment Investigation Committee, four employees involved in confirmed cases of sexual harassment received severe discipline from the Company.
YearFY 2016FY 2017FY 2018FY 2019
Total reported cases116113150205 (Note 1)
Ethics-related cases16201426
Cases investigated and verified as ethics violations2412 (Note 2)
Sexual Harassment Investigation Committees Formed5734
Cases investigated and verified as violations5334 (Note 3)
"} {"question": "What would be the change in Ethics-related cases between FY 2016 and FY 2017 if the number of cases in FY2017 was 24 instead?", "answer": ["8"], "context": "Reporting Channels and Whistleblower Protection To ensure that our conduct meets relevant legal requirements and the highest ethical standards under the Ethics Code, TSMC provides multiple channels for reporting business conduct concerns. First of all, our Audit Committee approved and we have implemented the “Complaint Policy and Procedures for Certain Accounting and Legal Matters” and “Procedures for Ombudsman System” that allow employees or any whistleblowers with relevant evidence to report any financial, legal, or ethical irregularities anonymously through either the Ombudsman or directly to the Audit Committee. TSMC maintains additional internal reporting channels for our employees. To foster an open culture of ethics compliance, we encourage our employees and the third parties we do business with to report any suspected noncompliance with law or relevant TSMC policy. TSMC treats any complaint and the investigation thereof in a confidential and sensitive manner, and strictly prohibits any form of retaliation against any individual who in good faith reports or helps with the investigation of any complaint. Due to the open reporting channels, TSMC receives reports on various issues from employees and external parties such as our customers and suppliers from time to time. Below is a summary of the Number of Reported Incidents. Note 1: Among the 205 cases, 132 were related to employee relationship, 47 cases related to other matters (e.g. employee’s individual interest or private matters), and 26 cases related to ethical matters. Note 2: One case involved an employee who requested a supplier to reserve a hotel and pay advance accommodation fees during his business trip, actions which violate TSMC policy, and the employee was disciplined. Another case involved an employee who abused his work relationship by requesting a supplier to make a personal loan to the employee, a severe violation of our Ethics Code, and the employee was terminated. Note 3: After the investigation by TSMC’s Sexual Harassment Investigation Committee, four employees involved in confirmed cases of sexual harassment received severe discipline from the Company.
YearFY 2016FY 2017FY 2018FY 2019
Total reported cases116113150205 (Note 1)
Ethics-related cases16201426
Cases investigated and verified as ethics violations2412 (Note 2)
Sexual Harassment Investigation Committees Formed5734
Cases investigated and verified as violations5334 (Note 3)
"} {"question": "What would be the change in Cases investigated and verified as ethics violations between FY 2016 and FY 2017 if the amount in FY 2017 was 8 instead?", "answer": ["6"], "context": "Reporting Channels and Whistleblower Protection To ensure that our conduct meets relevant legal requirements and the highest ethical standards under the Ethics Code, TSMC provides multiple channels for reporting business conduct concerns. First of all, our Audit Committee approved and we have implemented the “Complaint Policy and Procedures for Certain Accounting and Legal Matters” and “Procedures for Ombudsman System” that allow employees or any whistleblowers with relevant evidence to report any financial, legal, or ethical irregularities anonymously through either the Ombudsman or directly to the Audit Committee. TSMC maintains additional internal reporting channels for our employees. To foster an open culture of ethics compliance, we encourage our employees and the third parties we do business with to report any suspected noncompliance with law or relevant TSMC policy. TSMC treats any complaint and the investigation thereof in a confidential and sensitive manner, and strictly prohibits any form of retaliation against any individual who in good faith reports or helps with the investigation of any complaint. Due to the open reporting channels, TSMC receives reports on various issues from employees and external parties such as our customers and suppliers from time to time. Below is a summary of the Number of Reported Incidents. Note 1: Among the 205 cases, 132 were related to employee relationship, 47 cases related to other matters (e.g. employee’s individual interest or private matters), and 26 cases related to ethical matters. Note 2: One case involved an employee who requested a supplier to reserve a hotel and pay advance accommodation fees during his business trip, actions which violate TSMC policy, and the employee was disciplined. Another case involved an employee who abused his work relationship by requesting a supplier to make a personal loan to the employee, a severe violation of our Ethics Code, and the employee was terminated. Note 3: After the investigation by TSMC’s Sexual Harassment Investigation Committee, four employees involved in confirmed cases of sexual harassment received severe discipline from the Company.
YearFY 2016FY 2017FY 2018FY 2019
Total reported cases116113150205 (Note 1)
Ethics-related cases16201426
Cases investigated and verified as ethics violations2412 (Note 2)
Sexual Harassment Investigation Committees Formed5734
Cases investigated and verified as violations5334 (Note 3)
"} {"question": "What would be the average number of Outstanding shares as per january 1 2018 and 2019 if Outstanding shares as per january 1 2019 was 50,000,000 instead?", "answer": ["53070076.5"], "context": "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.
20182019
As per January 1:
Issued shares62,297,39456,297,394
Treasury shares6,157,2416,978,496
Outstanding shares56,140,15349,318,898
Changes during the year:
Cancellation of treasury shares6,000,0005,000,000
Share buybacks7,242,734950,902
Treasury shares used for share based performance programs421,479498,224
As per December 31:
Issued shares56,297,39451,297,394
Treasury shares6,978,4962,431,174
Outstanding shares49,318,89848,866,220
"} {"question": "At which point of time would the Outstanding shares be the greatest if Outstanding shares as per december 31 2019 were 60,000,000 instead?", "answer": ["December 31 2019"], "context": "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.
20182019
As per January 1:
Issued shares62,297,39456,297,394
Treasury shares6,157,2416,978,496
Outstanding shares56,140,15349,318,898
Changes during the year:
Cancellation of treasury shares6,000,0005,000,000
Share buybacks7,242,734950,902
Treasury shares used for share based performance programs421,479498,224
As per December 31:
Issued shares56,297,39451,297,394
Treasury shares6,978,4962,431,174
Outstanding shares49,318,89848,866,220
"} {"question": "What would be the change in Outstanding shares as per December 31, 2019 as compared to January 1, 2018 if Outstanding shares as per december 31 2019 were 60,000,000 instead?", "answer": ["3859847"], "context": "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.
20182019
As per January 1:
Issued shares62,297,39456,297,394
Treasury shares6,157,2416,978,496
Outstanding shares56,140,15349,318,898
Changes during the year:
Cancellation of treasury shares6,000,0005,000,000
Share buybacks7,242,734950,902
Treasury shares used for share based performance programs421,479498,224
As per December 31:
Issued shares56,297,39451,297,394
Treasury shares6,978,4962,431,174
Outstanding shares49,318,89848,866,220
"} {"question": "Which asset type would have the largest depreciation of the year if the amount for Land and buildings was $5.3 million instead?", "answer": ["Land and buildings"], "context": "NOTE 7 – LEASING TORM has leases for the office buildings, some vehicles and other administrative equipment. With the exception of short-term leases and leases of low-value assets, each lease is reflected on the balance sheet as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned. Please refer to note 6. As of 31 December 2019, TORM had recognized the following right-of-use assets:
USDmVessels and capitalized dry-dockingLand and buildingsOther plant and operating equipment
Cost:
Balance as of 1 January43.3--
Adjustment on transition to IFRS 16-9.90.3
Additions1.80.50.4
Disposals-2.7--0.1
Balance as of 31 December42.410.40.6
Depreciation:
Balance as of 1 January13.4--
Disposals-2.7--
Depreciation for the year4.82.30.2
Balance as of 31 December15.52.30.2
Carrying amount as of 31 December26.98.10.4
"} {"question": "What would the change in the depreciation balance as of 31 December from 1 January in 2019 for vessels and capitalized dry-docking be if the amount on 31 December was $16.4 million instead?", "answer": ["3"], "context": "NOTE 7 – LEASING TORM has leases for the office buildings, some vehicles and other administrative equipment. With the exception of short-term leases and leases of low-value assets, each lease is reflected on the balance sheet as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned. Please refer to note 6. As of 31 December 2019, TORM had recognized the following right-of-use assets:
USDmVessels and capitalized dry-dockingLand and buildingsOther plant and operating equipment
Cost:
Balance as of 1 January43.3--
Adjustment on transition to IFRS 16-9.90.3
Additions1.80.50.4
Disposals-2.7--0.1
Balance as of 31 December42.410.40.6
Depreciation:
Balance as of 1 January13.4--
Disposals-2.7--
Depreciation for the year4.82.30.2
Balance as of 31 December15.52.30.2
Carrying amount as of 31 December26.98.10.4
"} {"question": "What would the percentage change in the depreciation balance as of 31 December from 1 January in 2019 for vessels and capitalized dry-docking be if the amount on 31 December was $16.4 million instead?", "answer": ["22.39"], "context": "NOTE 7 – LEASING TORM has leases for the office buildings, some vehicles and other administrative equipment. With the exception of short-term leases and leases of low-value assets, each lease is reflected on the balance sheet as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned. Please refer to note 6. As of 31 December 2019, TORM had recognized the following right-of-use assets:
USDmVessels and capitalized dry-dockingLand and buildingsOther plant and operating equipment
Cost:
Balance as of 1 January43.3--
Adjustment on transition to IFRS 16-9.90.3
Additions1.80.50.4
Disposals-2.7--0.1
Balance as of 31 December42.410.40.6
Depreciation:
Balance as of 1 January13.4--
Disposals-2.7--
Depreciation for the year4.82.30.2
Balance as of 31 December15.52.30.2
Carrying amount as of 31 December26.98.10.4
"} {"question": "If the Trade and other receivables in 2019 increased to 1,893 thousand what is the revised increase / (decrease)?", "answer": ["150"], "context": "BUSINESS COMBINATION IN FISCAL 2019 Purchase of a fibre network and corresponding assets On October 3, 2018, the Corporation's subsidiary, Atlantic Broadband, completed the acquisition of the south Florida fibre network previously owned by FiberLight, LLC. The transaction, combined with the dark fibers acquired from FiberLight in the second quarter of fiscal 2018, added 350 route miles to Atlantic Broadband’s existing south Florida footprint. The acquisition was accounted for using the purchase method and was subject to post closing adjustments. The final allocation of the purchase price of this acquisition is as follows:
FinalPreliminary
August 31, 2019November 30, 2018
(In thousands of Canadian dollars)$$
Purchase price
Consideration paid at closing38,87638,876
Balance due on business combinations5,0055,005
43,88143,881
Net assets acquired
Trade and other receivables1,3081,743
Prepaid expenses and other335335
Property, plant and equipment28,78545,769
Intangible assets3,978—
Goodwill11,093—
Trade and other payables assumed(644)(644)
Contract liabilities and other liabilities assumed(974)(3,322)
43,88143,881
"} {"question": "If the Property, plant and equipment in 2019 increased to 31,583 thousand what is the revised increase / (decrease)?", "answer": ["-14186"], "context": "BUSINESS COMBINATION IN FISCAL 2019 Purchase of a fibre network and corresponding assets On October 3, 2018, the Corporation's subsidiary, Atlantic Broadband, completed the acquisition of the south Florida fibre network previously owned by FiberLight, LLC. The transaction, combined with the dark fibers acquired from FiberLight in the second quarter of fiscal 2018, added 350 route miles to Atlantic Broadband’s existing south Florida footprint. The acquisition was accounted for using the purchase method and was subject to post closing adjustments. The final allocation of the purchase price of this acquisition is as follows:
FinalPreliminary
August 31, 2019November 30, 2018
(In thousands of Canadian dollars)$$
Purchase price
Consideration paid at closing38,87638,876
Balance due on business combinations5,0055,005
43,88143,881
Net assets acquired
Trade and other receivables1,3081,743
Prepaid expenses and other335335
Property, plant and equipment28,78545,769
Intangible assets3,978—
Goodwill11,093—
Trade and other payables assumed(644)(644)
Contract liabilities and other liabilities assumed(974)(3,322)
43,88143,881
"} {"question": "If the Contract liabilities and other liabilities assumed in 2019 is (2,051) thousand what is the revised increase / (decrease)?", "answer": ["1271"], "context": "BUSINESS COMBINATION IN FISCAL 2019 Purchase of a fibre network and corresponding assets On October 3, 2018, the Corporation's subsidiary, Atlantic Broadband, completed the acquisition of the south Florida fibre network previously owned by FiberLight, LLC. The transaction, combined with the dark fibers acquired from FiberLight in the second quarter of fiscal 2018, added 350 route miles to Atlantic Broadband’s existing south Florida footprint. The acquisition was accounted for using the purchase method and was subject to post closing adjustments. The final allocation of the purchase price of this acquisition is as follows:
FinalPreliminary
August 31, 2019November 30, 2018
(In thousands of Canadian dollars)$$
Purchase price
Consideration paid at closing38,87638,876
Balance due on business combinations5,0055,005
43,88143,881
Net assets acquired
Trade and other receivables1,3081,743
Prepaid expenses and other335335
Property, plant and equipment28,78545,769
Intangible assets3,978—
Goodwill11,093—
Trade and other payables assumed(644)(644)
Contract liabilities and other liabilities assumed(974)(3,322)
43,88143,881
"} {"question": "What would the percentage change in revenue between 2018 and 2019 if revenue in 2019 increased by $80 million?", "answer": ["13.24"], "context": "Year ended December 31, 2019 compared with the year ended December 31, 2018: Revenue in 2019 is derived from license agreements that we entered into with third-parties following negotiations pursuant to our patent licensing and enforcement program. The revenue decrease is primarily due to timing of revenues, as further described in \"Item 1. Business\" - \"Licensing and Enforcement - Current Activities, Post 2013\". Cost of revenues includes contingent legal fees directly associated with our licensing and enforcement programs. Cost of revenues primarily decreased in proportion to the decrease in revenues. Operating expenses consists of sales and marketing, general and administrative, and research and development. Selling, general and administrative expenses (\"SG&A\") consisted primarily of legal fees incurred in operations and employee headcount related expenses. These comprise approximately 60% of total SG&A expense. Litigation expenses increased $3.0 million to $19.4 million in 2019 compared to 2018 and are primarily due to the timing of various outstanding litigation actions. See \"Item 3. Legal Proceedings\". Employee headcount related expenses decreased $2.0 million to $3.6 million in 2019 compared to 2018, primarily due to lower incentive bonuses. Research and development expense remained flat between years. Other expense decreased in 2019 as we no longer have exposure from the warrant liability, and included $0.7 million related to the sale of our investment in JVP, offset by $0.3 million of net interest income. Income tax provision (benefit) is primarily a function of income (loss) before income, state income tax expense (benefit) and federal benefit of foreign derived intangible tax benefit related to 2018.
For the Years Ended December 31,
20192018Change% Change
(In millions, except percentages)
Revenues$13.2$82.3$(69.1)(84)%
Cost of revenues1.915.3(13.4)(88)%
Gross profit11.367.0(55.7)(83)%
Gross margin86 %81 %
Operating expenses:
Selling, general and administrative31.732.2(0.5)(2)%
Research and development2.02.1(0.1)(5)%
Total operating expenses33.734.3(0.6)(2)%
Other expense(0.3)(4.0)3.7(93)%
Income (loss) before income taxes(22.7)28.7(51.4)(179)%
Income tax provision (benefit)(6.2)8.0(14.2)(178)%
Net income (loss)$(16.5)$20.7$(37.2)(180)%
"} {"question": "What is the value of litigation expenses in 2019 as a percentage of the 2019 gross profit if gross profit in 2019 increased by $5 million?", "answer": ["119.02"], "context": "Year ended December 31, 2019 compared with the year ended December 31, 2018: Revenue in 2019 is derived from license agreements that we entered into with third-parties following negotiations pursuant to our patent licensing and enforcement program. The revenue decrease is primarily due to timing of revenues, as further described in \"Item 1. Business\" - \"Licensing and Enforcement - Current Activities, Post 2013\". Cost of revenues includes contingent legal fees directly associated with our licensing and enforcement programs. Cost of revenues primarily decreased in proportion to the decrease in revenues. Operating expenses consists of sales and marketing, general and administrative, and research and development. Selling, general and administrative expenses (\"SG&A\") consisted primarily of legal fees incurred in operations and employee headcount related expenses. These comprise approximately 60% of total SG&A expense. Litigation expenses increased $3.0 million to $19.4 million in 2019 compared to 2018 and are primarily due to the timing of various outstanding litigation actions. See \"Item 3. Legal Proceedings\". Employee headcount related expenses decreased $2.0 million to $3.6 million in 2019 compared to 2018, primarily due to lower incentive bonuses. Research and development expense remained flat between years. Other expense decreased in 2019 as we no longer have exposure from the warrant liability, and included $0.7 million related to the sale of our investment in JVP, offset by $0.3 million of net interest income. Income tax provision (benefit) is primarily a function of income (loss) before income, state income tax expense (benefit) and federal benefit of foreign derived intangible tax benefit related to 2018.
For the Years Ended December 31,
20192018Change% Change
(In millions, except percentages)
Revenues$13.2$82.3$(69.1)(84)%
Cost of revenues1.915.3(13.4)(88)%
Gross profit11.367.0(55.7)(83)%
Gross margin86 %81 %
Operating expenses:
Selling, general and administrative31.732.2(0.5)(2)%
Research and development2.02.1(0.1)(5)%
Total operating expenses33.734.3(0.6)(2)%
Other expense(0.3)(4.0)3.7(93)%
Income (loss) before income taxes(22.7)28.7(51.4)(179)%
Income tax provision (benefit)(6.2)8.0(14.2)(178)%
Net income (loss)$(16.5)$20.7$(37.2)(180)%
"} {"question": "What is the value of employee headcount related expenses as a percentage of the cost of revenues in 2019 if the employee headcount related expenses decreased by $2 million?", "answer": ["84.21"], "context": "Year ended December 31, 2019 compared with the year ended December 31, 2018: Revenue in 2019 is derived from license agreements that we entered into with third-parties following negotiations pursuant to our patent licensing and enforcement program. The revenue decrease is primarily due to timing of revenues, as further described in \"Item 1. Business\" - \"Licensing and Enforcement - Current Activities, Post 2013\". Cost of revenues includes contingent legal fees directly associated with our licensing and enforcement programs. Cost of revenues primarily decreased in proportion to the decrease in revenues. Operating expenses consists of sales and marketing, general and administrative, and research and development. Selling, general and administrative expenses (\"SG&A\") consisted primarily of legal fees incurred in operations and employee headcount related expenses. These comprise approximately 60% of total SG&A expense. Litigation expenses increased $3.0 million to $19.4 million in 2019 compared to 2018 and are primarily due to the timing of various outstanding litigation actions. See \"Item 3. Legal Proceedings\". Employee headcount related expenses decreased $2.0 million to $3.6 million in 2019 compared to 2018, primarily due to lower incentive bonuses. Research and development expense remained flat between years. Other expense decreased in 2019 as we no longer have exposure from the warrant liability, and included $0.7 million related to the sale of our investment in JVP, offset by $0.3 million of net interest income. Income tax provision (benefit) is primarily a function of income (loss) before income, state income tax expense (benefit) and federal benefit of foreign derived intangible tax benefit related to 2018.
For the Years Ended December 31,
20192018Change% Change
(In millions, except percentages)
Revenues$13.2$82.3$(69.1)(84)%
Cost of revenues1.915.3(13.4)(88)%
Gross profit11.367.0(55.7)(83)%
Gross margin86 %81 %
Operating expenses:
Selling, general and administrative31.732.2(0.5)(2)%
Research and development2.02.1(0.1)(5)%
Total operating expenses33.734.3(0.6)(2)%
Other expense(0.3)(4.0)3.7(93)%
Income (loss) before income taxes(22.7)28.7(51.4)(179)%
Income tax provision (benefit)(6.2)8.0(14.2)(178)%
Net income (loss)$(16.5)$20.7$(37.2)(180)%
"} {"question": "Which segment of total goodwill was the largest in 2019 if Board & Systems - EMEA was 15,000 thousand instead?", "answer": ["Board & Systems - EMEA"], "context": "A segment-level summary of the goodwill allocation is presented below. The recoverable amount of the group’s intangible assets has been assessed based on value-in-use calculations. The value in use is calculated using a discounted cash flow methodology covering a four year period plus terminal value. Cash flow forecasts Cash flow forecasts are post-tax and based on the most recent financial projections covering a maximum of five years. Financial projections are based on assumptions that represent management’s best estimates. Revenue growth rates Revenue growth rates used are based on management’s latest four-year plan. Four-year growth rates averaged between 8.8% to 12.1% for these CGUs (Board & Systems - Americas 8.8%, Board & Systems - EMEA 12.1% and Parts Analytics and Search 11.8%). Sensitivity testing was performed on these CGUs and a reasonably possible decline in these rates would not cause the carrying value of any of these CGUs to exceed its recoverable amount. Terminal value The terminal value calculated after year four is determined using the perpetual growth model, having regard to the weighted average cost of capital (WACC) and terminal growth factor appropriate to each CGU. Terminal growth rates used in the financial projections was 2.0%. Discount rates Discount rates used are WACC and include a premium for market risks appropriate to each country in which the CGU operates. WACCs averaged 8.9% (Board & Systems - Americas 9.1%, Board & Systems - EMEA 8.6% and Parts Analytics and Search 9.1%). Sensitivity Any reasonable change to the above key assumptions would not cause the carrying value of any of the remaining CGU’s to materially exceed its recoverable amount. Accounting policy for intangible assets Goodwill Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. Intellectual property Significant costs associated with intellectual property are deferred and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 5 to 10 years. Customer relationships Customer relationships acquired in a business combination are amortised on a straight-line basis over the period of their expected benefit, being their finite life of 10 to 15 years. Software intangibles Software intangibles arise from costs associated with the direct development and implementation on an internal project on new and existing software utilised by the group which demonstrates the technical feasibility of providing future economic benefits and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 2 to 5 years. Accounting policy for intangible assets
Consolidated
20192018
US$000US$000
Goodwill
Board & Systems - Americas10,6728,324
Board & Systems - EMEA5,3835,383
Parts Analytics and Search13,44413,444
Total29,49927,151
"} {"question": "How many segments in 2019 had a goodwill value of above 5,000 thousand if Board & Systems - EMEA was 4,000 thousand instead?", "answer": ["2"], "context": "A segment-level summary of the goodwill allocation is presented below. The recoverable amount of the group’s intangible assets has been assessed based on value-in-use calculations. The value in use is calculated using a discounted cash flow methodology covering a four year period plus terminal value. Cash flow forecasts Cash flow forecasts are post-tax and based on the most recent financial projections covering a maximum of five years. Financial projections are based on assumptions that represent management’s best estimates. Revenue growth rates Revenue growth rates used are based on management’s latest four-year plan. Four-year growth rates averaged between 8.8% to 12.1% for these CGUs (Board & Systems - Americas 8.8%, Board & Systems - EMEA 12.1% and Parts Analytics and Search 11.8%). Sensitivity testing was performed on these CGUs and a reasonably possible decline in these rates would not cause the carrying value of any of these CGUs to exceed its recoverable amount. Terminal value The terminal value calculated after year four is determined using the perpetual growth model, having regard to the weighted average cost of capital (WACC) and terminal growth factor appropriate to each CGU. Terminal growth rates used in the financial projections was 2.0%. Discount rates Discount rates used are WACC and include a premium for market risks appropriate to each country in which the CGU operates. WACCs averaged 8.9% (Board & Systems - Americas 9.1%, Board & Systems - EMEA 8.6% and Parts Analytics and Search 9.1%). Sensitivity Any reasonable change to the above key assumptions would not cause the carrying value of any of the remaining CGU’s to materially exceed its recoverable amount. Accounting policy for intangible assets Goodwill Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. Intellectual property Significant costs associated with intellectual property are deferred and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 5 to 10 years. Customer relationships Customer relationships acquired in a business combination are amortised on a straight-line basis over the period of their expected benefit, being their finite life of 10 to 15 years. Software intangibles Software intangibles arise from costs associated with the direct development and implementation on an internal project on new and existing software utilised by the group which demonstrates the technical feasibility of providing future economic benefits and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 2 to 5 years. Accounting policy for intangible assets
Consolidated
20192018
US$000US$000
Goodwill
Board & Systems - Americas10,6728,324
Board & Systems - EMEA5,3835,383
Parts Analytics and Search13,44413,444
Total29,49927,151
"} {"question": "What is the percentage increase in the total goodwill allocation from 2018 to 2019 if the amount in 2019 is now 30,000,000?", "answer": ["10.49"], "context": "A segment-level summary of the goodwill allocation is presented below. The recoverable amount of the group’s intangible assets has been assessed based on value-in-use calculations. The value in use is calculated using a discounted cash flow methodology covering a four year period plus terminal value. Cash flow forecasts Cash flow forecasts are post-tax and based on the most recent financial projections covering a maximum of five years. Financial projections are based on assumptions that represent management’s best estimates. Revenue growth rates Revenue growth rates used are based on management’s latest four-year plan. Four-year growth rates averaged between 8.8% to 12.1% for these CGUs (Board & Systems - Americas 8.8%, Board & Systems - EMEA 12.1% and Parts Analytics and Search 11.8%). Sensitivity testing was performed on these CGUs and a reasonably possible decline in these rates would not cause the carrying value of any of these CGUs to exceed its recoverable amount. Terminal value The terminal value calculated after year four is determined using the perpetual growth model, having regard to the weighted average cost of capital (WACC) and terminal growth factor appropriate to each CGU. Terminal growth rates used in the financial projections was 2.0%. Discount rates Discount rates used are WACC and include a premium for market risks appropriate to each country in which the CGU operates. WACCs averaged 8.9% (Board & Systems - Americas 9.1%, Board & Systems - EMEA 8.6% and Parts Analytics and Search 9.1%). Sensitivity Any reasonable change to the above key assumptions would not cause the carrying value of any of the remaining CGU’s to materially exceed its recoverable amount. Accounting policy for intangible assets Goodwill Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. Intellectual property Significant costs associated with intellectual property are deferred and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 5 to 10 years. Customer relationships Customer relationships acquired in a business combination are amortised on a straight-line basis over the period of their expected benefit, being their finite life of 10 to 15 years. Software intangibles Software intangibles arise from costs associated with the direct development and implementation on an internal project on new and existing software utilised by the group which demonstrates the technical feasibility of providing future economic benefits and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 2 to 5 years. Accounting policy for intangible assets
Consolidated
20192018
US$000US$000
Goodwill
Board & Systems - Americas10,6728,324
Board & Systems - EMEA5,3835,383
Parts Analytics and Search13,44413,444
Total29,49927,151
"} {"question": "If the Long-term debt obligations for fiscal year 2020 was 163,523(in thousands) instead, What is the average annual fiscal year Long-term debt obligations for fiscal year 2020 to 2024?", "answer": ["300249.2"], "context": "Commitments and Contractual Obligations As of June 30, 2019, we have entered into the following contractual obligations with minimum payments for the indicated fiscal periods as follows: 1) Includes interest up to maturity and principal payments. Please see note 10 \"Long-Term Debt\" for more details. (2) Net of $30.7 million of sublease income to be received from properties which we have subleased to third parties.
Payments due between
TotalJuly 1, 2019— June 30, 2020July 1, 2020— June 30, 2022July 1, 2022— June 30, 2024July 1, 2024 and beyond
Long-term debt obligations (1)$3,408,565$147,059$292,156$1,045,567$1,923,783
Operating lease obligations (2)318,85172,853106,39459,44180,163
Purchase obligations11,2808,3642,747169—
$3,738,696$228,276$401,297$1,105,177$2,003,946
"} {"question": "If the Total obligations of July 1, 2024 and beyond was $2,452,524(in thousands), What is the Total obligations of July 1, 2024 and beyond expressed as a percentage of Total obligations?", "answer": ["58.57"], "context": "Commitments and Contractual Obligations As of June 30, 2019, we have entered into the following contractual obligations with minimum payments for the indicated fiscal periods as follows: 1) Includes interest up to maturity and principal payments. Please see note 10 \"Long-Term Debt\" for more details. (2) Net of $30.7 million of sublease income to be received from properties which we have subleased to third parties.
Payments due between
TotalJuly 1, 2019— June 30, 2020July 1, 2020— June 30, 2022July 1, 2022— June 30, 2024July 1, 2024 and beyond
Long-term debt obligations (1)$3,408,565$147,059$292,156$1,045,567$1,923,783
Operating lease obligations (2)318,85172,853106,39459,44180,163
Purchase obligations11,2808,3642,747169—
$3,738,696$228,276$401,297$1,105,177$2,003,946
"} {"question": "If For July 1, 2024 and beyond, the Long-term debt obligations was $1,245,523(in thousands), all else constant, what is Long-term debt obligations expressed as a percentage of Total obligations?", "answer": ["62.15"], "context": "Commitments and Contractual Obligations As of June 30, 2019, we have entered into the following contractual obligations with minimum payments for the indicated fiscal periods as follows: 1) Includes interest up to maturity and principal payments. Please see note 10 \"Long-Term Debt\" for more details. (2) Net of $30.7 million of sublease income to be received from properties which we have subleased to third parties.
Payments due between
TotalJuly 1, 2019— June 30, 2020July 1, 2020— June 30, 2022July 1, 2022— June 30, 2024July 1, 2024 and beyond
Long-term debt obligations (1)$3,408,565$147,059$292,156$1,045,567$1,923,783
Operating lease obligations (2)318,85172,853106,39459,44180,163
Purchase obligations11,2808,3642,747169—
$3,738,696$228,276$401,297$1,105,177$2,003,946
"} {"question": "What would be the change in pension obligation between 2018 and 2019 if the pension obligation in 2019 was $15,000 thousand instead?", "answer": ["11698"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consist of the following: Of the $32.7 million and $40.2 million net deferred tax asset at December 31, 2019 and 2018, respectively, $42.7 million and $47.1 million is reflected as a net non-current deferred tax asset and $10.0 million and $7.0 million is reflected as a long-term liability at December 31, 2019 and 2018, respectively. As of December 31, 2019, the Company has recorded a valuation allowance on $16.0 million of its U.S. domestic deferred tax assets, largely attributable to acquired federal capital loss carryforwards for which the Company does not have sufficient income in the character to realize that attribute, and state carryforward attributes that are expected to expire before sufficient income can be realized in those jurisdictions. The remaining valuation allowance on deferred tax assets approximates $60.2 million and is associated primarily with operations in Austria, Germany, Hong Kong and Switzerland. As of December 31, 2019, there is not sufficient positive evidence to conclude that such deferred tax assets, presently reduced by a valuation allowance, will be recognized. The December 31, 2019 valuation allowance balance reflects an increase of $45.3 million during the year. The change in the valuation allowance is primarily due to increases from acquired Artesyn positions and current year activity, partially offset by decreases due to foreign exchange movements
Years Ended December 31,
20192018
Deferred tax assets
Stock based compensation$1,757$1,337
Net operating loss and tax credit carryforwards86,87938,622
Interest expense limitation7,620—
Pension obligation13,4733,302
Excess and obsolete inventory3,2172,161
Deferred revenue3,3056,903
Employee bonuses and commissions2,5371,874
Depreciation and amortization29,01529,525
Operating lease liabilities23,451—
Other9,6859,961
Deferred tax assets180,93993,685
Less: Valuation allowance(76,206)(30,924)
Net deferred tax assets104,73362,761
Deferred tax liabilities
Depreciation and amortization41,54917,723
Unremitted earnings4,7403,529
Operating lease right-of-use assets22,774—
Other2,9661,267
Deferred tax liabilities72,02922,519
Net deferred tax assets$32,704$40,242
"} {"question": "What would be the change in Excess and obsolete inventory between 2018 and 2019 if the excess and obsolete inventory in 2019 was $5,000 thousand instead?", "answer": ["2839"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consist of the following: Of the $32.7 million and $40.2 million net deferred tax asset at December 31, 2019 and 2018, respectively, $42.7 million and $47.1 million is reflected as a net non-current deferred tax asset and $10.0 million and $7.0 million is reflected as a long-term liability at December 31, 2019 and 2018, respectively. As of December 31, 2019, the Company has recorded a valuation allowance on $16.0 million of its U.S. domestic deferred tax assets, largely attributable to acquired federal capital loss carryforwards for which the Company does not have sufficient income in the character to realize that attribute, and state carryforward attributes that are expected to expire before sufficient income can be realized in those jurisdictions. The remaining valuation allowance on deferred tax assets approximates $60.2 million and is associated primarily with operations in Austria, Germany, Hong Kong and Switzerland. As of December 31, 2019, there is not sufficient positive evidence to conclude that such deferred tax assets, presently reduced by a valuation allowance, will be recognized. The December 31, 2019 valuation allowance balance reflects an increase of $45.3 million during the year. The change in the valuation allowance is primarily due to increases from acquired Artesyn positions and current year activity, partially offset by decreases due to foreign exchange movements
Years Ended December 31,
20192018
Deferred tax assets
Stock based compensation$1,757$1,337
Net operating loss and tax credit carryforwards86,87938,622
Interest expense limitation7,620—
Pension obligation13,4733,302
Excess and obsolete inventory3,2172,161
Deferred revenue3,3056,903
Employee bonuses and commissions2,5371,874
Depreciation and amortization29,01529,525
Operating lease liabilities23,451—
Other9,6859,961
Deferred tax assets180,93993,685
Less: Valuation allowance(76,206)(30,924)
Net deferred tax assets104,73362,761
Deferred tax liabilities
Depreciation and amortization41,54917,723
Unremitted earnings4,7403,529
Operating lease right-of-use assets22,774—
Other2,9661,267
Deferred tax liabilities72,02922,519
Net deferred tax assets$32,704$40,242
"} {"question": "What would be the percentage change in Net deferred tax assets between 2018 and 2019 if the net deferred tax assets in 2019 was $40,000 thousand instead?", "answer": ["-0.6"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consist of the following: Of the $32.7 million and $40.2 million net deferred tax asset at December 31, 2019 and 2018, respectively, $42.7 million and $47.1 million is reflected as a net non-current deferred tax asset and $10.0 million and $7.0 million is reflected as a long-term liability at December 31, 2019 and 2018, respectively. As of December 31, 2019, the Company has recorded a valuation allowance on $16.0 million of its U.S. domestic deferred tax assets, largely attributable to acquired federal capital loss carryforwards for which the Company does not have sufficient income in the character to realize that attribute, and state carryforward attributes that are expected to expire before sufficient income can be realized in those jurisdictions. The remaining valuation allowance on deferred tax assets approximates $60.2 million and is associated primarily with operations in Austria, Germany, Hong Kong and Switzerland. As of December 31, 2019, there is not sufficient positive evidence to conclude that such deferred tax assets, presently reduced by a valuation allowance, will be recognized. The December 31, 2019 valuation allowance balance reflects an increase of $45.3 million during the year. The change in the valuation allowance is primarily due to increases from acquired Artesyn positions and current year activity, partially offset by decreases due to foreign exchange movements
Years Ended December 31,
20192018
Deferred tax assets
Stock based compensation$1,757$1,337
Net operating loss and tax credit carryforwards86,87938,622
Interest expense limitation7,620—
Pension obligation13,4733,302
Excess and obsolete inventory3,2172,161
Deferred revenue3,3056,903
Employee bonuses and commissions2,5371,874
Depreciation and amortization29,01529,525
Operating lease liabilities23,451—
Other9,6859,961
Deferred tax assets180,93993,685
Less: Valuation allowance(76,206)(30,924)
Net deferred tax assets104,73362,761
Deferred tax liabilities
Depreciation and amortization41,54917,723
Unremitted earnings4,7403,529
Operating lease right-of-use assets22,774—
Other2,9661,267
Deferred tax liabilities72,02922,519
Net deferred tax assets$32,704$40,242
"} {"question": "If Net cash provided by investing activities in 2019 was 7,000 thousands, in which year would it be less than 10,000 thousands?", "answer": ["2019", "2018"], "context": "Liquidity and Capital Resources Our cash, cash equivalents, and short-term investments consist primarily of money market funds and U.S. treasury bills. All of our short-term investments are classified as available-for-sale. The securities are stated at market value, with unrealized gains and losses reported as a component of accumulated other comprehensive income, within stockholders’ equity. As of December 31, 2019, our cash, cash equivalents, and short-term investments totaled $89.5 million, a decrease of $35.4 million from $124.9 million on December 31, 2018. A summary of select cash flow information for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 Compared to 2018 Cash provided by (used in) operating activities - Net cash used in operating activities was $34.1 million during 2019 compared to $69.9 million cash provided by operating activities during 2018, primarily due to a $74.4 million decrease in net income, a $25.6 million decrease in deferred revenue, a $4.2 million increase in other assets, a $2.1 million increase in accounts and other receivables and a $0.9 million decrease in accrued compensation partially offset by a $3.8 million increase in other long-term liabilities. The decrease in deferred revenue primarily reflects the effect of the adoption of ASC 606 on January 1, 2018. Cash used in operating activities was also affected by a $0.5 million decrease in non-cash charges primarily related to a $3.2 million decrease in stock-based compensation expense, partially offset by a $0.9 million impairment charge related to the SJ Facility right-of-use lease asset and a $1.3 million increase in depreciation and amortization expense. The increase in depreciation and amortization expense is due primarily to amortization of right-of-use lease assets and the shortened useful life of the SJ Facility leasehold improvements and a $0.3 million increase in deferred income taxes. Cash provided by investing activities - Net cash provided by investing activities during 2019 was $10.9 million, a decrease of $2.7 million compared to $8.2 million cash provided by investing activities during 2018. Net cash provided by investing activities during 2019 consisted of maturities of short-term investments of $20.0 million. This was partially offset by purchases of short-term investments of $8.9 million and purchases of property, plant and equipment of $0.2 million. Net cash provided by investing activities during 2018 consisted of maturities of short-term investments of $26.0 million. This was partially offset by purchases of short-term investments of $17.7 million and purchases of property, plant, and equipment of $0.1 million. Cash provided by financing activities — Net cash provided by financing activities during 2019 was $1.3 million, a decrease of $9.5 million compared to $8.2 million cash provided by financing activities during 2018. Net cash used in financing activities during 2019 consisted of $2.7 million used to purchase of treasury stock partially offset by $1.4 million in cash proceeds from stock option exercises and stock purchases under our employee stock purchase plan. Net cash provided by financing activities during 2018 consisted primarily of $8.2 million in proceeds from stock option exercises and stock purchases under our employee stock purchase plan. 2018 Compared to 2017 Cash provided by (used in) operating activities - Net cash provided by operating activities was $69.9 million during 2018 compared to $43.8 million cash used in operating activities during 2017. The $113.8 million change was primarily driven by $99.6 million increase in net income (loss), from $45.3 million net loss for 2017 to $54.3 million net income for 2018 and $27.0 million increase in deferred revenue, partially offset by $7.0 million increase in other assets, $4.2 million increase in prepaid expenses and other current assets, and $3.7 million decrease in accounts payable. The increases in deferred revenue and other non-current assets primarily reflected the effect of the adoption of ASC 606 on January 1, 2018. Cash provided by operating activities was also affected by an increase in non-cash charges of $2.6 million primarily related to higher stock-based compensation expense incurred for 2018 compared to 2017. Cash provided by (used in) investing activities - Net cash provided by investing activities during 2018 was $8.2 million, a decrease of $2.8 million compared to $11.1 million cash provided by investing activities during 2017. Net cash provided by investing activities during 2018 consisted of maturities of short-term investments of $26.0 million partially offset by purchases of short-term investments of $17.7 million and purchases of property, plant and equipment of $0.1 million. Net cash provided by investing activities during 2017 consisted of maturities of short-term investments of $35.0 million partially offset by purchases of short-term investments of $23.8 million and purchases of property, plant, and equipment of $0.1 million. Cash provided by (used in) financing activities - Net cash provided by financing activities during 2018 was $8.2 million an increase of $7.7 million compared to $0.5 million net cash provided by financing activities during 2017. Net cash provided by financing activities during 2018 consisted primarily of $8.2 million in proceeds from stock option exercises and stock purchases under our employee stock purchase plan. Net cash provided by financing activities during 2017 consisted primarily of $0.8 million proceeds from stock option exercises and stock purchases under our employee stock purchase plan partially offset by repurchases of treasury stock of $0.3 million. We believe that our cash, cash equivalents, and short-term investments will be sufficient to meet our working capital needs for at least the next twelve months. Of our total cash, cash equivalents, and short-term investments of $89.5 million as of December 31, 2019, 5% was held by our foreign subsidiaries and subject to repatriation tax effects. Our intent is to permanently reinvest all of our earnings from foreign operations, and current plans do not anticipate that we will need funds generated from foreign operations to fund our domestic operations. We will continue to invest in, protect, and defend our extensive IP portfolio, which is expected to result in the continued use of cash. At December 31, 2019 there was $30.6 million remaining under our previously-approved share repurchase program. We anticipate that capital expenditures for property and equipment for the year ending December 31, 2020 will be less than $1.0 million. Cash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A, Risk Factors of this Annual Report on Form 10-K.
Years Ended December 31,
201920182017
Net cash (used in) provided by operating activities$(34,099)$69,924$(43,829)
Net cash provided by investing activities$10,920$8,237$11,068
Net cash (used in) provided by financing activities$(1,331)$8,205$518
"} {"question": "If Net cash (used in) provided by operating activities in 2019 was 75,000 thousands, what would be the change from 2018 to 2019?", "answer": ["5076"], "context": "Liquidity and Capital Resources Our cash, cash equivalents, and short-term investments consist primarily of money market funds and U.S. treasury bills. All of our short-term investments are classified as available-for-sale. The securities are stated at market value, with unrealized gains and losses reported as a component of accumulated other comprehensive income, within stockholders’ equity. As of December 31, 2019, our cash, cash equivalents, and short-term investments totaled $89.5 million, a decrease of $35.4 million from $124.9 million on December 31, 2018. A summary of select cash flow information for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 Compared to 2018 Cash provided by (used in) operating activities - Net cash used in operating activities was $34.1 million during 2019 compared to $69.9 million cash provided by operating activities during 2018, primarily due to a $74.4 million decrease in net income, a $25.6 million decrease in deferred revenue, a $4.2 million increase in other assets, a $2.1 million increase in accounts and other receivables and a $0.9 million decrease in accrued compensation partially offset by a $3.8 million increase in other long-term liabilities. The decrease in deferred revenue primarily reflects the effect of the adoption of ASC 606 on January 1, 2018. Cash used in operating activities was also affected by a $0.5 million decrease in non-cash charges primarily related to a $3.2 million decrease in stock-based compensation expense, partially offset by a $0.9 million impairment charge related to the SJ Facility right-of-use lease asset and a $1.3 million increase in depreciation and amortization expense. The increase in depreciation and amortization expense is due primarily to amortization of right-of-use lease assets and the shortened useful life of the SJ Facility leasehold improvements and a $0.3 million increase in deferred income taxes. Cash provided by investing activities - Net cash provided by investing activities during 2019 was $10.9 million, a decrease of $2.7 million compared to $8.2 million cash provided by investing activities during 2018. Net cash provided by investing activities during 2019 consisted of maturities of short-term investments of $20.0 million. This was partially offset by purchases of short-term investments of $8.9 million and purchases of property, plant and equipment of $0.2 million. Net cash provided by investing activities during 2018 consisted of maturities of short-term investments of $26.0 million. This was partially offset by purchases of short-term investments of $17.7 million and purchases of property, plant, and equipment of $0.1 million. Cash provided by financing activities — Net cash provided by financing activities during 2019 was $1.3 million, a decrease of $9.5 million compared to $8.2 million cash provided by financing activities during 2018. Net cash used in financing activities during 2019 consisted of $2.7 million used to purchase of treasury stock partially offset by $1.4 million in cash proceeds from stock option exercises and stock purchases under our employee stock purchase plan. Net cash provided by financing activities during 2018 consisted primarily of $8.2 million in proceeds from stock option exercises and stock purchases under our employee stock purchase plan. 2018 Compared to 2017 Cash provided by (used in) operating activities - Net cash provided by operating activities was $69.9 million during 2018 compared to $43.8 million cash used in operating activities during 2017. The $113.8 million change was primarily driven by $99.6 million increase in net income (loss), from $45.3 million net loss for 2017 to $54.3 million net income for 2018 and $27.0 million increase in deferred revenue, partially offset by $7.0 million increase in other assets, $4.2 million increase in prepaid expenses and other current assets, and $3.7 million decrease in accounts payable. The increases in deferred revenue and other non-current assets primarily reflected the effect of the adoption of ASC 606 on January 1, 2018. Cash provided by operating activities was also affected by an increase in non-cash charges of $2.6 million primarily related to higher stock-based compensation expense incurred for 2018 compared to 2017. Cash provided by (used in) investing activities - Net cash provided by investing activities during 2018 was $8.2 million, a decrease of $2.8 million compared to $11.1 million cash provided by investing activities during 2017. Net cash provided by investing activities during 2018 consisted of maturities of short-term investments of $26.0 million partially offset by purchases of short-term investments of $17.7 million and purchases of property, plant and equipment of $0.1 million. Net cash provided by investing activities during 2017 consisted of maturities of short-term investments of $35.0 million partially offset by purchases of short-term investments of $23.8 million and purchases of property, plant, and equipment of $0.1 million. Cash provided by (used in) financing activities - Net cash provided by financing activities during 2018 was $8.2 million an increase of $7.7 million compared to $0.5 million net cash provided by financing activities during 2017. Net cash provided by financing activities during 2018 consisted primarily of $8.2 million in proceeds from stock option exercises and stock purchases under our employee stock purchase plan. Net cash provided by financing activities during 2017 consisted primarily of $0.8 million proceeds from stock option exercises and stock purchases under our employee stock purchase plan partially offset by repurchases of treasury stock of $0.3 million. We believe that our cash, cash equivalents, and short-term investments will be sufficient to meet our working capital needs for at least the next twelve months. Of our total cash, cash equivalents, and short-term investments of $89.5 million as of December 31, 2019, 5% was held by our foreign subsidiaries and subject to repatriation tax effects. Our intent is to permanently reinvest all of our earnings from foreign operations, and current plans do not anticipate that we will need funds generated from foreign operations to fund our domestic operations. We will continue to invest in, protect, and defend our extensive IP portfolio, which is expected to result in the continued use of cash. At December 31, 2019 there was $30.6 million remaining under our previously-approved share repurchase program. We anticipate that capital expenditures for property and equipment for the year ending December 31, 2020 will be less than $1.0 million. Cash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A, Risk Factors of this Annual Report on Form 10-K.
Years Ended December 31,
201920182017
Net cash (used in) provided by operating activities$(34,099)$69,924$(43,829)
Net cash provided by investing activities$10,920$8,237$11,068
Net cash (used in) provided by financing activities$(1,331)$8,205$518
"} {"question": "If Net cash provided by investing activities in 2019 was 5,000 thousands, what would be the average from 2017-2019?", "answer": ["8101.67"], "context": "Liquidity and Capital Resources Our cash, cash equivalents, and short-term investments consist primarily of money market funds and U.S. treasury bills. All of our short-term investments are classified as available-for-sale. The securities are stated at market value, with unrealized gains and losses reported as a component of accumulated other comprehensive income, within stockholders’ equity. As of December 31, 2019, our cash, cash equivalents, and short-term investments totaled $89.5 million, a decrease of $35.4 million from $124.9 million on December 31, 2018. A summary of select cash flow information for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 Compared to 2018 Cash provided by (used in) operating activities - Net cash used in operating activities was $34.1 million during 2019 compared to $69.9 million cash provided by operating activities during 2018, primarily due to a $74.4 million decrease in net income, a $25.6 million decrease in deferred revenue, a $4.2 million increase in other assets, a $2.1 million increase in accounts and other receivables and a $0.9 million decrease in accrued compensation partially offset by a $3.8 million increase in other long-term liabilities. The decrease in deferred revenue primarily reflects the effect of the adoption of ASC 606 on January 1, 2018. Cash used in operating activities was also affected by a $0.5 million decrease in non-cash charges primarily related to a $3.2 million decrease in stock-based compensation expense, partially offset by a $0.9 million impairment charge related to the SJ Facility right-of-use lease asset and a $1.3 million increase in depreciation and amortization expense. The increase in depreciation and amortization expense is due primarily to amortization of right-of-use lease assets and the shortened useful life of the SJ Facility leasehold improvements and a $0.3 million increase in deferred income taxes. Cash provided by investing activities - Net cash provided by investing activities during 2019 was $10.9 million, a decrease of $2.7 million compared to $8.2 million cash provided by investing activities during 2018. Net cash provided by investing activities during 2019 consisted of maturities of short-term investments of $20.0 million. This was partially offset by purchases of short-term investments of $8.9 million and purchases of property, plant and equipment of $0.2 million. Net cash provided by investing activities during 2018 consisted of maturities of short-term investments of $26.0 million. This was partially offset by purchases of short-term investments of $17.7 million and purchases of property, plant, and equipment of $0.1 million. Cash provided by financing activities — Net cash provided by financing activities during 2019 was $1.3 million, a decrease of $9.5 million compared to $8.2 million cash provided by financing activities during 2018. Net cash used in financing activities during 2019 consisted of $2.7 million used to purchase of treasury stock partially offset by $1.4 million in cash proceeds from stock option exercises and stock purchases under our employee stock purchase plan. Net cash provided by financing activities during 2018 consisted primarily of $8.2 million in proceeds from stock option exercises and stock purchases under our employee stock purchase plan. 2018 Compared to 2017 Cash provided by (used in) operating activities - Net cash provided by operating activities was $69.9 million during 2018 compared to $43.8 million cash used in operating activities during 2017. The $113.8 million change was primarily driven by $99.6 million increase in net income (loss), from $45.3 million net loss for 2017 to $54.3 million net income for 2018 and $27.0 million increase in deferred revenue, partially offset by $7.0 million increase in other assets, $4.2 million increase in prepaid expenses and other current assets, and $3.7 million decrease in accounts payable. The increases in deferred revenue and other non-current assets primarily reflected the effect of the adoption of ASC 606 on January 1, 2018. Cash provided by operating activities was also affected by an increase in non-cash charges of $2.6 million primarily related to higher stock-based compensation expense incurred for 2018 compared to 2017. Cash provided by (used in) investing activities - Net cash provided by investing activities during 2018 was $8.2 million, a decrease of $2.8 million compared to $11.1 million cash provided by investing activities during 2017. Net cash provided by investing activities during 2018 consisted of maturities of short-term investments of $26.0 million partially offset by purchases of short-term investments of $17.7 million and purchases of property, plant and equipment of $0.1 million. Net cash provided by investing activities during 2017 consisted of maturities of short-term investments of $35.0 million partially offset by purchases of short-term investments of $23.8 million and purchases of property, plant, and equipment of $0.1 million. Cash provided by (used in) financing activities - Net cash provided by financing activities during 2018 was $8.2 million an increase of $7.7 million compared to $0.5 million net cash provided by financing activities during 2017. Net cash provided by financing activities during 2018 consisted primarily of $8.2 million in proceeds from stock option exercises and stock purchases under our employee stock purchase plan. Net cash provided by financing activities during 2017 consisted primarily of $0.8 million proceeds from stock option exercises and stock purchases under our employee stock purchase plan partially offset by repurchases of treasury stock of $0.3 million. We believe that our cash, cash equivalents, and short-term investments will be sufficient to meet our working capital needs for at least the next twelve months. Of our total cash, cash equivalents, and short-term investments of $89.5 million as of December 31, 2019, 5% was held by our foreign subsidiaries and subject to repatriation tax effects. Our intent is to permanently reinvest all of our earnings from foreign operations, and current plans do not anticipate that we will need funds generated from foreign operations to fund our domestic operations. We will continue to invest in, protect, and defend our extensive IP portfolio, which is expected to result in the continued use of cash. At December 31, 2019 there was $30.6 million remaining under our previously-approved share repurchase program. We anticipate that capital expenditures for property and equipment for the year ending December 31, 2020 will be less than $1.0 million. Cash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A, Risk Factors of this Annual Report on Form 10-K.
Years Ended December 31,
201920182017
Net cash (used in) provided by operating activities$(34,099)$69,924$(43,829)
Net cash provided by investing activities$10,920$8,237$11,068
Net cash (used in) provided by financing activities$(1,331)$8,205$518
"} {"question": "If the Interest before impact of interest rate caps in Years Ended December 31, 2019 increased to 28,971, what would be the revised change from Years Ended December 31, 2018 to 2019?", "answer": ["-1738"], "context": "INTEREST EXPENSE The components of interest expense are as follows: Interest expense, including administrative and other fees, was $25,633 for 2019 compared with $30,890 in 2018. The decrease in interest expense was primarily associated with the impact of the refinancing of our term loan at the end of 2018 and interest capitalized during 2019 due to vessels under construction.
Years Ended December 31,
20192018
Interest before impact of interest rate caps$25,633$30,709
Impact of interest rate caps—181
Interest expense$25,633$30,890
"} {"question": "If the Interest expense in Years Ended December 31, 2019 increased to 26,009, what would be the revised change from Years Ended December 31, 2018 to 2019?", "answer": ["-4881"], "context": "INTEREST EXPENSE The components of interest expense are as follows: Interest expense, including administrative and other fees, was $25,633 for 2019 compared with $30,890 in 2018. The decrease in interest expense was primarily associated with the impact of the refinancing of our term loan at the end of 2018 and interest capitalized during 2019 due to vessels under construction.
Years Ended December 31,
20192018
Interest before impact of interest rate caps$25,633$30,709
Impact of interest rate caps—181
Interest expense$25,633$30,890
"} {"question": "If the Interest before impact of interest rate caps in Years Ended December 31, 2019 increased to 28,971, what would be the revised average for Years Ended December 31, 2018 to 2019?", "answer": ["29840"], "context": "INTEREST EXPENSE The components of interest expense are as follows: Interest expense, including administrative and other fees, was $25,633 for 2019 compared with $30,890 in 2018. The decrease in interest expense was primarily associated with the impact of the refinancing of our term loan at the end of 2018 and interest capitalized during 2019 due to vessels under construction.
Years Ended December 31,
20192018
Interest before impact of interest rate caps$25,633$30,709
Impact of interest rate caps—181
Interest expense$25,633$30,890
"} {"question": "What would be the average value of buildings and building improvements in 2018 and 2019 if the value in 2019 decreased by $100 thousand?", "answer": ["2691"], "context": "7. Property, Plant and Equipment and Leases Property, plant and equipment at April 30, 2019 and 2018, consisted of the following (in thousands): Depreciation and amortization expense for the years ended April 30, 2019 and 2018 was $2,802,000 and $2,484,000, respectively. Maintenance and repairs charged to operations for the years ended April 30, 2019 and 2018 was approximately $309,000 and $466,000, respectively. The Company leases its Long Island, New York headquarters building. On July 25, 2018, the Company signed an amendment to the lease which extends the current lease terms ten years and eight months through September 30, 2029. Pursuant to the amendment to the lease agreement, the annual rent will increase from $1,046,810 in 2019 to $1,276,056 in 2029. Under the terms of the lease, the Company is required to pay its proportionate share of real estate taxes, insurance and other charges. In addition, the Company’s subsidiaries in New Jersey and California lease their office and manufacturing facilities. On February 1, 2018, FEI-Elcom entered into a new lease agreement in New Jersey for office and manufacturing space encompassing approximately 9,000 square feet. The monthly rent is $9,673 through the end of the lease which expires in January 31, 2021. FEI-Zyfer has signed a second amendment to its lease in California, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $312,000. FEI-Zyfer leases office and manufacturing space encompassing 27,850 square feet. Rent expense under operating leases for the years ended April 30, 2019 and 2018 was approximately $1.2 million and $1.7 million, respectively. The Company records rent expense on its New York building and FEI-Zyfer facility on the straight-line method over the lives of the respective leases. As a result, as of April 30, 2019 and 2018, the Company’s Consolidated Balance Sheet included deferred rent payable of approximately $236,000 and $110,000, respectively, which will be recognized over the respective rental periods.
20192018
Buildings and building improvements$2,692$2,790
Machinery, equipment and furniture57,15757,503
59,84960,293
Less, accumulated depreciation(46,811 )(46,166)
$13,038$ 14,127
"} {"question": "What would be the change between the value of machinery, equipment and furniture between 2018 and 2019 if the value in 2018 increased by $10,000 thousand?", "answer": ["-10346"], "context": "7. Property, Plant and Equipment and Leases Property, plant and equipment at April 30, 2019 and 2018, consisted of the following (in thousands): Depreciation and amortization expense for the years ended April 30, 2019 and 2018 was $2,802,000 and $2,484,000, respectively. Maintenance and repairs charged to operations for the years ended April 30, 2019 and 2018 was approximately $309,000 and $466,000, respectively. The Company leases its Long Island, New York headquarters building. On July 25, 2018, the Company signed an amendment to the lease which extends the current lease terms ten years and eight months through September 30, 2029. Pursuant to the amendment to the lease agreement, the annual rent will increase from $1,046,810 in 2019 to $1,276,056 in 2029. Under the terms of the lease, the Company is required to pay its proportionate share of real estate taxes, insurance and other charges. In addition, the Company’s subsidiaries in New Jersey and California lease their office and manufacturing facilities. On February 1, 2018, FEI-Elcom entered into a new lease agreement in New Jersey for office and manufacturing space encompassing approximately 9,000 square feet. The monthly rent is $9,673 through the end of the lease which expires in January 31, 2021. FEI-Zyfer has signed a second amendment to its lease in California, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $312,000. FEI-Zyfer leases office and manufacturing space encompassing 27,850 square feet. Rent expense under operating leases for the years ended April 30, 2019 and 2018 was approximately $1.2 million and $1.7 million, respectively. The Company records rent expense on its New York building and FEI-Zyfer facility on the straight-line method over the lives of the respective leases. As a result, as of April 30, 2019 and 2018, the Company’s Consolidated Balance Sheet included deferred rent payable of approximately $236,000 and $110,000, respectively, which will be recognized over the respective rental periods.
20192018
Buildings and building improvements$2,692$2,790
Machinery, equipment and furniture57,15757,503
59,84960,293
Less, accumulated depreciation(46,811 )(46,166)
$13,038$ 14,127
"} {"question": "What would be the total maintenance and repairs charged to operations for 2018 and 2019 if the value in 2018 decreased by $100,000?", "answer": ["675000"], "context": "7. Property, Plant and Equipment and Leases Property, plant and equipment at April 30, 2019 and 2018, consisted of the following (in thousands): Depreciation and amortization expense for the years ended April 30, 2019 and 2018 was $2,802,000 and $2,484,000, respectively. Maintenance and repairs charged to operations for the years ended April 30, 2019 and 2018 was approximately $309,000 and $466,000, respectively. The Company leases its Long Island, New York headquarters building. On July 25, 2018, the Company signed an amendment to the lease which extends the current lease terms ten years and eight months through September 30, 2029. Pursuant to the amendment to the lease agreement, the annual rent will increase from $1,046,810 in 2019 to $1,276,056 in 2029. Under the terms of the lease, the Company is required to pay its proportionate share of real estate taxes, insurance and other charges. In addition, the Company’s subsidiaries in New Jersey and California lease their office and manufacturing facilities. On February 1, 2018, FEI-Elcom entered into a new lease agreement in New Jersey for office and manufacturing space encompassing approximately 9,000 square feet. The monthly rent is $9,673 through the end of the lease which expires in January 31, 2021. FEI-Zyfer has signed a second amendment to its lease in California, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $312,000. FEI-Zyfer leases office and manufacturing space encompassing 27,850 square feet. Rent expense under operating leases for the years ended April 30, 2019 and 2018 was approximately $1.2 million and $1.7 million, respectively. The Company records rent expense on its New York building and FEI-Zyfer facility on the straight-line method over the lives of the respective leases. As a result, as of April 30, 2019 and 2018, the Company’s Consolidated Balance Sheet included deferred rent payable of approximately $236,000 and $110,000, respectively, which will be recognized over the respective rental periods.
20192018
Buildings and building improvements$2,692$2,790
Machinery, equipment and furniture57,15757,503
59,84960,293
Less, accumulated depreciation(46,811 )(46,166)
$13,038$ 14,127
"} {"question": "What would be the amortized cost that was due in one year or less as a ratio of the fair value for the same period if the fair value was $900 million instead?", "answer": ["0.66"], "context": "The following table presents the contractual maturities of our debt investments as of April 26, 2019 (in millions): Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
Amortized CostFair Value
Due in one year or less$ 591$ 589
Due after one year through five years644642
Due after five years through ten years455452
$ 1,690$ 1,683
"} {"question": "What would be the difference between the amortized cost and fair value that was due after five years through ten years if the fair value was $300 million instead?", "answer": ["155"], "context": "The following table presents the contractual maturities of our debt investments as of April 26, 2019 (in millions): Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
Amortized CostFair Value
Due in one year or less$ 591$ 589
Due after one year through five years644642
Due after five years through ten years455452
$ 1,690$ 1,683
"} {"question": "What would be the difference in the total amortized cost and fair value if the total amortized cost was $2,000 million instead?", "answer": ["317"], "context": "The following table presents the contractual maturities of our debt investments as of April 26, 2019 (in millions): Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
Amortized CostFair Value
Due in one year or less$ 591$ 589
Due after one year through five years644642
Due after five years through ten years455452
$ 1,690$ 1,683
"} {"question": "If the total selling, general and administrative expense increases to 200,000, what would the specialty egg be as a percentage of total?", "answer": ["26.63"], "context": "SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Selling, general and administrative expenses (\"SG&A\"), which include costs of marketing, distribution, accounting and corporate overhead, were $174.8 million in fiscal 2019, a decrease of $4.5 million, or 2.5%, compared to fiscal 2018. As a percent of net sales, selling, general and administrative expense increased from 11.9% in fiscal 2018 to 12.8% in fiscal 2019, due to the decrease in net sales in fiscal 2019. Selling, general and administrative expenses (\"SG&A\"), which include costs of marketing, distribution, accounting and corporate overhead, were $174.8 million in fiscal 2019, a decrease of $4.5 million, or 2.5%, compared to fiscal 2018. As a percent of net sales, selling, general and administrative expense increased from 11.9% in fiscal 2018 to 12.8% in fiscal 2019, due to the decrease in net sales in fiscal 2019. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. SG&A expense was $42.3 million for the thirteen weeks ended June 1, 2019, a decrease of $7.4 million, or 14.8%, compared to $49.7 million for the thirteen weeks ended June 2, 2018. The decrease in specialty egg expense for the fiscal 2019 fourth quarter is attributable to the timing of advertising and promotions as well as a decrease in specialty egg dozens sold resulting in decreased franchise expense. Payroll and overhead decreased $526,000, or 5.2%, compared to the same period of last year due to timing of bonus accruals. Stock compensation expense relates to the amortization of compensation expense for grants of restricted stock and is dependent on the closing prices of the Company's stock on the grant dates. The weighted average grant date fair value of our restricted stock awards at June 1, 2019, was $43.20, a 2.1% increase over the value of $42.30 at June 2, 2018. Other expenses decreased 27.6% from $8.4 million for the thirteen weeks ended June 2, 2018 to $6.1 million for the same period of fiscal 2019 primarily due to a reduction in the liability for incurred but not reported insurance claims at June 1, 2019 as well as a reduction in legal expenses.
Fiscal Years Ended
(Amounts in thousands)June 1, 2019June 2, 2018ChangePercent Change
Specialty egg$53,263$54,300$(1,037)(1.9)%
Delivery expense53,59553,1774180.8%
Payroll and overhead38,34337,1911,1523.1%
Stock compensation3,6193,4671524.4%
Other expenses25,97531,181(5,206)(16.7)%
Total$174,795$179,316$(4,521)(2.5)%
"} {"question": "If the other expenses increases by 15% and the total cost unchanges, what will be the percentage as a part of total cost?", "answer": ["17.09"], "context": "SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Selling, general and administrative expenses (\"SG&A\"), which include costs of marketing, distribution, accounting and corporate overhead, were $174.8 million in fiscal 2019, a decrease of $4.5 million, or 2.5%, compared to fiscal 2018. As a percent of net sales, selling, general and administrative expense increased from 11.9% in fiscal 2018 to 12.8% in fiscal 2019, due to the decrease in net sales in fiscal 2019. Selling, general and administrative expenses (\"SG&A\"), which include costs of marketing, distribution, accounting and corporate overhead, were $174.8 million in fiscal 2019, a decrease of $4.5 million, or 2.5%, compared to fiscal 2018. As a percent of net sales, selling, general and administrative expense increased from 11.9% in fiscal 2018 to 12.8% in fiscal 2019, due to the decrease in net sales in fiscal 2019. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. SG&A expense was $42.3 million for the thirteen weeks ended June 1, 2019, a decrease of $7.4 million, or 14.8%, compared to $49.7 million for the thirteen weeks ended June 2, 2018. The decrease in specialty egg expense for the fiscal 2019 fourth quarter is attributable to the timing of advertising and promotions as well as a decrease in specialty egg dozens sold resulting in decreased franchise expense. Payroll and overhead decreased $526,000, or 5.2%, compared to the same period of last year due to timing of bonus accruals. Stock compensation expense relates to the amortization of compensation expense for grants of restricted stock and is dependent on the closing prices of the Company's stock on the grant dates. The weighted average grant date fair value of our restricted stock awards at June 1, 2019, was $43.20, a 2.1% increase over the value of $42.30 at June 2, 2018. Other expenses decreased 27.6% from $8.4 million for the thirteen weeks ended June 2, 2018 to $6.1 million for the same period of fiscal 2019 primarily due to a reduction in the liability for incurred but not reported insurance claims at June 1, 2019 as well as a reduction in legal expenses.
Fiscal Years Ended
(Amounts in thousands)June 1, 2019June 2, 2018ChangePercent Change
Specialty egg$53,263$54,300$(1,037)(1.9)%
Delivery expense53,59553,1774180.8%
Payroll and overhead38,34337,1911,1523.1%
Stock compensation3,6193,4671524.4%
Other expenses25,97531,181(5,206)(16.7)%
Total$174,795$179,316$(4,521)(2.5)%
"} {"question": "If the stock compensation increases by 10%, what will be the revised total cost?", "answer": ["175156.9"], "context": "SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Selling, general and administrative expenses (\"SG&A\"), which include costs of marketing, distribution, accounting and corporate overhead, were $174.8 million in fiscal 2019, a decrease of $4.5 million, or 2.5%, compared to fiscal 2018. As a percent of net sales, selling, general and administrative expense increased from 11.9% in fiscal 2018 to 12.8% in fiscal 2019, due to the decrease in net sales in fiscal 2019. Selling, general and administrative expenses (\"SG&A\"), which include costs of marketing, distribution, accounting and corporate overhead, were $174.8 million in fiscal 2019, a decrease of $4.5 million, or 2.5%, compared to fiscal 2018. As a percent of net sales, selling, general and administrative expense increased from 11.9% in fiscal 2018 to 12.8% in fiscal 2019, due to the decrease in net sales in fiscal 2019. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. SG&A expense was $42.3 million for the thirteen weeks ended June 1, 2019, a decrease of $7.4 million, or 14.8%, compared to $49.7 million for the thirteen weeks ended June 2, 2018. The decrease in specialty egg expense for the fiscal 2019 fourth quarter is attributable to the timing of advertising and promotions as well as a decrease in specialty egg dozens sold resulting in decreased franchise expense. Payroll and overhead decreased $526,000, or 5.2%, compared to the same period of last year due to timing of bonus accruals. Stock compensation expense relates to the amortization of compensation expense for grants of restricted stock and is dependent on the closing prices of the Company's stock on the grant dates. The weighted average grant date fair value of our restricted stock awards at June 1, 2019, was $43.20, a 2.1% increase over the value of $42.30 at June 2, 2018. Other expenses decreased 27.6% from $8.4 million for the thirteen weeks ended June 2, 2018 to $6.1 million for the same period of fiscal 2019 primarily due to a reduction in the liability for incurred but not reported insurance claims at June 1, 2019 as well as a reduction in legal expenses.
Fiscal Years Ended
(Amounts in thousands)June 1, 2019June 2, 2018ChangePercent Change
Specialty egg$53,263$54,300$(1,037)(1.9)%
Delivery expense53,59553,1774180.8%
Payroll and overhead38,34337,1911,1523.1%
Stock compensation3,6193,4671524.4%
Other expenses25,97531,181(5,206)(16.7)%
Total$174,795$179,316$(4,521)(2.5)%
"} {"question": "What would be the difference in Goodwill between Duo and Luxtera if the Goodwill for Luxtera was $1,000 million instead?", "answer": ["740"], "context": "4. Acquisitions and Divestitures (a) Acquisition Summary We completed five acquisitions during fiscal 2019. A summary of the allocation of the total purchase consideration is presented as follows (in millions): On September 28, 2018, we completed our acquisition of privately held Duo Security, Inc. (“Duo”), a leading provider of unified access security and multi-factor authentication delivered through the cloud. Revenue from the Duo acquisition has been included in our Security product category. On February 6, 2019, we completed our acquisition of Luxtera, Inc. (“Luxtera”), a privately held semiconductor company. Revenue from the Luxtera acquisition has been included in our Infrastructure Platforms product category. The total purchase consideration related to our acquisitions completed during fiscal 2019 consisted of cash consideration and vested share-based awards assumed. The total cash and cash equivalents acquired from these acquisitions was approximately $100 million.
Fiscal 2019Purchase ConsiderationNet Tangible Assets Acquired (Liabilities Assumed)Purchased Intangible AssetsGoodwill
Duo$2,025$(57)$342$1,740
Luxtera596(19)319296
Others (three in total)6521152
Total$2,686$(74)$672$2,088
"} {"question": "What would be the difference in Purchased intangible assets between Luxtera and Others if the purchased intangible assets for Others was $300 million instead?", "answer": ["19"], "context": "4. Acquisitions and Divestitures (a) Acquisition Summary We completed five acquisitions during fiscal 2019. A summary of the allocation of the total purchase consideration is presented as follows (in millions): On September 28, 2018, we completed our acquisition of privately held Duo Security, Inc. (“Duo”), a leading provider of unified access security and multi-factor authentication delivered through the cloud. Revenue from the Duo acquisition has been included in our Security product category. On February 6, 2019, we completed our acquisition of Luxtera, Inc. (“Luxtera”), a privately held semiconductor company. Revenue from the Luxtera acquisition has been included in our Infrastructure Platforms product category. The total purchase consideration related to our acquisitions completed during fiscal 2019 consisted of cash consideration and vested share-based awards assumed. The total cash and cash equivalents acquired from these acquisitions was approximately $100 million.
Fiscal 2019Purchase ConsiderationNet Tangible Assets Acquired (Liabilities Assumed)Purchased Intangible AssetsGoodwill
Duo$2,025$(57)$342$1,740
Luxtera596(19)319296
Others (three in total)6521152
Total$2,686$(74)$672$2,088
"} {"question": "What would be the acquisition with the highest Purchase Consideration if purchase consideration for Luxtera was 3,000 million?", "answer": ["Luxtera"], "context": "4. Acquisitions and Divestitures (a) Acquisition Summary We completed five acquisitions during fiscal 2019. A summary of the allocation of the total purchase consideration is presented as follows (in millions): On September 28, 2018, we completed our acquisition of privately held Duo Security, Inc. (“Duo”), a leading provider of unified access security and multi-factor authentication delivered through the cloud. Revenue from the Duo acquisition has been included in our Security product category. On February 6, 2019, we completed our acquisition of Luxtera, Inc. (“Luxtera”), a privately held semiconductor company. Revenue from the Luxtera acquisition has been included in our Infrastructure Platforms product category. The total purchase consideration related to our acquisitions completed during fiscal 2019 consisted of cash consideration and vested share-based awards assumed. The total cash and cash equivalents acquired from these acquisitions was approximately $100 million.
Fiscal 2019Purchase ConsiderationNet Tangible Assets Acquired (Liabilities Assumed)Purchased Intangible AssetsGoodwill
Duo$2,025$(57)$342$1,740
Luxtera596(19)319296
Others (three in total)6521152
Total$2,686$(74)$672$2,088
"} {"question": "What would be the percentage change in ingredients between 2018 and 2019 if the value of ingredients in 2019 increased by 100?", "answer": ["29.24"], "context": "Note 3 – Inventories, net Inventories consisted of the following:
December 31,
20192018
Ingredients$ 1,942$ 1,580
Packaging2,2302,072
Finished goods2,2202,165
Total inventories, net$ 6,392$ 5,817
"} {"question": "What would be the change in finished goods between 2018 and 2019 if the value of finished goods in 2019 increased by 1,000?", "answer": ["1055"], "context": "Note 3 – Inventories, net Inventories consisted of the following:
December 31,
20192018
Ingredients$ 1,942$ 1,580
Packaging2,2302,072
Finished goods2,2202,165
Total inventories, net$ 6,392$ 5,817
"} {"question": "What would be the average value of packaging for years 2018 and 2019 if the value of packaging in 2019 decreased by 100?", "answer": ["2101"], "context": "Note 3 – Inventories, net Inventories consisted of the following:
December 31,
20192018
Ingredients$ 1,942$ 1,580
Packaging2,2302,072
Finished goods2,2202,165
Total inventories, net$ 6,392$ 5,817
"} {"question": "What is the difference in short-term employee benefits between 2018 and 2019 if the short-term employee benefits in 2019 is 12,000,000?", "answer": ["2217931"], "context": "This section highlights the Group’s transactions with its related parties, such as its subsidiaries and Key Management Personnel. During the reporting period and previous reporting periods, Woolworths Group Limited advanced loans to, received and repaid loans from, and provided treasury, accounting, legal, taxation, and administrative services to other entities within the Group. Entities within the Group also exchanged goods and services in sale and purchase transactions. All transactions occurred on the basis of normal commercial terms and conditions. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. All transactions with directors and Key Management Personnel (including their related parties) were conducted on an arm’s length basis in the ordinary course of business and under normal terms and conditions for customers and employees. Related parties of Key Management Personnel who are employees received normal employee benefits on standard terms and conditions. The total remuneration for Key Management Personnel of the Group is as follows: Details of equity instruments provided as compensation to Key Management Personnel and shares issued on exercise of these instruments, together with the terms and conditions of the instruments, are disclosed in the Remuneration Report.
20192018
$$
Short-term employee benefits12,175,18414,217,931
Post employment benefits322,733297,319
Other long-term benefits161,569139,776
Share-based payments9,177,4256,594,300
21,836,91121,249,326
"} {"question": "What is the average post employment benefits for 2018 and 2019 if the post employment benefits in 2019 is 300,000?", "answer": ["298659.5"], "context": "This section highlights the Group’s transactions with its related parties, such as its subsidiaries and Key Management Personnel. During the reporting period and previous reporting periods, Woolworths Group Limited advanced loans to, received and repaid loans from, and provided treasury, accounting, legal, taxation, and administrative services to other entities within the Group. Entities within the Group also exchanged goods and services in sale and purchase transactions. All transactions occurred on the basis of normal commercial terms and conditions. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. All transactions with directors and Key Management Personnel (including their related parties) were conducted on an arm’s length basis in the ordinary course of business and under normal terms and conditions for customers and employees. Related parties of Key Management Personnel who are employees received normal employee benefits on standard terms and conditions. The total remuneration for Key Management Personnel of the Group is as follows: Details of equity instruments provided as compensation to Key Management Personnel and shares issued on exercise of these instruments, together with the terms and conditions of the instruments, are disclosed in the Remuneration Report.
20192018
$$
Short-term employee benefits12,175,18414,217,931
Post employment benefits322,733297,319
Other long-term benefits161,569139,776
Share-based payments9,177,4256,594,300
21,836,91121,249,326
"} {"question": "What is the difference in the total remuneration for Key Management Personnel of the Group between 2018 and 2019 if the total remuneration in 2019 is 22,000,000?", "answer": ["750674"], "context": "This section highlights the Group’s transactions with its related parties, such as its subsidiaries and Key Management Personnel. During the reporting period and previous reporting periods, Woolworths Group Limited advanced loans to, received and repaid loans from, and provided treasury, accounting, legal, taxation, and administrative services to other entities within the Group. Entities within the Group also exchanged goods and services in sale and purchase transactions. All transactions occurred on the basis of normal commercial terms and conditions. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. All transactions with directors and Key Management Personnel (including their related parties) were conducted on an arm’s length basis in the ordinary course of business and under normal terms and conditions for customers and employees. Related parties of Key Management Personnel who are employees received normal employee benefits on standard terms and conditions. The total remuneration for Key Management Personnel of the Group is as follows: Details of equity instruments provided as compensation to Key Management Personnel and shares issued on exercise of these instruments, together with the terms and conditions of the instruments, are disclosed in the Remuneration Report.
20192018
$$
Short-term employee benefits12,175,18414,217,931
Post employment benefits322,733297,319
Other long-term benefits161,569139,776
Share-based payments9,177,4256,594,300
21,836,91121,249,326
"} {"question": "If Cost of revenue in 2017 was -600 thousands, in which years would it be negative?", "answer": ["2018", "2017"], "context": "Discontinued Operations On October 27, 2017, we entered into a purchase agreement to sell the Compute business. In consideration for the transfer and sale of the Compute business, we received an equity interest in the buyer valued at approximately $36.5 million, representing the carrying value of the assets divested and representing less than 20.0% of the buyer's total outstanding equity. The operations of the Compute business were accounted for as discontinued operations through the date of divestiture. We also entered into a transition services agreement (the \"Compute TSA\"), pursuant to which we agreed to perform certain primarily general and administrative functions on the buyer's behalf during a migration period and for which we are reimbursed for costs incurred. During the fiscal year 2019, we received $0.1 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses. During the fiscal year 2018, we received $3.6 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses. In August of fiscal year 2015, we sold our Automotive business, as the Automotive business was not consistent with our long-term strategic vision from both a growth and profitability perspective. Additionally, we entered into a Consulting Agreement with the buyer pursuant to which we were to provide the buyer with certain non-design advisory services for a period of two years following the closing of the transaction for up to $15.0 million, from which we have recorded $7.5 million as other income during both fiscal years 2017 and 2016. No income was recognized during fiscal years 2019 or 2018. During fiscal year 2017, we received $18.0 million, the full amount of the indemnification escrow. The accompanying Consolidated Statements of Operations includes the following operating results related to these discontinued operations (in thousands): (1) Amounts are associated with the Compute business. (2) Amounts are associated with the Automotive business.
Fiscal Years
20182017
Revenue (1)$—$660
Cost of revenue (1)(596)2,252
Gross profit (loss)596(1,592)
Operating expenses:
Research and development (1)5,25129,167
Selling, general and administrative (1)1,56013,840
Total operating expenses6,81143,007
Loss from discontinued operations (1)(6,215)(44,599)
Other income (2)—7,500
Gain on sale (2)—18,022
Loss income before income taxes(6,215)(19,077)
Income tax provision (benefit)——
Loss income from discontinued operations(6,215)(19,077)
Cash flow used in Operating Activities (1)(10,734)(42,776)
Cash flow from Investing Activities (2)—25,522
"} {"question": "If Research and development in 2018 was 30,000 thousands, what would be the average for 2017 and 2018?", "answer": ["29583.5"], "context": "Discontinued Operations On October 27, 2017, we entered into a purchase agreement to sell the Compute business. In consideration for the transfer and sale of the Compute business, we received an equity interest in the buyer valued at approximately $36.5 million, representing the carrying value of the assets divested and representing less than 20.0% of the buyer's total outstanding equity. The operations of the Compute business were accounted for as discontinued operations through the date of divestiture. We also entered into a transition services agreement (the \"Compute TSA\"), pursuant to which we agreed to perform certain primarily general and administrative functions on the buyer's behalf during a migration period and for which we are reimbursed for costs incurred. During the fiscal year 2019, we received $0.1 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses. During the fiscal year 2018, we received $3.6 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses. In August of fiscal year 2015, we sold our Automotive business, as the Automotive business was not consistent with our long-term strategic vision from both a growth and profitability perspective. Additionally, we entered into a Consulting Agreement with the buyer pursuant to which we were to provide the buyer with certain non-design advisory services for a period of two years following the closing of the transaction for up to $15.0 million, from which we have recorded $7.5 million as other income during both fiscal years 2017 and 2016. No income was recognized during fiscal years 2019 or 2018. During fiscal year 2017, we received $18.0 million, the full amount of the indemnification escrow. The accompanying Consolidated Statements of Operations includes the following operating results related to these discontinued operations (in thousands): (1) Amounts are associated with the Compute business. (2) Amounts are associated with the Automotive business.
Fiscal Years
20182017
Revenue (1)$—$660
Cost of revenue (1)(596)2,252
Gross profit (loss)596(1,592)
Operating expenses:
Research and development (1)5,25129,167
Selling, general and administrative (1)1,56013,840
Total operating expenses6,81143,007
Loss from discontinued operations (1)(6,215)(44,599)
Other income (2)—7,500
Gain on sale (2)—18,022
Loss income before income taxes(6,215)(19,077)
Income tax provision (benefit)——
Loss income from discontinued operations(6,215)(19,077)
Cash flow used in Operating Activities (1)(10,734)(42,776)
Cash flow from Investing Activities (2)—25,522
"} {"question": "If Selling, general and administrative expense in 2018 was 15,000 thousands, what would be the change from 2017 to 2018?", "answer": ["1160"], "context": "Discontinued Operations On October 27, 2017, we entered into a purchase agreement to sell the Compute business. In consideration for the transfer and sale of the Compute business, we received an equity interest in the buyer valued at approximately $36.5 million, representing the carrying value of the assets divested and representing less than 20.0% of the buyer's total outstanding equity. The operations of the Compute business were accounted for as discontinued operations through the date of divestiture. We also entered into a transition services agreement (the \"Compute TSA\"), pursuant to which we agreed to perform certain primarily general and administrative functions on the buyer's behalf during a migration period and for which we are reimbursed for costs incurred. During the fiscal year 2019, we received $0.1 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses. During the fiscal year 2018, we received $3.6 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses. In August of fiscal year 2015, we sold our Automotive business, as the Automotive business was not consistent with our long-term strategic vision from both a growth and profitability perspective. Additionally, we entered into a Consulting Agreement with the buyer pursuant to which we were to provide the buyer with certain non-design advisory services for a period of two years following the closing of the transaction for up to $15.0 million, from which we have recorded $7.5 million as other income during both fiscal years 2017 and 2016. No income was recognized during fiscal years 2019 or 2018. During fiscal year 2017, we received $18.0 million, the full amount of the indemnification escrow. The accompanying Consolidated Statements of Operations includes the following operating results related to these discontinued operations (in thousands): (1) Amounts are associated with the Compute business. (2) Amounts are associated with the Automotive business.
Fiscal Years
20182017
Revenue (1)$—$660
Cost of revenue (1)(596)2,252
Gross profit (loss)596(1,592)
Operating expenses:
Research and development (1)5,25129,167
Selling, general and administrative (1)1,56013,840
Total operating expenses6,81143,007
Loss from discontinued operations (1)(6,215)(44,599)
Other income (2)—7,500
Gain on sale (2)—18,022
Loss income before income taxes(6,215)(19,077)
Income tax provision (benefit)——
Loss income from discontinued operations(6,215)(19,077)
Cash flow used in Operating Activities (1)(10,734)(42,776)
Cash flow from Investing Activities (2)—25,522
"} {"question": "What would the total base salary of all Named Executive Officers in 2018 be if Gary Staley's base salary was $400,000 instead?", "answer": ["2382000"], "context": "Base Salary. The base salary for each NEO is determined on the basis of the following factors: scope of responsibilities, experience, skills, performance, expected future contribution, base salary levels in effect for comparable positions at the companies in the Peer Group (as described on page 42 below under “Use of Peer Group Compensation Data”) and other competitive market factors. Generally, the Committee reviews the base salary levels of our NEOs annually as part of the Company’s performance review process as well as upon a promotion or other change of position or level of responsibility. Merit-based increases to the base salaries of our NEOs (other than our CEO) are recommended by our CEO to the Committee, and all increases are based on the Committee’s (and in the case of our CEO, the Board’s) review and assessment of the factors described above. The Compensation Committee reviews compensation levels at the beginning of each fiscal year and adjusts as needed based upon market data and executive achievement. The Committee reviewed the base salaries of our executive officers, including our NEOs, for fiscal year 2019 and increased the salaries of our CEO and CFO in light of their contributions in fiscal year 2018, including, among other considerations, the successful execution and integration of the AvComm and Wireless acquisition and to reflect the Committee’s review of current peer and market compensation data. Mr. Staley’s salary was also increased to reflect the Committee’s review of current peer and market compensation data as well as his contributions in fiscal year 2019, including the integration of AvComm and Wireless sales into our global sales organization. The Committee did not increase the salaries of any of our other NEOs because the Committee determined that the existing base salaries were appropriate for each of these NEOs. Actual base salaries paid to our NEOs in fiscal year 2019 are set forth in the “Salary” column of the Fiscal 2019 Summary Compensation Table on page 44.
Fiscal Year 2018Fiscal Year 2019
Named Executive OfficerBase SalaryBase SalaryPercentage Increase
Oleg Khaykin$750,000$800,0006.7%
Amar Maletira$425,000$500,00017.7%
Paul McNab$435,000$435,000—
Luke Scrivanich$372,000$372,000—
Gary Staley$360,000$375,0004.2%
"} {"question": "How much would the top 3 base salaries in 2019 add up to be if Luke Scrivanich's base salary was $600,000 instead?", "answer": ["1900000"], "context": "Base Salary. The base salary for each NEO is determined on the basis of the following factors: scope of responsibilities, experience, skills, performance, expected future contribution, base salary levels in effect for comparable positions at the companies in the Peer Group (as described on page 42 below under “Use of Peer Group Compensation Data”) and other competitive market factors. Generally, the Committee reviews the base salary levels of our NEOs annually as part of the Company’s performance review process as well as upon a promotion or other change of position or level of responsibility. Merit-based increases to the base salaries of our NEOs (other than our CEO) are recommended by our CEO to the Committee, and all increases are based on the Committee’s (and in the case of our CEO, the Board’s) review and assessment of the factors described above. The Compensation Committee reviews compensation levels at the beginning of each fiscal year and adjusts as needed based upon market data and executive achievement. The Committee reviewed the base salaries of our executive officers, including our NEOs, for fiscal year 2019 and increased the salaries of our CEO and CFO in light of their contributions in fiscal year 2018, including, among other considerations, the successful execution and integration of the AvComm and Wireless acquisition and to reflect the Committee’s review of current peer and market compensation data. Mr. Staley’s salary was also increased to reflect the Committee’s review of current peer and market compensation data as well as his contributions in fiscal year 2019, including the integration of AvComm and Wireless sales into our global sales organization. The Committee did not increase the salaries of any of our other NEOs because the Committee determined that the existing base salaries were appropriate for each of these NEOs. Actual base salaries paid to our NEOs in fiscal year 2019 are set forth in the “Salary” column of the Fiscal 2019 Summary Compensation Table on page 44.
Fiscal Year 2018Fiscal Year 2019
Named Executive OfficerBase SalaryBase SalaryPercentage Increase
Oleg Khaykin$750,000$800,0006.7%
Amar Maletira$425,000$500,00017.7%
Paul McNab$435,000$435,000—
Luke Scrivanich$372,000$372,000—
Gary Staley$360,000$375,0004.2%
"} {"question": "What would the difference in base salary between Paul McNab and Luke Scrivanch in 2018 be if Luke Scrivanch's base salary was $400,000 instead?", "answer": ["35000"], "context": "Base Salary. The base salary for each NEO is determined on the basis of the following factors: scope of responsibilities, experience, skills, performance, expected future contribution, base salary levels in effect for comparable positions at the companies in the Peer Group (as described on page 42 below under “Use of Peer Group Compensation Data”) and other competitive market factors. Generally, the Committee reviews the base salary levels of our NEOs annually as part of the Company’s performance review process as well as upon a promotion or other change of position or level of responsibility. Merit-based increases to the base salaries of our NEOs (other than our CEO) are recommended by our CEO to the Committee, and all increases are based on the Committee’s (and in the case of our CEO, the Board’s) review and assessment of the factors described above. The Compensation Committee reviews compensation levels at the beginning of each fiscal year and adjusts as needed based upon market data and executive achievement. The Committee reviewed the base salaries of our executive officers, including our NEOs, for fiscal year 2019 and increased the salaries of our CEO and CFO in light of their contributions in fiscal year 2018, including, among other considerations, the successful execution and integration of the AvComm and Wireless acquisition and to reflect the Committee’s review of current peer and market compensation data. Mr. Staley’s salary was also increased to reflect the Committee’s review of current peer and market compensation data as well as his contributions in fiscal year 2019, including the integration of AvComm and Wireless sales into our global sales organization. The Committee did not increase the salaries of any of our other NEOs because the Committee determined that the existing base salaries were appropriate for each of these NEOs. Actual base salaries paid to our NEOs in fiscal year 2019 are set forth in the “Salary” column of the Fiscal 2019 Summary Compensation Table on page 44.
Fiscal Year 2018Fiscal Year 2019
Named Executive OfficerBase SalaryBase SalaryPercentage Increase
Oleg Khaykin$750,000$800,0006.7%
Amar Maletira$425,000$500,00017.7%
Paul McNab$435,000$435,000—
Luke Scrivanich$372,000$372,000—
Gary Staley$360,000$375,0004.2%
"} {"question": "If the net revenues from OEM in 2019 is increased to 86%, what is the revised average for the period December 31, 2019 and 2018?", "answer": ["77.5"], "context": "Original Equipment Manufacturers (“OEM”) are the end-customers to which we provide direct marketing application engineering support, while Distribution customers refers to the distributors and representatives that we engage to distribute our products around the world. By market channel, our fourth quarter revenues in Distribution amounted to 28% of our total revenues, flat compared to the previous quarter and decreasing on a year-over-year basis.
Three Months Ended
December 31, 2019September 29, 2019December 31, 2018
(Unaudited, in %)
OEM72%72%69%
Distribution282831
Total100%100%100%
"} {"question": "If the net revenues from Distribution in 2019 is increased to 34% million, what is the revised average for the period December 31, 2019 and 2018?", "answer": ["32.5"], "context": "Original Equipment Manufacturers (“OEM”) are the end-customers to which we provide direct marketing application engineering support, while Distribution customers refers to the distributors and representatives that we engage to distribute our products around the world. By market channel, our fourth quarter revenues in Distribution amounted to 28% of our total revenues, flat compared to the previous quarter and decreasing on a year-over-year basis.
Three Months Ended
December 31, 2019September 29, 2019December 31, 2018
(Unaudited, in %)
OEM72%72%69%
Distribution282831
Total100%100%100%
"} {"question": "What would be the increase/ (decrease) if OEM in 2019 is increased to 86%?", "answer": ["17"], "context": "Original Equipment Manufacturers (“OEM”) are the end-customers to which we provide direct marketing application engineering support, while Distribution customers refers to the distributors and representatives that we engage to distribute our products around the world. By market channel, our fourth quarter revenues in Distribution amounted to 28% of our total revenues, flat compared to the previous quarter and decreasing on a year-over-year basis.
Three Months Ended
December 31, 2019September 29, 2019December 31, 2018
(Unaudited, in %)
OEM72%72%69%
Distribution282831
Total100%100%100%
"} {"question": "If external gross profit changed to 6,000 million in 2018, what is the increase / (decrease) from 2017 to 2018?", "answer": ["1967"], "context": "* Recast to reflect segment changes. The year-to-year improvements in margins and pre-tax income in GBS were the result of the shift to higher-value offerings, realignment of resources to key skill areas, increased productivity and utilization as well as a benefit from currency, due to the company’s global delivery model.
($ in millions)
For the year ended December 31:2018*2017*Yr.-to-Yr. Percent/ Margin Change
Global Business Services
External gross profit$4,448$4,03310.3%
External gross profit margin26.8%25.1%1.7pts
Pre-tax income$1,629$1,30325.0%
Pre-tax margin9.6%7.9%1.7pts
"} {"question": "If the Pre-tax income in 2018 changed to 2,000 million, what is the average?", "answer": ["1651.5"], "context": "* Recast to reflect segment changes. The year-to-year improvements in margins and pre-tax income in GBS were the result of the shift to higher-value offerings, realignment of resources to key skill areas, increased productivity and utilization as well as a benefit from currency, due to the company’s global delivery model.
($ in millions)
For the year ended December 31:2018*2017*Yr.-to-Yr. Percent/ Margin Change
Global Business Services
External gross profit$4,448$4,03310.3%
External gross profit margin26.8%25.1%1.7pts
Pre-tax income$1,629$1,30325.0%
Pre-tax margin9.6%7.9%1.7pts
"} {"question": "If Pre-tax margin in 2018 changed to 10.0%, what is the increase / (decrease) from 2017 to 2018?", "answer": ["2.1"], "context": "* Recast to reflect segment changes. The year-to-year improvements in margins and pre-tax income in GBS were the result of the shift to higher-value offerings, realignment of resources to key skill areas, increased productivity and utilization as well as a benefit from currency, due to the company’s global delivery model.
($ in millions)
For the year ended December 31:2018*2017*Yr.-to-Yr. Percent/ Margin Change
Global Business Services
External gross profit$4,448$4,03310.3%
External gross profit margin26.8%25.1%1.7pts
Pre-tax income$1,629$1,30325.0%
Pre-tax margin9.6%7.9%1.7pts
"} {"question": "In which year would the amount of Other be larger if the amount in 2018 was 1.7 million instead?", "answer": ["2018"], "context": "The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was: The Group’s most significant customer accounts for £0.5m (2018: £0.6m) of net trade receivables as at 31 March 2019.
20192018
£m£m
Retailers20.421.7
Manufacturer and Agency3.23.0
Other1.30.7
Total24.925.4
"} {"question": "What would the change in Other in 2019 from 2018 be if the amount in 2019 was 1.4 million instead?", "answer": ["0.7"], "context": "The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was: The Group’s most significant customer accounts for £0.5m (2018: £0.6m) of net trade receivables as at 31 March 2019.
20192018
£m£m
Retailers20.421.7
Manufacturer and Agency3.23.0
Other1.30.7
Total24.925.4
"} {"question": "What would the percentage change in Other in 2019 from 2018 be if the amount in 2019 was 1.4 million instead?", "answer": ["100"], "context": "The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was: The Group’s most significant customer accounts for £0.5m (2018: £0.6m) of net trade receivables as at 31 March 2019.
20192018
£m£m
Retailers20.421.7
Manufacturer and Agency3.23.0
Other1.30.7
Total24.925.4
"} {"question": "What would the percentage change in the income before income taxes from United States from 2017 to 2018 be if the amount in 2018 was 130,000 thousand instead?", "answer": ["1621.17"], "context": "Note 7: Income Taxes On December 22, 2017, the “Tax Cuts & Jobs Act” was signed into law and was effective for the Company starting in the quarter ended December 24, 2017. U.S. tax reform reduced the U.S. federal statutory tax rate from 35% to 21%, assessed a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and created new taxes on certain foreign sourced earnings. The impact on income taxes due to a change in legislation is required under the authoritative guidance of Accounting Standards Codification (“ASC”) 740, Income Taxes, to be recognized in the period in which the law is enacted. In conjunction, the SEC issued Staff Accounting Bulletin (“SAB”) 118, which allowed for the recording of provisional amounts related to U.S. tax reform and subsequent adjustments related to U.S. tax reform during an up to one-year measurement period that is similar to the measurement period used when accounting for business combinations. The Company recorded what it believed to be reasonable estimates during the SAB 118 measurement period. During the December 2018 quarter, the Company finalized the accounting of the income tax effects of U.S. tax reform. Although the SAB 118 measurement period has ended, there may be some aspects of U.S. tax reform that remain subject to future regulations and/or notices which may further clarify certain provisions of U.S. tax reform. The Company may need to adjust its previously recorded amounts to reflect the recognition and measurement of its tax accounting positions in accordance with ASC 740; such adjustments could be material. The computation of the one-time transition tax on accumulated unrepatriated foreign earnings was recorded on a provisional basis in the amount of $883.0 million in the fiscal year ended June 24, 2018, as permitted under SAB 118. The Company recorded a subsequent provisional adjustment of $36.6 million, as a result of incorporating new information into the estimate, in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018. The Company finalized the computation of the transition tax liability during the December 2018 quarter. The final adjustment resulted in a tax benefit of $51.2 million, which was recorded in the Company’s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final balance of total transition tax is $868.4 million. The one-time transition tax is based on the Company’s total post-1986 earnings and profits (“E&P”) that was previously deferred from U.S. income taxes. The Company had previously accrued deferred taxes on a portion of this E&P. The Company has completed the calculation of total post-1986 E&P and related income tax pools for its foreign subsidiaries. The Company elected to pay the one-time transition tax over a period of eight years. Beginning in fiscal year 2019, the Company is subject to the impact of the GILTI provision of U.S. tax reform. The GILTI provision imposes taxes on foreign earnings in excess of a deemed return on tangible assets. The Company has calculated the impact of the GILTI provision on current year earnings and has included the impact in the effective tax rate. The Company made an accounting policy election in the September 2018 quarter to record deferred taxes in relation to the GILTI provision, and recorded a provisional tax benefit of $48.0 million in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018, under SAB 118. The Company finalized the computation of the accounting policy election during the December 2018 quarter. The final adjustment resulted in a tax expense of $0.4 million, which was recorded in the Company’s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final tax benefit of the election is $47.6 million. The components of income (loss) before income taxes were as follows:
YearEnded
June 30, 2019June 24, 2018June 25, 2017
(in thousands)
United States$(59,876)$128,190$7,553
Foreign2,506,4473,023,5991,804,120
$2,446,571$3,151,789$1,811,673
"} {"question": "What would the percentage change in the income before income taxes from Foreign countries from 2018 to 2019 be if the amount in 2019 was 3,000,000 thousand instead?", "answer": ["-0.78"], "context": "Note 7: Income Taxes On December 22, 2017, the “Tax Cuts & Jobs Act” was signed into law and was effective for the Company starting in the quarter ended December 24, 2017. U.S. tax reform reduced the U.S. federal statutory tax rate from 35% to 21%, assessed a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and created new taxes on certain foreign sourced earnings. The impact on income taxes due to a change in legislation is required under the authoritative guidance of Accounting Standards Codification (“ASC”) 740, Income Taxes, to be recognized in the period in which the law is enacted. In conjunction, the SEC issued Staff Accounting Bulletin (“SAB”) 118, which allowed for the recording of provisional amounts related to U.S. tax reform and subsequent adjustments related to U.S. tax reform during an up to one-year measurement period that is similar to the measurement period used when accounting for business combinations. The Company recorded what it believed to be reasonable estimates during the SAB 118 measurement period. During the December 2018 quarter, the Company finalized the accounting of the income tax effects of U.S. tax reform. Although the SAB 118 measurement period has ended, there may be some aspects of U.S. tax reform that remain subject to future regulations and/or notices which may further clarify certain provisions of U.S. tax reform. The Company may need to adjust its previously recorded amounts to reflect the recognition and measurement of its tax accounting positions in accordance with ASC 740; such adjustments could be material. The computation of the one-time transition tax on accumulated unrepatriated foreign earnings was recorded on a provisional basis in the amount of $883.0 million in the fiscal year ended June 24, 2018, as permitted under SAB 118. The Company recorded a subsequent provisional adjustment of $36.6 million, as a result of incorporating new information into the estimate, in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018. The Company finalized the computation of the transition tax liability during the December 2018 quarter. The final adjustment resulted in a tax benefit of $51.2 million, which was recorded in the Company’s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final balance of total transition tax is $868.4 million. The one-time transition tax is based on the Company’s total post-1986 earnings and profits (“E&P”) that was previously deferred from U.S. income taxes. The Company had previously accrued deferred taxes on a portion of this E&P. The Company has completed the calculation of total post-1986 E&P and related income tax pools for its foreign subsidiaries. The Company elected to pay the one-time transition tax over a period of eight years. Beginning in fiscal year 2019, the Company is subject to the impact of the GILTI provision of U.S. tax reform. The GILTI provision imposes taxes on foreign earnings in excess of a deemed return on tangible assets. The Company has calculated the impact of the GILTI provision on current year earnings and has included the impact in the effective tax rate. The Company made an accounting policy election in the September 2018 quarter to record deferred taxes in relation to the GILTI provision, and recorded a provisional tax benefit of $48.0 million in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018, under SAB 118. The Company finalized the computation of the accounting policy election during the December 2018 quarter. The final adjustment resulted in a tax expense of $0.4 million, which was recorded in the Company’s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final tax benefit of the election is $47.6 million. The components of income (loss) before income taxes were as follows:
YearEnded
June 30, 2019June 24, 2018June 25, 2017
(in thousands)
United States$(59,876)$128,190$7,553
Foreign2,506,4473,023,5991,804,120
$2,446,571$3,151,789$1,811,673
"} {"question": "In which year would the income before income taxes from Foreign countries be the highest if the amount in 2017 was 3,100,000 thousand instead?", "answer": ["2017"], "context": "Note 7: Income Taxes On December 22, 2017, the “Tax Cuts & Jobs Act” was signed into law and was effective for the Company starting in the quarter ended December 24, 2017. U.S. tax reform reduced the U.S. federal statutory tax rate from 35% to 21%, assessed a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and created new taxes on certain foreign sourced earnings. The impact on income taxes due to a change in legislation is required under the authoritative guidance of Accounting Standards Codification (“ASC”) 740, Income Taxes, to be recognized in the period in which the law is enacted. In conjunction, the SEC issued Staff Accounting Bulletin (“SAB”) 118, which allowed for the recording of provisional amounts related to U.S. tax reform and subsequent adjustments related to U.S. tax reform during an up to one-year measurement period that is similar to the measurement period used when accounting for business combinations. The Company recorded what it believed to be reasonable estimates during the SAB 118 measurement period. During the December 2018 quarter, the Company finalized the accounting of the income tax effects of U.S. tax reform. Although the SAB 118 measurement period has ended, there may be some aspects of U.S. tax reform that remain subject to future regulations and/or notices which may further clarify certain provisions of U.S. tax reform. The Company may need to adjust its previously recorded amounts to reflect the recognition and measurement of its tax accounting positions in accordance with ASC 740; such adjustments could be material. The computation of the one-time transition tax on accumulated unrepatriated foreign earnings was recorded on a provisional basis in the amount of $883.0 million in the fiscal year ended June 24, 2018, as permitted under SAB 118. The Company recorded a subsequent provisional adjustment of $36.6 million, as a result of incorporating new information into the estimate, in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018. The Company finalized the computation of the transition tax liability during the December 2018 quarter. The final adjustment resulted in a tax benefit of $51.2 million, which was recorded in the Company’s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final balance of total transition tax is $868.4 million. The one-time transition tax is based on the Company’s total post-1986 earnings and profits (“E&P”) that was previously deferred from U.S. income taxes. The Company had previously accrued deferred taxes on a portion of this E&P. The Company has completed the calculation of total post-1986 E&P and related income tax pools for its foreign subsidiaries. The Company elected to pay the one-time transition tax over a period of eight years. Beginning in fiscal year 2019, the Company is subject to the impact of the GILTI provision of U.S. tax reform. The GILTI provision imposes taxes on foreign earnings in excess of a deemed return on tangible assets. The Company has calculated the impact of the GILTI provision on current year earnings and has included the impact in the effective tax rate. The Company made an accounting policy election in the September 2018 quarter to record deferred taxes in relation to the GILTI provision, and recorded a provisional tax benefit of $48.0 million in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018, under SAB 118. The Company finalized the computation of the accounting policy election during the December 2018 quarter. The final adjustment resulted in a tax expense of $0.4 million, which was recorded in the Company’s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final tax benefit of the election is $47.6 million. The components of income (loss) before income taxes were as follows:
YearEnded
June 30, 2019June 24, 2018June 25, 2017
(in thousands)
United States$(59,876)$128,190$7,553
Foreign2,506,4473,023,5991,804,120
$2,446,571$3,151,789$1,811,673
"} {"question": "What would be the difference between the company's federal and state net operating losses if the state losses is doubled and then increased by $5,000,000?", "answer": ["109048"], "context": "At December 31, 2019, the Company’s net operating losses and credit carryforwards are: (1) Excludes federal and state net operating losses of $60.2 million and $0.8 million, respectively, from prior acquisitions that the Company expects will expire unutilized (2) Excludes federal and state tax credits of $0.1 million and $8.3 million, respectively, that the Company expects will expire unutilized Carryforward losses and credits expire between 2020 and 2038, except for the 2019 federal net operating loss of $43.9 million and $1 million of state credits, which both have unlimited carryforward periods. The Company’s India subsidiary is primarily located in Special Economic Zones (“SEZs”) and is entitled to a tax holiday in India. The tax holiday reduces or eliminates income tax in India. The tax holiday in the Hyderabad SEZ is scheduled to expire in 2024. The tax holiday in the Bangalore SEZ is scheduled to expire in 2022. For 2019, 2018 and 2017, the income tax holiday reduced the Company’s provision for income taxes by $1.9 million, $1.3 million, and $1 million, respectively.
(in thousands)FederalState
Net operating losses (1)$120,722$3,337
Net operating losses due to acquisitions (1)$76,827$778
Credit carryforwards (2)$8,202$1,958
Credit carryforwards due to acquisitions$640$227
"} {"question": "What would be the total federal and state credit carryforwards if the value of the state carryforwards is halved and then decreased by $50,000?", "answer": ["9131"], "context": "At December 31, 2019, the Company’s net operating losses and credit carryforwards are: (1) Excludes federal and state net operating losses of $60.2 million and $0.8 million, respectively, from prior acquisitions that the Company expects will expire unutilized (2) Excludes federal and state tax credits of $0.1 million and $8.3 million, respectively, that the Company expects will expire unutilized Carryforward losses and credits expire between 2020 and 2038, except for the 2019 federal net operating loss of $43.9 million and $1 million of state credits, which both have unlimited carryforward periods. The Company’s India subsidiary is primarily located in Special Economic Zones (“SEZs”) and is entitled to a tax holiday in India. The tax holiday reduces or eliminates income tax in India. The tax holiday in the Hyderabad SEZ is scheduled to expire in 2024. The tax holiday in the Bangalore SEZ is scheduled to expire in 2022. For 2019, 2018 and 2017, the income tax holiday reduced the Company’s provision for income taxes by $1.9 million, $1.3 million, and $1 million, respectively.
(in thousands)FederalState
Net operating losses (1)$120,722$3,337
Net operating losses due to acquisitions (1)$76,827$778
Credit carryforwards (2)$8,202$1,958
Credit carryforwards due to acquisitions$640$227
"} {"question": "What would be the average federal and state credit carryforwards due to acquisitions if the state credit carryforwards is decreased by $7,000?", "answer": ["430"], "context": "At December 31, 2019, the Company’s net operating losses and credit carryforwards are: (1) Excludes federal and state net operating losses of $60.2 million and $0.8 million, respectively, from prior acquisitions that the Company expects will expire unutilized (2) Excludes federal and state tax credits of $0.1 million and $8.3 million, respectively, that the Company expects will expire unutilized Carryforward losses and credits expire between 2020 and 2038, except for the 2019 federal net operating loss of $43.9 million and $1 million of state credits, which both have unlimited carryforward periods. The Company’s India subsidiary is primarily located in Special Economic Zones (“SEZs”) and is entitled to a tax holiday in India. The tax holiday reduces or eliminates income tax in India. The tax holiday in the Hyderabad SEZ is scheduled to expire in 2024. The tax holiday in the Bangalore SEZ is scheduled to expire in 2022. For 2019, 2018 and 2017, the income tax holiday reduced the Company’s provision for income taxes by $1.9 million, $1.3 million, and $1 million, respectively.
(in thousands)FederalState
Net operating losses (1)$120,722$3,337
Net operating losses due to acquisitions (1)$76,827$778
Credit carryforwards (2)$8,202$1,958
Credit carryforwards due to acquisitions$640$227
"} {"question": "If the total purchase obligations increased by 50000 thousand, what will be the new percentage of the of total purchase obligations in total contractual obligations?", "answer": ["58.5"], "context": "Contractual Obligations The following table presents the payments due by fiscal year for our outstanding contractual obligations as of December 31, 2019 (in thousands): (1) Includes estimated cash interest to be paid over the remaining terms of the underlying debt. Interest payments are based on fixed and floating rates as of December 31, 2019. (2) Purchase obligations represent agreements to purchase goods or services, including open purchase orders and contracts with fixed volume commitments, that are noncancelable or cancelable with a significant penalty. Purchase obligations for our long-term supply agreements for the purchase of substrate glass and cover glass represent specified termination penalties, which are up to $430 million in the aggregate under the agreements. Our actual purchases under these supply agreements are expected to be approximately $2.4 billion of substrate glass and $500 million of cover glass. (3) In connection with business or project acquisitions, we may agree to pay additional amounts to the selling parties upon achievement of certain milestones. See Note 14. “Commitments and Contingencies” to our consolidated financial statements for further information. (4) Transition tax obligations represent estimated payments for U.S. federal taxes associated with accumulated earnings and profits of our foreign corporate subsidiaries. See Note 18. “Income Taxes” to our consolidated financial statements for further information. (5) Includes expected letter of credit fees and unused revolver fees. We have excluded $72.2 million of unrecognized tax benefits from the amounts presented above as the timing of such obligations is uncertain.
Payments Due by Year
Less Than1 - 33 - 5More Than
Total1 YearYearsYears5 Years
Long-term debt obligations$482,892$17,684$98,571$37,496$329,141
Interest payments (1) .168,04017,27629,53327,40993,822
Operating lease obligations162,91315,15328,77126,70892,281
Purchase obligations (2) .1,424,267900,200221,888187,277114,902
Recycling obligations .137,761———137,761
Contingent consideration (3) .6,8952,3954,500——
Transition tax obligations (4) .76,6676,62014,74732,25923,041
Other obligations (5) .10,5272,9335,1642,430—
Total .$2,469,962$962,261$403,174$313,579$790,948
"} {"question": "If the total long-term debt obligations decreased by 50000 thousand, what will be the new percentage of total long-term debt obligations in total contractual obligations?", "answer": ["17.89"], "context": "Contractual Obligations The following table presents the payments due by fiscal year for our outstanding contractual obligations as of December 31, 2019 (in thousands): (1) Includes estimated cash interest to be paid over the remaining terms of the underlying debt. Interest payments are based on fixed and floating rates as of December 31, 2019. (2) Purchase obligations represent agreements to purchase goods or services, including open purchase orders and contracts with fixed volume commitments, that are noncancelable or cancelable with a significant penalty. Purchase obligations for our long-term supply agreements for the purchase of substrate glass and cover glass represent specified termination penalties, which are up to $430 million in the aggregate under the agreements. Our actual purchases under these supply agreements are expected to be approximately $2.4 billion of substrate glass and $500 million of cover glass. (3) In connection with business or project acquisitions, we may agree to pay additional amounts to the selling parties upon achievement of certain milestones. See Note 14. “Commitments and Contingencies” to our consolidated financial statements for further information. (4) Transition tax obligations represent estimated payments for U.S. federal taxes associated with accumulated earnings and profits of our foreign corporate subsidiaries. See Note 18. “Income Taxes” to our consolidated financial statements for further information. (5) Includes expected letter of credit fees and unused revolver fees. We have excluded $72.2 million of unrecognized tax benefits from the amounts presented above as the timing of such obligations is uncertain.
Payments Due by Year
Less Than1 - 33 - 5More Than
Total1 YearYearsYears5 Years
Long-term debt obligations$482,892$17,684$98,571$37,496$329,141
Interest payments (1) .168,04017,27629,53327,40993,822
Operating lease obligations162,91315,15328,77126,70892,281
Purchase obligations (2) .1,424,267900,200221,888187,277114,902
Recycling obligations .137,761———137,761
Contingent consideration (3) .6,8952,3954,500——
Transition tax obligations (4) .76,6676,62014,74732,25923,041
Other obligations (5) .10,5272,9335,1642,430—
Total .$2,469,962$962,261$403,174$313,579$790,948
"} {"question": "Suppose that total interest payments increased by 5000 thousand and total operating lease obligations decreased by 10000 thousand, what will be the difference between total interest payments and total operating lease obligations?", "answer": ["20127"], "context": "Contractual Obligations The following table presents the payments due by fiscal year for our outstanding contractual obligations as of December 31, 2019 (in thousands): (1) Includes estimated cash interest to be paid over the remaining terms of the underlying debt. Interest payments are based on fixed and floating rates as of December 31, 2019. (2) Purchase obligations represent agreements to purchase goods or services, including open purchase orders and contracts with fixed volume commitments, that are noncancelable or cancelable with a significant penalty. Purchase obligations for our long-term supply agreements for the purchase of substrate glass and cover glass represent specified termination penalties, which are up to $430 million in the aggregate under the agreements. Our actual purchases under these supply agreements are expected to be approximately $2.4 billion of substrate glass and $500 million of cover glass. (3) In connection with business or project acquisitions, we may agree to pay additional amounts to the selling parties upon achievement of certain milestones. See Note 14. “Commitments and Contingencies” to our consolidated financial statements for further information. (4) Transition tax obligations represent estimated payments for U.S. federal taxes associated with accumulated earnings and profits of our foreign corporate subsidiaries. See Note 18. “Income Taxes” to our consolidated financial statements for further information. (5) Includes expected letter of credit fees and unused revolver fees. We have excluded $72.2 million of unrecognized tax benefits from the amounts presented above as the timing of such obligations is uncertain.
Payments Due by Year
Less Than1 - 33 - 5More Than
Total1 YearYearsYears5 Years
Long-term debt obligations$482,892$17,684$98,571$37,496$329,141
Interest payments (1) .168,04017,27629,53327,40993,822
Operating lease obligations162,91315,15328,77126,70892,281
Purchase obligations (2) .1,424,267900,200221,888187,277114,902
Recycling obligations .137,761———137,761
Contingent consideration (3) .6,8952,3954,500——
Transition tax obligations (4) .76,6676,62014,74732,25923,041
Other obligations (5) .10,5272,9335,1642,430—
Total .$2,469,962$962,261$403,174$313,579$790,948
"} {"question": "What is the total Adjusted EBITDA for Telematics Systems and Software & Subscription Services in 2019 if adjusted EBITDA for Telematics Systems was $30,000 thousand?", "answer": ["43093"], "context": "Profitability Measures Net Income: Our net income in the fiscal year ended February 28, 2019 was $18.4 million as compared to net income of $16.6 million in the same period last year. The increase is due to a $11.7 million increase in operating income, $3.0 million increase in investment income and $12.0 million decrease in income tax provision. The increase in operating income was primarily attributable to $21.0 million decrease in general and administrative expense due to reduced legal provision and related costs as further discussed in Note 19 and partially offset by $8.0 million of restructuring expense. Adjusted EBITDA for Telematics Systems in the fiscal year ended February 28, 2019 decreased $8.1 million compared to the same period last year due to lower revenues as described above and the impact of high margin revenue earned on a strategic technology partnership arrangement in fiscal 2018. These factors were coupled with higher operating expenses in Telematics Systems as a result of increased headcount and outsourced professional service fees. Adjusted EBITDA for Software and Subscription Services increased $4.9 million compared to the same period last year due primarily to continued growth in revenues and gross profit from our Italia market and higher gross profit from our fleet management services. See Note 20 for reconciliation of Adjusted EBITDA by reportable segments and a reconciliation to GAAP-basis net income (loss).
Fiscal years ended
February 28,
(In thousands)20192018$ Change% Change
Segment
Telematics Systems$40,821$48,943$(8,122)(17.0%)
Software & Subscription Services13,0938,2334,86059.0%
Corporate Expense(5,699)(4,794)(905)19.0%
Total Adjusted EBITDA$48,215$52,382$(4,167)(8.0%)
"} {"question": "What is the total Adjusted EBITDA for Telematics Systems and Software & Subscription Services in 2018 if adjusted EBITDA for Telematics Systems was $30,000 thousand?", "answer": ["38233"], "context": "Profitability Measures Net Income: Our net income in the fiscal year ended February 28, 2019 was $18.4 million as compared to net income of $16.6 million in the same period last year. The increase is due to a $11.7 million increase in operating income, $3.0 million increase in investment income and $12.0 million decrease in income tax provision. The increase in operating income was primarily attributable to $21.0 million decrease in general and administrative expense due to reduced legal provision and related costs as further discussed in Note 19 and partially offset by $8.0 million of restructuring expense. Adjusted EBITDA for Telematics Systems in the fiscal year ended February 28, 2019 decreased $8.1 million compared to the same period last year due to lower revenues as described above and the impact of high margin revenue earned on a strategic technology partnership arrangement in fiscal 2018. These factors were coupled with higher operating expenses in Telematics Systems as a result of increased headcount and outsourced professional service fees. Adjusted EBITDA for Software and Subscription Services increased $4.9 million compared to the same period last year due primarily to continued growth in revenues and gross profit from our Italia market and higher gross profit from our fleet management services. See Note 20 for reconciliation of Adjusted EBITDA by reportable segments and a reconciliation to GAAP-basis net income (loss).
Fiscal years ended
February 28,
(In thousands)20192018$ Change% Change
Segment
Telematics Systems$40,821$48,943$(8,122)(17.0%)
Software & Subscription Services13,0938,2334,86059.0%
Corporate Expense(5,699)(4,794)(905)19.0%
Total Adjusted EBITDA$48,215$52,382$(4,167)(8.0%)
"} {"question": "What was the average Corporate Expense for both years, 2018 and 2019 if Corporate Expense for 2018 was $5,000 thousand?", "answer": ["-5349.5"], "context": "Profitability Measures Net Income: Our net income in the fiscal year ended February 28, 2019 was $18.4 million as compared to net income of $16.6 million in the same period last year. The increase is due to a $11.7 million increase in operating income, $3.0 million increase in investment income and $12.0 million decrease in income tax provision. The increase in operating income was primarily attributable to $21.0 million decrease in general and administrative expense due to reduced legal provision and related costs as further discussed in Note 19 and partially offset by $8.0 million of restructuring expense. Adjusted EBITDA for Telematics Systems in the fiscal year ended February 28, 2019 decreased $8.1 million compared to the same period last year due to lower revenues as described above and the impact of high margin revenue earned on a strategic technology partnership arrangement in fiscal 2018. These factors were coupled with higher operating expenses in Telematics Systems as a result of increased headcount and outsourced professional service fees. Adjusted EBITDA for Software and Subscription Services increased $4.9 million compared to the same period last year due primarily to continued growth in revenues and gross profit from our Italia market and higher gross profit from our fleet management services. See Note 20 for reconciliation of Adjusted EBITDA by reportable segments and a reconciliation to GAAP-basis net income (loss).
Fiscal years ended
February 28,
(In thousands)20192018$ Change% Change
Segment
Telematics Systems$40,821$48,943$(8,122)(17.0%)
Software & Subscription Services13,0938,2334,86059.0%
Corporate Expense(5,699)(4,794)(905)19.0%
Total Adjusted EBITDA$48,215$52,382$(4,167)(8.0%)
"} {"question": "What would be the change in the Deferred expense for State between 2018 and 2019 if the Deferred expense in 2019 was $1.0 million instead?", "answer": ["0.9"], "context": "Note 11. Income Taxes The income tax provision consists of the following (amounts in millions): On December 22, 2017, the Tax Cuts and Jobs Act (the \"Act\") was enacted into law. The Act provides for numerous significant tax law changes and modifications including the reduction of the U.S. federal corporate income tax rate from 35.0% to 21.0%, the requirement for companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and the creation of new taxes on certain foreign-sourced earnings. Accounting Standards Codification (\"ASC\") 740, Income Taxes, requires companies to recognize the effect of the tax law changes in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin (\"SAB\") 118, which allowed companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. The Company recorded a reasonable estimate when measurable and with the understanding that the provisional amount was subject to further adjustments under SAB 118. In addition, for significant items for which the Company could not make a reasonable estimate, no provisional amounts were recorded. As of December 31, 2018, the Company completed its review of the previously recorded provisional amounts related to the Act, recorded necessary adjustments, and the amounts are now final under SAB 118. As of March 31, 2018, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future (which was generally 21%), by recording a provisional income tax benefit of $136.7 million. Upon further analysis of certain aspects of the Act and refinement of its calculations during the period ended December 31, 2018, the Company did not make adjustments to the provisional amount The one-time transition tax is based on the Company's total post-1986 earnings and profits (E&P), the tax on which the Company previously deferred from U.S. income taxes under U.S. law. The Company recorded a provisional amount for its one-time transition tax expense for each of its foreign subsidiaries, resulting in a transition tax expense of $644.7 million at March 31, 2018. Upon further analyses of the Act and notices and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service, the Company finalized its calculations of the transition tax expense during the period ended December 31, 2018. The Company increased its March 31, 2018 provisional amount by $13.1 million to $657.8 million, which is included as a component of income tax expense from continuing operations. The measurement period adjustment of $13.1 million decreased basic and diluted net income per common share by $0.06 and $0.05, respectively, for the year ended March 31, 2019. The Company intends to invest substantially all of its foreign subsidiary earnings, as well as its capital in its foreign subsidiaries, indefinitely outside of the U.S. in those jurisdictions in which the Company would incur significant, additional costs upon repatriation of such amounts. It is not practical to estimate the additional tax that would be incurred, if any, if the permanently reinvested earnings were repatriated.
Year Ended March 31,
201920182017
Pretax (loss) income:
U.S.$(593.4)$(127.3)$(279.3)
Foreign797.9864.6369.1
$204.5$737.3$89.8
Current (benefit) expense:
U.S. Federal$(98.0)$369.4$21.3
State(5.3)0.51.0
Foreign14.160.823.8
Total current (benefit) expense$(89.2)$430.7$46.1
Deferred expense (benefit):
U.S. Federal$11.9$82.5$(114.7)
State0.60.1(5.4)
Foreign(74.7)(31.4)(6.8)
Total deferred (benefit) expense(62.2)51.2(126.9)
Total Income tax (benefit) provision$(151.4)$481.9$(80.8)
"} {"question": "What would be the change in the Foreign Pretax income between 2018 and 2019 if the foreign Pretax income in 2018 was $700 million instead?", "answer": ["97.9"], "context": "Note 11. Income Taxes The income tax provision consists of the following (amounts in millions): On December 22, 2017, the Tax Cuts and Jobs Act (the \"Act\") was enacted into law. The Act provides for numerous significant tax law changes and modifications including the reduction of the U.S. federal corporate income tax rate from 35.0% to 21.0%, the requirement for companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and the creation of new taxes on certain foreign-sourced earnings. Accounting Standards Codification (\"ASC\") 740, Income Taxes, requires companies to recognize the effect of the tax law changes in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin (\"SAB\") 118, which allowed companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. The Company recorded a reasonable estimate when measurable and with the understanding that the provisional amount was subject to further adjustments under SAB 118. In addition, for significant items for which the Company could not make a reasonable estimate, no provisional amounts were recorded. As of December 31, 2018, the Company completed its review of the previously recorded provisional amounts related to the Act, recorded necessary adjustments, and the amounts are now final under SAB 118. As of March 31, 2018, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future (which was generally 21%), by recording a provisional income tax benefit of $136.7 million. Upon further analysis of certain aspects of the Act and refinement of its calculations during the period ended December 31, 2018, the Company did not make adjustments to the provisional amount The one-time transition tax is based on the Company's total post-1986 earnings and profits (E&P), the tax on which the Company previously deferred from U.S. income taxes under U.S. law. The Company recorded a provisional amount for its one-time transition tax expense for each of its foreign subsidiaries, resulting in a transition tax expense of $644.7 million at March 31, 2018. Upon further analyses of the Act and notices and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service, the Company finalized its calculations of the transition tax expense during the period ended December 31, 2018. The Company increased its March 31, 2018 provisional amount by $13.1 million to $657.8 million, which is included as a component of income tax expense from continuing operations. The measurement period adjustment of $13.1 million decreased basic and diluted net income per common share by $0.06 and $0.05, respectively, for the year ended March 31, 2019. The Company intends to invest substantially all of its foreign subsidiary earnings, as well as its capital in its foreign subsidiaries, indefinitely outside of the U.S. in those jurisdictions in which the Company would incur significant, additional costs upon repatriation of such amounts. It is not practical to estimate the additional tax that would be incurred, if any, if the permanently reinvested earnings were repatriated.
Year Ended March 31,
201920182017
Pretax (loss) income:
U.S.$(593.4)$(127.3)$(279.3)
Foreign797.9864.6369.1
$204.5$737.3$89.8
Current (benefit) expense:
U.S. Federal$(98.0)$369.4$21.3
State(5.3)0.51.0
Foreign14.160.823.8
Total current (benefit) expense$(89.2)$430.7$46.1
Deferred expense (benefit):
U.S. Federal$11.9$82.5$(114.7)
State0.60.1(5.4)
Foreign(74.7)(31.4)(6.8)
Total deferred (benefit) expense(62.2)51.2(126.9)
Total Income tax (benefit) provision$(151.4)$481.9$(80.8)
"} {"question": "What would be the percentage change in the Total current expense between 2017 and 2018 if the Total current expense in 2017 was $400 million instead?", "answer": ["7.67"], "context": "Note 11. Income Taxes The income tax provision consists of the following (amounts in millions): On December 22, 2017, the Tax Cuts and Jobs Act (the \"Act\") was enacted into law. The Act provides for numerous significant tax law changes and modifications including the reduction of the U.S. federal corporate income tax rate from 35.0% to 21.0%, the requirement for companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and the creation of new taxes on certain foreign-sourced earnings. Accounting Standards Codification (\"ASC\") 740, Income Taxes, requires companies to recognize the effect of the tax law changes in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin (\"SAB\") 118, which allowed companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. The Company recorded a reasonable estimate when measurable and with the understanding that the provisional amount was subject to further adjustments under SAB 118. In addition, for significant items for which the Company could not make a reasonable estimate, no provisional amounts were recorded. As of December 31, 2018, the Company completed its review of the previously recorded provisional amounts related to the Act, recorded necessary adjustments, and the amounts are now final under SAB 118. As of March 31, 2018, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future (which was generally 21%), by recording a provisional income tax benefit of $136.7 million. Upon further analysis of certain aspects of the Act and refinement of its calculations during the period ended December 31, 2018, the Company did not make adjustments to the provisional amount The one-time transition tax is based on the Company's total post-1986 earnings and profits (E&P), the tax on which the Company previously deferred from U.S. income taxes under U.S. law. The Company recorded a provisional amount for its one-time transition tax expense for each of its foreign subsidiaries, resulting in a transition tax expense of $644.7 million at March 31, 2018. Upon further analyses of the Act and notices and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service, the Company finalized its calculations of the transition tax expense during the period ended December 31, 2018. The Company increased its March 31, 2018 provisional amount by $13.1 million to $657.8 million, which is included as a component of income tax expense from continuing operations. The measurement period adjustment of $13.1 million decreased basic and diluted net income per common share by $0.06 and $0.05, respectively, for the year ended March 31, 2019. The Company intends to invest substantially all of its foreign subsidiary earnings, as well as its capital in its foreign subsidiaries, indefinitely outside of the U.S. in those jurisdictions in which the Company would incur significant, additional costs upon repatriation of such amounts. It is not practical to estimate the additional tax that would be incurred, if any, if the permanently reinvested earnings were repatriated.
Year Ended March 31,
201920182017
Pretax (loss) income:
U.S.$(593.4)$(127.3)$(279.3)
Foreign797.9864.6369.1
$204.5$737.3$89.8
Current (benefit) expense:
U.S. Federal$(98.0)$369.4$21.3
State(5.3)0.51.0
Foreign14.160.823.8
Total current (benefit) expense$(89.2)$430.7$46.1
Deferred expense (benefit):
U.S. Federal$11.9$82.5$(114.7)
State0.60.1(5.4)
Foreign(74.7)(31.4)(6.8)
Total deferred (benefit) expense(62.2)51.2(126.9)
Total Income tax (benefit) provision$(151.4)$481.9$(80.8)
"} {"question": "If Beginning balance in 2019 was 320,000 thousands, what would be the change from 2018 to 2019?", "answer": ["9355"], "context": "The following table sets forth activity during the years ended December 31, 2019 and 2018 related to finite-lived intangible assets: The Company regularly reviews the carrying amounts of its long-lived assets subject to depreciation and amortization, as well as the related useful lives, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. An impairment loss is recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. Should impairment exist, the impairment loss is measured based on the excess of the carrying amount of the asset over the asset’s fair value. During the years ended December 31, 2019 and 2017, no impairment losses related to finite-lived intangible assets were recognized. Impairment loss related to finite-lived intangible assets for the year ended December 31, 2018 was $2.2 million and related to acquired developed technology.
Years Ended December 31,
20192018
(in thousands)
Beginning balance$240,500$310,645
Other additions86—
Transfers to developed technology from IPR&D4,400—
Amortization(57,015)(67,947)
Impairment losses—(2,198)
Ending balance$187,971240,500
"} {"question": "If other additions in 2018 was 90 thousands, what would be the average for 2018 and 2019?", "answer": ["88"], "context": "The following table sets forth activity during the years ended December 31, 2019 and 2018 related to finite-lived intangible assets: The Company regularly reviews the carrying amounts of its long-lived assets subject to depreciation and amortization, as well as the related useful lives, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. An impairment loss is recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. Should impairment exist, the impairment loss is measured based on the excess of the carrying amount of the asset over the asset’s fair value. During the years ended December 31, 2019 and 2017, no impairment losses related to finite-lived intangible assets were recognized. Impairment loss related to finite-lived intangible assets for the year ended December 31, 2018 was $2.2 million and related to acquired developed technology.
Years Ended December 31,
20192018
(in thousands)
Beginning balance$240,500$310,645
Other additions86—
Transfers to developed technology from IPR&D4,400—
Amortization(57,015)(67,947)
Impairment losses—(2,198)
Ending balance$187,971240,500
"} {"question": "If Transfers to developed technology from IPR&D in 2018 was 5,000 thousands, in which year would it be greater than 4,000 thousands?", "answer": ["2019", "2018"], "context": "The following table sets forth activity during the years ended December 31, 2019 and 2018 related to finite-lived intangible assets: The Company regularly reviews the carrying amounts of its long-lived assets subject to depreciation and amortization, as well as the related useful lives, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. An impairment loss is recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset. Should impairment exist, the impairment loss is measured based on the excess of the carrying amount of the asset over the asset’s fair value. During the years ended December 31, 2019 and 2017, no impairment losses related to finite-lived intangible assets were recognized. Impairment loss related to finite-lived intangible assets for the year ended December 31, 2018 was $2.2 million and related to acquired developed technology.
Years Ended December 31,
20192018
(in thousands)
Beginning balance$240,500$310,645
Other additions86—
Transfers to developed technology from IPR&D4,400—
Amortization(57,015)(67,947)
Impairment losses—(2,198)
Ending balance$187,971240,500
"} {"question": "In which year would Construction in progress be larger if the amount in 2019 was $6,537 thousand instead?", "answer": ["2019"], "context": "G. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consisted of the following at December 31, 2019 and 2018: Depreciation of property, plant and equipment for the years ended December 31, 2019, 2018, and 2017 was $70.8 million, $67.4 million, and $66.1 million, respectively. As of December 31, 2019 and 2018, the gross book value included in machinery and equipment for internally manufactured test systems being leased by customers was $5.4 million and $5.5 million, respectively. As of December 31, 2019 and 2018, the accumulated depreciation on these test systems was $5.1 million and $5.2 million, respectively.
20192018
(in thousands)
Land$16,561$16,561
Buildings107,282105,935
Machinery, equipment and software834,970752,722
Furniture and fixtures29,15727,432
Leasehold improvements59,37852,536
Construction in progress2,5376,276
1,049,885961,462
Less: accumulated depreciation729,669681,641
$320,216$279,821
"} {"question": "What would the change in the amount of Land from 2018 to 2019 be if the amount in 2019 was $17,000 thousand instead?", "answer": ["439"], "context": "G. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consisted of the following at December 31, 2019 and 2018: Depreciation of property, plant and equipment for the years ended December 31, 2019, 2018, and 2017 was $70.8 million, $67.4 million, and $66.1 million, respectively. As of December 31, 2019 and 2018, the gross book value included in machinery and equipment for internally manufactured test systems being leased by customers was $5.4 million and $5.5 million, respectively. As of December 31, 2019 and 2018, the accumulated depreciation on these test systems was $5.1 million and $5.2 million, respectively.
20192018
(in thousands)
Land$16,561$16,561
Buildings107,282105,935
Machinery, equipment and software834,970752,722
Furniture and fixtures29,15727,432
Leasehold improvements59,37852,536
Construction in progress2,5376,276
1,049,885961,462
Less: accumulated depreciation729,669681,641
$320,216$279,821
"} {"question": "What would the percentage change in the amount of Land from 2018 to 2019 be if the amount in 2019 was $17,000 thousand instead?", "answer": ["2.65"], "context": "G. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consisted of the following at December 31, 2019 and 2018: Depreciation of property, plant and equipment for the years ended December 31, 2019, 2018, and 2017 was $70.8 million, $67.4 million, and $66.1 million, respectively. As of December 31, 2019 and 2018, the gross book value included in machinery and equipment for internally manufactured test systems being leased by customers was $5.4 million and $5.5 million, respectively. As of December 31, 2019 and 2018, the accumulated depreciation on these test systems was $5.1 million and $5.2 million, respectively.
20192018
(in thousands)
Land$16,561$16,561
Buildings107,282105,935
Machinery, equipment and software834,970752,722
Furniture and fixtures29,15727,432
Leasehold improvements59,37852,536
Construction in progress2,5376,276
1,049,885961,462
Less: accumulated depreciation729,669681,641
$320,216$279,821
"} {"question": "What would be the total fair value of money market funds and long-term investments at December 31, 2019 if the fair value of money market funds is decreased by 10%?", "answer": ["399767.9"], "context": "Note 5. Fair Value of Financial Instruments The Company measures and reports certain cash equivalents, including money market funds and certificates of deposit, in addition to its long-term investments at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Other inputs, such as quoted prices for similar assets or 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 for substantially the full term of the asset or liability Level 3: Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques The financial assets carried at fair value were determined using the following inputs (in thousands): The Company’s other financial instruments, including accounts receivable, accounts payable, and other current liabilities, are carried at cost, which approximates fair-value due to the relatively short maturity of those instruments.
Fair value at December 31, 2019Level 1Level 2Level 3
Cash equivalents:
Money market funds$297,311$297,311$ -$ -
Noncurrent assets:
Long-term investments132,188--132,188
Fair value at December 31, 2018Level 1Level 2Level 3
Cash equivalents:
Money market funds$485,872$485,872$ -$ -
Noncurrent assets:
Long-term investments----
"} {"question": "What would be the total value of money market funds in 2018 and 2019 if the value of money market funds in 2018 is halved and then decreased by $5,000?", "answer": ["540242"], "context": "Note 5. Fair Value of Financial Instruments The Company measures and reports certain cash equivalents, including money market funds and certificates of deposit, in addition to its long-term investments at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Other inputs, such as quoted prices for similar assets or 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 for substantially the full term of the asset or liability Level 3: Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques The financial assets carried at fair value were determined using the following inputs (in thousands): The Company’s other financial instruments, including accounts receivable, accounts payable, and other current liabilities, are carried at cost, which approximates fair-value due to the relatively short maturity of those instruments.
Fair value at December 31, 2019Level 1Level 2Level 3
Cash equivalents:
Money market funds$297,311$297,311$ -$ -
Noncurrent assets:
Long-term investments132,188--132,188
Fair value at December 31, 2018Level 1Level 2Level 3
Cash equivalents:
Money market funds$485,872$485,872$ -$ -
Noncurrent assets:
Long-term investments----
"} {"question": "What would be the percentage change in the company's money market funds between 2018 and 2019 if the 2019 value is increased by $500,000?", "answer": ["-38.71"], "context": "Note 5. Fair Value of Financial Instruments The Company measures and reports certain cash equivalents, including money market funds and certificates of deposit, in addition to its long-term investments at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Other inputs, such as quoted prices for similar assets or 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 for substantially the full term of the asset or liability Level 3: Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques The financial assets carried at fair value were determined using the following inputs (in thousands): The Company’s other financial instruments, including accounts receivable, accounts payable, and other current liabilities, are carried at cost, which approximates fair-value due to the relatively short maturity of those instruments.
Fair value at December 31, 2019Level 1Level 2Level 3
Cash equivalents:
Money market funds$297,311$297,311$ -$ -
Noncurrent assets:
Long-term investments132,188--132,188
Fair value at December 31, 2018Level 1Level 2Level 3
Cash equivalents:
Money market funds$485,872$485,872$ -$ -
Noncurrent assets:
Long-term investments----
"} {"question": "What would be the change in Total debt between 2018 and 2019 if total debt in 2018 was $200,000 thousand instead?", "answer": ["94471"], "context": "Note 3: Debt A summary of debt is as follows (amounts in thousands): (1) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $13.3 million as of March 31, 2018. (2) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $8.7 million as of March 31, 2019. (3) Amount shown is net of discount of $2.1 million as of March 31, 2019. (4) Amounts shown are net of discounts of $0.6 million and $0.5 million as of March 31, 2019 and 2018, respectively.
March 31,
20192018
Term Loan Credit Agreement (1)$—$318,782
TOKIN Term Loan Facility (2)276,808—
Customer Advances (3)11,270—
Other, net (4)6,3935,841
Total debt294,471324,623
Current maturities(28,430)(20,540)
Total long-term debt$266,041$304,083
"} {"question": "What would be the change in current maturities between 2018 and 2019 if current maturities in 2019 were -$30,000 thousand instead?", "answer": ["-9460"], "context": "Note 3: Debt A summary of debt is as follows (amounts in thousands): (1) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $13.3 million as of March 31, 2018. (2) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $8.7 million as of March 31, 2019. (3) Amount shown is net of discount of $2.1 million as of March 31, 2019. (4) Amounts shown are net of discounts of $0.6 million and $0.5 million as of March 31, 2019 and 2018, respectively.
March 31,
20192018
Term Loan Credit Agreement (1)$—$318,782
TOKIN Term Loan Facility (2)276,808—
Customer Advances (3)11,270—
Other, net (4)6,3935,841
Total debt294,471324,623
Current maturities(28,430)(20,540)
Total long-term debt$266,041$304,083
"} {"question": "What would be the percentage change in total long-term debt between 2018 and 2019 if total long-term debt in 2019 was $400,000 thousand instead?", "answer": ["31.54"], "context": "Note 3: Debt A summary of debt is as follows (amounts in thousands): (1) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $13.3 million as of March 31, 2018. (2) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $8.7 million as of March 31, 2019. (3) Amount shown is net of discount of $2.1 million as of March 31, 2019. (4) Amounts shown are net of discounts of $0.6 million and $0.5 million as of March 31, 2019 and 2018, respectively.
March 31,
20192018
Term Loan Credit Agreement (1)$—$318,782
TOKIN Term Loan Facility (2)276,808—
Customer Advances (3)11,270—
Other, net (4)6,3935,841
Total debt294,471324,623
Current maturities(28,430)(20,540)
Total long-term debt$266,041$304,083
"} {"question": "If Aa2/AA and above in 2019 was 3,000 million, what would be the change in the Aa2/AA and above from 2018 to 2019?", "answer": ["425"], "context": "The credit quality and credit concentration of cash equivalents, current asset investments and derivative financial assets are detailed in the tables below. Where the opinion of Moody’s and Standard & Poor’s (S&P) differ, the lower rating is used. a We hold cash collateral of £638m (2017/18: £492m, 2016/17: £702m) in respect of derivative financial assets with certain counterparties. The concentration of credit risk for our trading balances is provided in note 17, which analyses outstanding balances by customerfacing unit. Where multiple transactions are undertaken with a single financial counterparty or group of related counterparties, we enter into netting arrangements to reduce our exposure to credit risk by making use of standard International Swaps and Derivatives Association (ISDA) documentation. We have also entered into credit support agreements with certain swap counterparties whereby, on a daily, weekly and monthly basis, the fair value position on notional £3,289m of long dated cross-currency swaps and interest rate swaps is collateralised. The related net cash inflow during the year was £129m (2017/18: outflow £220m, 2016/17: inflow £100m). The collateral paid and received is recognised within current asset investments and loans and other borrowings, respectively.
201920182017
Moody’s / S&P credit rating of counterparty£m£m£m
Aa2/AA and above2,5222,5751,444
Aa3/AA–1,376313208
A1/A+a1,145651952
A2/Aa649628370
A3/A–a50180204
Baa1/BBB+a7559561
Baa2/BBB and below a16020786
5,9774,6133,825
"} {"question": "If Aa3/AA– in 2019 was 1,000 million, what would be the average Aa3/AA– for 2017-2019?", "answer": ["507"], "context": "The credit quality and credit concentration of cash equivalents, current asset investments and derivative financial assets are detailed in the tables below. Where the opinion of Moody’s and Standard & Poor’s (S&P) differ, the lower rating is used. a We hold cash collateral of £638m (2017/18: £492m, 2016/17: £702m) in respect of derivative financial assets with certain counterparties. The concentration of credit risk for our trading balances is provided in note 17, which analyses outstanding balances by customerfacing unit. Where multiple transactions are undertaken with a single financial counterparty or group of related counterparties, we enter into netting arrangements to reduce our exposure to credit risk by making use of standard International Swaps and Derivatives Association (ISDA) documentation. We have also entered into credit support agreements with certain swap counterparties whereby, on a daily, weekly and monthly basis, the fair value position on notional £3,289m of long dated cross-currency swaps and interest rate swaps is collateralised. The related net cash inflow during the year was £129m (2017/18: outflow £220m, 2016/17: inflow £100m). The collateral paid and received is recognised within current asset investments and loans and other borrowings, respectively.
201920182017
Moody’s / S&P credit rating of counterparty£m£m£m
Aa2/AA and above2,5222,5751,444
Aa3/AA–1,376313208
A1/A+a1,145651952
A2/Aa649628370
A3/A–a50180204
Baa1/BBB+a7559561
Baa2/BBB and below a16020786
5,9774,6133,825
"} {"question": "If A1/A+a in 2019 was 600 million, in which year(s) would A1/A+a be under 1,000 million?", "answer": ["2019", "2018", "2017"], "context": "The credit quality and credit concentration of cash equivalents, current asset investments and derivative financial assets are detailed in the tables below. Where the opinion of Moody’s and Standard & Poor’s (S&P) differ, the lower rating is used. a We hold cash collateral of £638m (2017/18: £492m, 2016/17: £702m) in respect of derivative financial assets with certain counterparties. The concentration of credit risk for our trading balances is provided in note 17, which analyses outstanding balances by customerfacing unit. Where multiple transactions are undertaken with a single financial counterparty or group of related counterparties, we enter into netting arrangements to reduce our exposure to credit risk by making use of standard International Swaps and Derivatives Association (ISDA) documentation. We have also entered into credit support agreements with certain swap counterparties whereby, on a daily, weekly and monthly basis, the fair value position on notional £3,289m of long dated cross-currency swaps and interest rate swaps is collateralised. The related net cash inflow during the year was £129m (2017/18: outflow £220m, 2016/17: inflow £100m). The collateral paid and received is recognised within current asset investments and loans and other borrowings, respectively.
201920182017
Moody’s / S&P credit rating of counterparty£m£m£m
Aa2/AA and above2,5222,5751,444
Aa3/AA–1,376313208
A1/A+a1,145651952
A2/Aa649628370
A3/A–a50180204
Baa1/BBB+a7559561
Baa2/BBB and below a16020786
5,9774,6133,825
"} {"question": "If the customer relationships, trade names, patents, and user lists, at cost is now $650million, what is the difference in customer relationships, trade names, patents, and user lists, at cost from 2018 to 2019?", "answer": ["116.9"], "context": "Other Intangible Assets, Net Other intangible assets include developed technologies, customer relationships, trade names, patents, user lists and the related accumulated amortization. These assets are shown as “Developed technologies, net” and as part of “Other assets” in the Consolidated Balance Sheet. The majority of Autodesk’s other intangible assets are amortized to expense over the estimated economic life of the product, which ranges from two to ten years. Amortization expense for developed technologies, customer relationships, trade names, patents, and user lists was $33.5 million in fiscal 2019, $36.6 million in fiscal 2018 and $72.2 million in fiscal 2017. Other intangible assets and related accumulated amortization at January 31 were as follows: (1) Included in “Other assets” in the accompanying Consolidated Balance Sheets. (2) Includes the effects of foreign currency translation.
20192018
Developed technologies, at cost$670.2$578.5
Customer relationships, trade names, patents, and user lists, at cost (1)533.1372.5
Other intangible assets, at cost (2)1,203.3951.0
Less: accumulated amortization(922.5)(895.8)
Other intangible assets, net$280.8$55.2
"} {"question": "How much did developed technologies, at cost gain in 2019 over 2018 if it was 600 million in 2019?", "answer": ["3.72"], "context": "Other Intangible Assets, Net Other intangible assets include developed technologies, customer relationships, trade names, patents, user lists and the related accumulated amortization. These assets are shown as “Developed technologies, net” and as part of “Other assets” in the Consolidated Balance Sheet. The majority of Autodesk’s other intangible assets are amortized to expense over the estimated economic life of the product, which ranges from two to ten years. Amortization expense for developed technologies, customer relationships, trade names, patents, and user lists was $33.5 million in fiscal 2019, $36.6 million in fiscal 2018 and $72.2 million in fiscal 2017. Other intangible assets and related accumulated amortization at January 31 were as follows: (1) Included in “Other assets” in the accompanying Consolidated Balance Sheets. (2) Includes the effects of foreign currency translation.
20192018
Developed technologies, at cost$670.2$578.5
Customer relationships, trade names, patents, and user lists, at cost (1)533.1372.5
Other intangible assets, at cost (2)1,203.3951.0
Less: accumulated amortization(922.5)(895.8)
Other intangible assets, net$280.8$55.2
"} {"question": "If the net other tangible assets for 2019 is now $160 million, what is the increase in net other tangible assets from 2018 to 2019?", "answer": ["104.8"], "context": "Other Intangible Assets, Net Other intangible assets include developed technologies, customer relationships, trade names, patents, user lists and the related accumulated amortization. These assets are shown as “Developed technologies, net” and as part of “Other assets” in the Consolidated Balance Sheet. The majority of Autodesk’s other intangible assets are amortized to expense over the estimated economic life of the product, which ranges from two to ten years. Amortization expense for developed technologies, customer relationships, trade names, patents, and user lists was $33.5 million in fiscal 2019, $36.6 million in fiscal 2018 and $72.2 million in fiscal 2017. Other intangible assets and related accumulated amortization at January 31 were as follows: (1) Included in “Other assets” in the accompanying Consolidated Balance Sheets. (2) Includes the effects of foreign currency translation.
20192018
Developed technologies, at cost$670.2$578.5
Customer relationships, trade names, patents, and user lists, at cost (1)533.1372.5
Other intangible assets, at cost (2)1,203.3951.0
Less: accumulated amortization(922.5)(895.8)
Other intangible assets, net$280.8$55.2
"} {"question": "In which year would the carrying value for trade, other receivables and contract assets be larger if the amount in 2019 was 265.4 million instead?", "answer": ["2019"], "context": "Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31st December 2019 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: • Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data • Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. • Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. • Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. The following table compares amounts and fair values of the Group’s financial assets and liabilities: There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments are calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments.
2019 Fair value2019 Carrying value2018 Carrying value2018 Fair value
£m£m£m£m
Financial assets:
Cash and cash equivalents168.5168.5187.1187.1
Trade, other receivables and contract assets263.4263.4264.9264.9
Total financial assets431.9431.9452.0452.0
"} {"question": "What would the change in the carrying value in total financial assets from 2018 to 2019 be if the amount in 2019 was 430.0 million instead?", "answer": ["-22"], "context": "Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31st December 2019 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: • Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data • Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. • Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. • Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. The following table compares amounts and fair values of the Group’s financial assets and liabilities: There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments are calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments.
2019 Fair value2019 Carrying value2018 Carrying value2018 Fair value
£m£m£m£m
Financial assets:
Cash and cash equivalents168.5168.5187.1187.1
Trade, other receivables and contract assets263.4263.4264.9264.9
Total financial assets431.9431.9452.0452.0
"} {"question": "What would the percentage change in the carrying value in total financial assets from 2018 to 2019 be if the amount in 2019 was 430.0 million instead?", "answer": ["-4.87"], "context": "Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31st December 2019 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: • Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data • Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. • Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. • Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. The following table compares amounts and fair values of the Group’s financial assets and liabilities: There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments are calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments.
2019 Fair value2019 Carrying value2018 Carrying value2018 Fair value
£m£m£m£m
Financial assets:
Cash and cash equivalents168.5168.5187.1187.1
Trade, other receivables and contract assets263.4263.4264.9264.9
Total financial assets431.9431.9452.0452.0
"} {"question": "What would be the difference in the EBITDA between Software Solutions and Data and Analytics if EBITDA for Data and Analytics were $500 million instead?", "answer": ["67.2"], "context": "Summarized financial information concerning our segments is shown in the tables below (in millions): (1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP. (2) Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $51.7 million, $51.4 million and $19.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. (4) Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. (5) Transition and integration costs primarily consists of costs associated with executive transition, transition-related costs as we transferred certain corporate functions from FNF and acquisitions. (6) Receivables from related parties are included in Corporate and Other.
Year ended December 31, 2018
Software SolutionsData and AnalyticsCorporate and OtherTotal
Revenues$962.0$154.5$(2.5)(1)$1,114.0
Expenses:
Operating expenses394.8115.0115.6(2)625.4
Transition and integration costs——6.6(5)6.6
EBITDA567.239.5(124.7)482.0
Depreciation and amortization112.914.190.0(4)217.0
Operating income (loss)454.325.4(214.7)265.0
Interest expense, net(51.7)
Other expense, net(7.1)
Earnings before income taxes206.2
Income tax expense37.7
Net earnings$168.5
Balance sheet data:
Total assets$3,227.8$310.2$115.4(6)$3,653.4
Goodwill$2,157.6$172.1$—$2,329.7
"} {"question": "What would be the difference between Total Assets and Total Goodwill if Total Goodwill was $3,000 million instead?", "answer": ["653.4"], "context": "Summarized financial information concerning our segments is shown in the tables below (in millions): (1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP. (2) Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $51.7 million, $51.4 million and $19.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. (4) Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. (5) Transition and integration costs primarily consists of costs associated with executive transition, transition-related costs as we transferred certain corporate functions from FNF and acquisitions. (6) Receivables from related parties are included in Corporate and Other.
Year ended December 31, 2018
Software SolutionsData and AnalyticsCorporate and OtherTotal
Revenues$962.0$154.5$(2.5)(1)$1,114.0
Expenses:
Operating expenses394.8115.0115.6(2)625.4
Transition and integration costs——6.6(5)6.6
EBITDA567.239.5(124.7)482.0
Depreciation and amortization112.914.190.0(4)217.0
Operating income (loss)454.325.4(214.7)265.0
Interest expense, net(51.7)
Other expense, net(7.1)
Earnings before income taxes206.2
Income tax expense37.7
Net earnings$168.5
Balance sheet data:
Total assets$3,227.8$310.2$115.4(6)$3,653.4
Goodwill$2,157.6$172.1$—$2,329.7
"} {"question": "What would be the difference in Depreciation and amortization between Software Solutions and Corporate and Other if the amount for Corporate and Other was $100 million instead?", "answer": ["12.9"], "context": "Summarized financial information concerning our segments is shown in the tables below (in millions): (1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP. (2) Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $51.7 million, $51.4 million and $19.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. (4) Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. (5) Transition and integration costs primarily consists of costs associated with executive transition, transition-related costs as we transferred certain corporate functions from FNF and acquisitions. (6) Receivables from related parties are included in Corporate and Other.
Year ended December 31, 2018
Software SolutionsData and AnalyticsCorporate and OtherTotal
Revenues$962.0$154.5$(2.5)(1)$1,114.0
Expenses:
Operating expenses394.8115.0115.6(2)625.4
Transition and integration costs——6.6(5)6.6
EBITDA567.239.5(124.7)482.0
Depreciation and amortization112.914.190.0(4)217.0
Operating income (loss)454.325.4(214.7)265.0
Interest expense, net(51.7)
Other expense, net(7.1)
Earnings before income taxes206.2
Income tax expense37.7
Net earnings$168.5
Balance sheet data:
Total assets$3,227.8$310.2$115.4(6)$3,653.4
Goodwill$2,157.6$172.1$—$2,329.7
"} {"question": "In which year would the pension costs be the largest if the amount in 2018 was $3.6 million instead?", "answer": ["2018"], "context": "NOTE 3 – STAFF COSTS Employee information The majority of the staff on vessels are not employed by TORM. Staff costs included in operating expenses relate to the 108 seafarers (2018: 112, 2017: 131). The average number of employees is calculated as a full-time equivalent (FTE). The Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.
USDm201920182017
Total staff costs
Staff costs included in operating expenses8.19.39.2
Staff costs included in administrative expenses37.736.934.6
Total45.846.243.8
Staff costs comprise the following
Wages and salaries37.238.136.4
Share-based compensation1.92.11.9
Pension costs3.53.33.1
Other social security costs0.90.60.3
Other staff costs2.32.12.1
Total45.846.243.8
Average number of permanent employees
Seafarers107.6111.7130.6
Land-based313.5302.2286.6
Total421.1413.9417.2
"} {"question": "What would the change in the total average number of permanent employees from 2018 to 2019 be if the amount in 2019 was 420.0 instead?", "answer": ["6.1"], "context": "NOTE 3 – STAFF COSTS Employee information The majority of the staff on vessels are not employed by TORM. Staff costs included in operating expenses relate to the 108 seafarers (2018: 112, 2017: 131). The average number of employees is calculated as a full-time equivalent (FTE). The Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.
USDm201920182017
Total staff costs
Staff costs included in operating expenses8.19.39.2
Staff costs included in administrative expenses37.736.934.6
Total45.846.243.8
Staff costs comprise the following
Wages and salaries37.238.136.4
Share-based compensation1.92.11.9
Pension costs3.53.33.1
Other social security costs0.90.60.3
Other staff costs2.32.12.1
Total45.846.243.8
Average number of permanent employees
Seafarers107.6111.7130.6
Land-based313.5302.2286.6
Total421.1413.9417.2
"} {"question": "What would the percentage change in the total average number of permanent employees from 2018 to 2019 be if the amount in 2019 was 420.0 instead?", "answer": ["1.47"], "context": "NOTE 3 – STAFF COSTS Employee information The majority of the staff on vessels are not employed by TORM. Staff costs included in operating expenses relate to the 108 seafarers (2018: 112, 2017: 131). The average number of employees is calculated as a full-time equivalent (FTE). The Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.
USDm201920182017
Total staff costs
Staff costs included in operating expenses8.19.39.2
Staff costs included in administrative expenses37.736.934.6
Total45.846.243.8
Staff costs comprise the following
Wages and salaries37.238.136.4
Share-based compensation1.92.11.9
Pension costs3.53.33.1
Other social security costs0.90.60.3
Other staff costs2.32.12.1
Total45.846.243.8
Average number of permanent employees
Seafarers107.6111.7130.6
Land-based313.5302.2286.6
Total421.1413.9417.2
"} {"question": "How many years would the amount of general and administrative exceed $5,000 thousand if the amount of general and administrative in 2018 was $6,000 thousand instead?", "answer": ["2"], "context": "ITEM 6. SELECTED FINANCIAL DATA The selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data). Information about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. “Legal Proceedings.” Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations.\" Certain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.
Year Ended December 31,
20192018201720162015
Stock-based compensation expense data:
Sales and marketing$2,075$1,196$561$536$372
General and administrative6,4744,9012,6381,4302,486
Research and development12,0547,3324,2142,0351,266
Total stock-based compensation expense$20,603$13,429$7,413$4,001$4,124
"} {"question": "What would be the change in the amount of research and development between 2018 and 2019 if the amount of research and development in 2018 was $10,000 thousand instead?", "answer": ["2054"], "context": "ITEM 6. SELECTED FINANCIAL DATA The selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data). Information about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. “Legal Proceedings.” Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations.\" Certain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.
Year Ended December 31,
20192018201720162015
Stock-based compensation expense data:
Sales and marketing$2,075$1,196$561$536$372
General and administrative6,4744,9012,6381,4302,486
Research and development12,0547,3324,2142,0351,266
Total stock-based compensation expense$20,603$13,429$7,413$4,001$4,124
"} {"question": "What would be the percentage change in the Total stock-based compensation expense between 2018 and 2019 if the Total stock-based compensation expense in 2019 was $15,000 thousand instead?", "answer": ["11.7"], "context": "ITEM 6. SELECTED FINANCIAL DATA The selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data). Information about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. “Legal Proceedings.” Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations.\" Certain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.
Year Ended December 31,
20192018201720162015
Stock-based compensation expense data:
Sales and marketing$2,075$1,196$561$536$372
General and administrative6,4744,9012,6381,4302,486
Research and development12,0547,3324,2142,0351,266
Total stock-based compensation expense$20,603$13,429$7,413$4,001$4,124
"} {"question": "As of March 31, 2017, what would be the difference between the value of foreign currency translation adjustments and the unrealized gain on available-for-sale securities if the value of the former increased by $3 million?", "answer": ["5"], "context": "Accumulated other comprehensive income (loss) Components and activities of AOCI, net of tax, were as follows: During fiscal 2018, a net foreign currency translation loss of $8 million related to foreign entities sold in the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture, and a net gain of $3 million related to liquidated foreign entities was reclassified to Other income (expense), net. A realized gain of $7 million on securities sold in connection with the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture. The tax effect of $3 million was reclassified to Income tax expense (benefit).
(In millions)Foreign Currency Translation AdjustmentsUnrealized Gain (Loss) On Available- For-Sale SecuritiesEquity Method InvesteeTotal AOCI
Balance as of March 31, 2017$7$5$—$12
Other comprehensive loss before reclassifications(4)(5)—(9)
Reclassification to net income (loss)5(4)—1
Balance as of March 30, 20188(4)—4
Other comprehensive income (loss) before reclassifications(13)3(1)(11)
Balance as of March 29, 2019$(5)$(1)$(1)$(7)
"} {"question": "If balance as of end of fiscal year 2019 was $(10) million for Total AOCI instead, What would be the average balance as of the end of fiscal years 2017, 2018 and 2019 for Total AOCI?", "answer": ["2"], "context": "Accumulated other comprehensive income (loss) Components and activities of AOCI, net of tax, were as follows: During fiscal 2018, a net foreign currency translation loss of $8 million related to foreign entities sold in the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture, and a net gain of $3 million related to liquidated foreign entities was reclassified to Other income (expense), net. A realized gain of $7 million on securities sold in connection with the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture. The tax effect of $3 million was reclassified to Income tax expense (benefit).
(In millions)Foreign Currency Translation AdjustmentsUnrealized Gain (Loss) On Available- For-Sale SecuritiesEquity Method InvesteeTotal AOCI
Balance as of March 31, 2017$7$5$—$12
Other comprehensive loss before reclassifications(4)(5)—(9)
Reclassification to net income (loss)5(4)—1
Balance as of March 30, 20188(4)—4
Other comprehensive income (loss) before reclassifications(13)3(1)(11)
Balance as of March 29, 2019$(5)$(1)$(1)$(7)
"} {"question": "If Balance as of March 29, 2019 for total AOCI was $(13) million, What would be the Other comprehensive income (loss) before reclassifications expressed as a percentage of Balance as of March 29, 2019 for total AOCI?", "answer": ["84.62"], "context": "Accumulated other comprehensive income (loss) Components and activities of AOCI, net of tax, were as follows: During fiscal 2018, a net foreign currency translation loss of $8 million related to foreign entities sold in the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture, and a net gain of $3 million related to liquidated foreign entities was reclassified to Other income (expense), net. A realized gain of $7 million on securities sold in connection with the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture. The tax effect of $3 million was reclassified to Income tax expense (benefit).
(In millions)Foreign Currency Translation AdjustmentsUnrealized Gain (Loss) On Available- For-Sale SecuritiesEquity Method InvesteeTotal AOCI
Balance as of March 31, 2017$7$5$—$12
Other comprehensive loss before reclassifications(4)(5)—(9)
Reclassification to net income (loss)5(4)—1
Balance as of March 30, 20188(4)—4
Other comprehensive income (loss) before reclassifications(13)3(1)(11)
Balance as of March 29, 2019$(5)$(1)$(1)$(7)
"} {"question": "In which year would the revenues from fixed rate time charters be the highest if the revenue in 2017 was 578,320 thousand?", "answer": ["2017"], "context": "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) 18. Revenues from Contracts with Customers The Group has recognized the following amounts relating to revenues: Revenues from The Cool Pool Limited relate only to the pool revenues received from GasLog’s vessels operating in the Cool Pool and do not include the Net pool allocation to GasLog of ($4,264) for the year ended December 31, 2019 ($17,818 for the year ended December 31, 2018 and $7,254 for the year ended December 31, 2017), which is recorded as a separate line item in the Profit or Loss Statement. Following the exit from the Cool Pool, management allocates revenues from time charters to two categories: (a) variable rate charters and (b) fixed rate charters. The variable rate charter category contains vessels operating in the LNG carrier spot and short-term market or those which have a variable rate of hire across the charter period.
For the year ended December 31,
201720182019
Revenues from fixed rate time charters485,961515,324558,266
Revenues from variable rate time charters——64,334
Revenues from The Cool Pool Limited (GasLog vessels)38,046102,25345,253
Revenues from vessel management services1,222767784
Total525,229618,344668,637
"} {"question": "What would be the change in revenues from The Cool Pool Limited from 2017 to 2018 if the revenue in 2017 was 90,652 thousand?", "answer": ["11601"], "context": "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) 18. Revenues from Contracts with Customers The Group has recognized the following amounts relating to revenues: Revenues from The Cool Pool Limited relate only to the pool revenues received from GasLog’s vessels operating in the Cool Pool and do not include the Net pool allocation to GasLog of ($4,264) for the year ended December 31, 2019 ($17,818 for the year ended December 31, 2018 and $7,254 for the year ended December 31, 2017), which is recorded as a separate line item in the Profit or Loss Statement. Following the exit from the Cool Pool, management allocates revenues from time charters to two categories: (a) variable rate charters and (b) fixed rate charters. The variable rate charter category contains vessels operating in the LNG carrier spot and short-term market or those which have a variable rate of hire across the charter period.
For the year ended December 31,
201720182019
Revenues from fixed rate time charters485,961515,324558,266
Revenues from variable rate time charters——64,334
Revenues from The Cool Pool Limited (GasLog vessels)38,046102,25345,253
Revenues from vessel management services1,222767784
Total525,229618,344668,637
"} {"question": "What would be the percentage change in total revenue from 2018 to 2019 if the revenue was 624,741 thousand in 2019?", "answer": ["1.03"], "context": "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) 18. Revenues from Contracts with Customers The Group has recognized the following amounts relating to revenues: Revenues from The Cool Pool Limited relate only to the pool revenues received from GasLog’s vessels operating in the Cool Pool and do not include the Net pool allocation to GasLog of ($4,264) for the year ended December 31, 2019 ($17,818 for the year ended December 31, 2018 and $7,254 for the year ended December 31, 2017), which is recorded as a separate line item in the Profit or Loss Statement. Following the exit from the Cool Pool, management allocates revenues from time charters to two categories: (a) variable rate charters and (b) fixed rate charters. The variable rate charter category contains vessels operating in the LNG carrier spot and short-term market or those which have a variable rate of hire across the charter period.
For the year ended December 31,
201720182019
Revenues from fixed rate time charters485,961515,324558,266
Revenues from variable rate time charters——64,334
Revenues from The Cool Pool Limited (GasLog vessels)38,046102,25345,253
Revenues from vessel management services1,222767784
Total525,229618,344668,637
"} {"question": "If outstanding in 2018 was 300 thousands, what would be the change from 2018 to 2019?", "answer": ["145"], "context": "Performance-Based Restricted Stock Units Performance-based restricted stock units are eligible to vest at the end of each fiscal year in a three-year performance period based on the Company’s annual growth rate in net sales and non-GAAP diluted earnings per share (subject to certain adjustments) over a multiple of four times the related results for the fourth quarter of 2018 relative to the growth rates for a peer group of companies for the same metrics and periods. For the performance-based restricted stock units granted in 2019, 60% of each performance-based award is subject to the net sales metric for the performance period and 40% is subject to the non-GAAP diluted earnings per share metric for the performance period. The maximum percentage for a particular metric is2 50% of the target number of units subject to the award related to that metric, however, vesting of the performance stock units is capped at 30% and 100%, respectively, of the target number of units subject to the award in years one and two, respectively, of the three-year performance period. As of December 31, 2019, the Company believes that it is probable that the Company will achieve performance metrics specified in the award agreement based on its expected revenue and non-GAAP diluted EPS results over the performance period and calculated growth rates relative to its peers’ expected results based on data available, as defined in the award agreement. A summary of the Company’s performance-based restricted stock unit activity is as follows: (1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
Number of SharesWeighted-Average Grant-Date
(in thousands)Fair Value per Share
Outstanding at December 31, 2018—$—
Granted(1)44522.21
Outstanding at December 31, 201944522.21
"} {"question": "If granted was 250 thousands, what percentage of outstanding in 2019 was granted shares if the outstanding in 2019 still remains the same?", "answer": ["56.18"], "context": "Performance-Based Restricted Stock Units Performance-based restricted stock units are eligible to vest at the end of each fiscal year in a three-year performance period based on the Company’s annual growth rate in net sales and non-GAAP diluted earnings per share (subject to certain adjustments) over a multiple of four times the related results for the fourth quarter of 2018 relative to the growth rates for a peer group of companies for the same metrics and periods. For the performance-based restricted stock units granted in 2019, 60% of each performance-based award is subject to the net sales metric for the performance period and 40% is subject to the non-GAAP diluted earnings per share metric for the performance period. The maximum percentage for a particular metric is2 50% of the target number of units subject to the award related to that metric, however, vesting of the performance stock units is capped at 30% and 100%, respectively, of the target number of units subject to the award in years one and two, respectively, of the three-year performance period. As of December 31, 2019, the Company believes that it is probable that the Company will achieve performance metrics specified in the award agreement based on its expected revenue and non-GAAP diluted EPS results over the performance period and calculated growth rates relative to its peers’ expected results based on data available, as defined in the award agreement. A summary of the Company’s performance-based restricted stock unit activity is as follows: (1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
Number of SharesWeighted-Average Grant-Date
(in thousands)Fair Value per Share
Outstanding at December 31, 2018—$—
Granted(1)44522.21
Outstanding at December 31, 201944522.21
"} {"question": "If outstanding shares in 2019 was 150 thousands, in which year would it be less than 200 thousands?", "answer": ["2018", "2019"], "context": "Performance-Based Restricted Stock Units Performance-based restricted stock units are eligible to vest at the end of each fiscal year in a three-year performance period based on the Company’s annual growth rate in net sales and non-GAAP diluted earnings per share (subject to certain adjustments) over a multiple of four times the related results for the fourth quarter of 2018 relative to the growth rates for a peer group of companies for the same metrics and periods. For the performance-based restricted stock units granted in 2019, 60% of each performance-based award is subject to the net sales metric for the performance period and 40% is subject to the non-GAAP diluted earnings per share metric for the performance period. The maximum percentage for a particular metric is2 50% of the target number of units subject to the award related to that metric, however, vesting of the performance stock units is capped at 30% and 100%, respectively, of the target number of units subject to the award in years one and two, respectively, of the three-year performance period. As of December 31, 2019, the Company believes that it is probable that the Company will achieve performance metrics specified in the award agreement based on its expected revenue and non-GAAP diluted EPS results over the performance period and calculated growth rates relative to its peers’ expected results based on data available, as defined in the award agreement. A summary of the Company’s performance-based restricted stock unit activity is as follows: (1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
Number of SharesWeighted-Average Grant-Date
(in thousands)Fair Value per Share
Outstanding at December 31, 2018—$—
Granted(1)44522.21
Outstanding at December 31, 201944522.21
"} {"question": "What would the percentage change in carrying values for CRTC deferral account obligation in 2019 be if the carrying value for 2019 is 88?", "answer": ["-18.52"], "context": "FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Certain fair value estimates are affected by assumptions we make about the amount and timing of future cash flows and discount rates, all of which reflect varying degrees of risk. Income taxes and other expenses that would be incurred on disposition of financial instruments are not reflected in the fair values. As a result, the fair values are not the net amounts that would be realized if these instruments were settled. The carrying values of our cash and cash equivalents, trade and other receivables, dividends payable, trade payables and accruals, compensation payable, severance and other costs payable, interest payable, notes payable and loans secured by trade receivables approximate fair value as they are short-term. The following table provides the fair value details of financial instruments measured at amortized cost in the statements of financial position. (1) Upon adoption of IFRS 16 on January 1, 2019, fair value disclosures are no longer required for leases
DECEMBER 31, 2019DECEMBER 31, 2018
CLASSIFICATIONFAIR VALUE METHODOLOGYCARRYING VALUEFAIR VALUECARRYING VALUEFAIR VALUE
CRTC tangible benefits obligationTrade payables and other liabilities and other non-current liabilitiesPresent value of estimated future cash flows discounted using observable market interest rates29296161
CRTC deferral account obligationTrade payables and other liabilities and other non-current liabilitiesPresent value of estimated future cash flows discounted using observable market interest rates8285108112
Debt securities and other debtDebt due within one year and long-term debtQuoted market price of debt18,65320,90518,18819,178
Finance leases (1)Debt due within one year and long-term debtPresent value of future cash flows discounted using observable market interest rates--2,0972,304
"} {"question": "What would the percentage change in fair values for CRTC tangible benefits obligation in 2019 be if the fair value in 2019 is 31?", "answer": ["-49.18"], "context": "FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Certain fair value estimates are affected by assumptions we make about the amount and timing of future cash flows and discount rates, all of which reflect varying degrees of risk. Income taxes and other expenses that would be incurred on disposition of financial instruments are not reflected in the fair values. As a result, the fair values are not the net amounts that would be realized if these instruments were settled. The carrying values of our cash and cash equivalents, trade and other receivables, dividends payable, trade payables and accruals, compensation payable, severance and other costs payable, interest payable, notes payable and loans secured by trade receivables approximate fair value as they are short-term. The following table provides the fair value details of financial instruments measured at amortized cost in the statements of financial position. (1) Upon adoption of IFRS 16 on January 1, 2019, fair value disclosures are no longer required for leases
DECEMBER 31, 2019DECEMBER 31, 2018
CLASSIFICATIONFAIR VALUE METHODOLOGYCARRYING VALUEFAIR VALUECARRYING VALUEFAIR VALUE
CRTC tangible benefits obligationTrade payables and other liabilities and other non-current liabilitiesPresent value of estimated future cash flows discounted using observable market interest rates29296161
CRTC deferral account obligationTrade payables and other liabilities and other non-current liabilitiesPresent value of estimated future cash flows discounted using observable market interest rates8285108112
Debt securities and other debtDebt due within one year and long-term debtQuoted market price of debt18,65320,90518,18819,178
Finance leases (1)Debt due within one year and long-term debtPresent value of future cash flows discounted using observable market interest rates--2,0972,304
"} {"question": "What would the sum of carrying values in 2019 be if the value for CRTC tangible benefits obligation is 35 ?", "answer": ["18770"], "context": "FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Certain fair value estimates are affected by assumptions we make about the amount and timing of future cash flows and discount rates, all of which reflect varying degrees of risk. Income taxes and other expenses that would be incurred on disposition of financial instruments are not reflected in the fair values. As a result, the fair values are not the net amounts that would be realized if these instruments were settled. The carrying values of our cash and cash equivalents, trade and other receivables, dividends payable, trade payables and accruals, compensation payable, severance and other costs payable, interest payable, notes payable and loans secured by trade receivables approximate fair value as they are short-term. The following table provides the fair value details of financial instruments measured at amortized cost in the statements of financial position. (1) Upon adoption of IFRS 16 on January 1, 2019, fair value disclosures are no longer required for leases
DECEMBER 31, 2019DECEMBER 31, 2018
CLASSIFICATIONFAIR VALUE METHODOLOGYCARRYING VALUEFAIR VALUECARRYING VALUEFAIR VALUE
CRTC tangible benefits obligationTrade payables and other liabilities and other non-current liabilitiesPresent value of estimated future cash flows discounted using observable market interest rates29296161
CRTC deferral account obligationTrade payables and other liabilities and other non-current liabilitiesPresent value of estimated future cash flows discounted using observable market interest rates8285108112
Debt securities and other debtDebt due within one year and long-term debtQuoted market price of debt18,65320,90518,18819,178
Finance leases (1)Debt due within one year and long-term debtPresent value of future cash flows discounted using observable market interest rates--2,0972,304
"} {"question": "What would be the average difference between number of rights in opening and closing balance for both years if closing balance for FY18 was 2,500,000?", "answer": ["719897.5"], "context": "21 Share-based payments (a) Performance rights The performance rights plan was established by the Board of Directors to provide long-term incentives to the Group’s Senior Executives based on total shareholder returns (TSR) taking into account the Group’s financial and operational performance. Under the Plan, eligible participants may be granted performance rights on terms and conditions determined by the Board from time to time. Performance rights were granted during the course of FY17, FY18 and FY19. The vesting conditions for grants relate to TSR exceeding the ASX 200 Accumulation Index over the measurement period. Vesting of the rights will be tested on or around the day following the release of each of the annual results for the years ended 30 June 2019, 2020 and 2021 respectively. Performance rights are granted by the Company for nil consideration. The Board has discretion to determine if the value will be provided in shares, cash or a combination of shares and cash. Rights granted under the plan carry no dividend or voting rights. The fair value of the rights at the date of valuation was determined using the Black-Scholes Option Pricing Model to be equal to the volume weighted-average price (VWAP) ending on the day before the grant date, less the dividends expected over the period from the expected grant date to the completion of the measurement period, adjusted for the expected probability of achieving the vesting conditions.
30 June 201930 June 201930 June 201830 June 2018
Number of RightsAverage Fair ValueNumber of RightsAverage Fair Value
Opening balance2,948,960$1.873,460,195$1.26
Granted during the year828,285$3.07762,577$3.32
Vested during the year(1,307,885)$1.19(1,273,812)$1.09
Forfeited during the year-$0.00-$0.00
Closing balance2,469,360$2.642,948,960$1.87
"} {"question": "Which year had more rights vested if number of rights vested during 2018 was 1,500,000?", "answer": ["2018"], "context": "21 Share-based payments (a) Performance rights The performance rights plan was established by the Board of Directors to provide long-term incentives to the Group’s Senior Executives based on total shareholder returns (TSR) taking into account the Group’s financial and operational performance. Under the Plan, eligible participants may be granted performance rights on terms and conditions determined by the Board from time to time. Performance rights were granted during the course of FY17, FY18 and FY19. The vesting conditions for grants relate to TSR exceeding the ASX 200 Accumulation Index over the measurement period. Vesting of the rights will be tested on or around the day following the release of each of the annual results for the years ended 30 June 2019, 2020 and 2021 respectively. Performance rights are granted by the Company for nil consideration. The Board has discretion to determine if the value will be provided in shares, cash or a combination of shares and cash. Rights granted under the plan carry no dividend or voting rights. The fair value of the rights at the date of valuation was determined using the Black-Scholes Option Pricing Model to be equal to the volume weighted-average price (VWAP) ending on the day before the grant date, less the dividends expected over the period from the expected grant date to the completion of the measurement period, adjusted for the expected probability of achieving the vesting conditions.
30 June 201930 June 201930 June 201830 June 2018
Number of RightsAverage Fair ValueNumber of RightsAverage Fair Value
Opening balance2,948,960$1.873,460,195$1.26
Granted during the year828,285$3.07762,577$3.32
Vested during the year(1,307,885)$1.19(1,273,812)$1.09
Forfeited during the year-$0.00-$0.00
Closing balance2,469,360$2.642,948,960$1.87
"} {"question": "What would be the percentage change in average fair value at closing balance between 2018 and 2019 if average fair price in 2018 was $1.50?", "answer": ["76"], "context": "21 Share-based payments (a) Performance rights The performance rights plan was established by the Board of Directors to provide long-term incentives to the Group’s Senior Executives based on total shareholder returns (TSR) taking into account the Group’s financial and operational performance. Under the Plan, eligible participants may be granted performance rights on terms and conditions determined by the Board from time to time. Performance rights were granted during the course of FY17, FY18 and FY19. The vesting conditions for grants relate to TSR exceeding the ASX 200 Accumulation Index over the measurement period. Vesting of the rights will be tested on or around the day following the release of each of the annual results for the years ended 30 June 2019, 2020 and 2021 respectively. Performance rights are granted by the Company for nil consideration. The Board has discretion to determine if the value will be provided in shares, cash or a combination of shares and cash. Rights granted under the plan carry no dividend or voting rights. The fair value of the rights at the date of valuation was determined using the Black-Scholes Option Pricing Model to be equal to the volume weighted-average price (VWAP) ending on the day before the grant date, less the dividends expected over the period from the expected grant date to the completion of the measurement period, adjusted for the expected probability of achieving the vesting conditions.
30 June 201930 June 201930 June 201830 June 2018
Number of RightsAverage Fair ValueNumber of RightsAverage Fair Value
Opening balance2,948,960$1.873,460,195$1.26
Granted during the year828,285$3.07762,577$3.32
Vested during the year(1,307,885)$1.19(1,273,812)$1.09
Forfeited during the year-$0.00-$0.00
Closing balance2,469,360$2.642,948,960$1.87
"} {"question": "If revenue in 2019 was 3,000 million, what was the increase / (decrease)?", "answer": ["853"], "context": "2.4 KEY PERFORMANCE INDICATORS AND PERFORMANCE HIGHLIGHTS The following key performance indicators are closely monitored to ensure that business strategies and objectives are closely aligned with shareholder value creation. The key performance indicators are not measurements in accordance with IFRS and should not be considered an alternative to other measures of performance in accordance with IFRS. The Corporation's method of calculating key performance indicators may differ from other companies and, accordingly, these key performance indicators may not be comparable to similar measures presented by other companies. The Corporation measures its performance, with regard to these objectives by monitoring revenue, adjusted EBITDA(1), free cash flow(1) and capital intensity(1) on a constant currency basis(1). (1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (2) Following the announcement of the agreement on February 27, 2019 to sell Cogeco Peer 1, fiscal 2019 financial guidelines were revised. (3) Actual results are presented in constant currency based on fiscal 2018 average foreign exchange rates of 1.2773 USD/CDN. For further details on the Corporation's operating results, please refer to the \"Operating and financial results\", the \"Segmented operating and financial results\" and the \"Cash flow analysis\" sections.
(in millions of dollars, except percentages)Actual Fiscal 2018 (1) $Revised projections (2) Fiscal 2019 (constant currency) (3)Actual Fiscal 2019 (constant currency) (3) $Actual Fiscal 2019 (constant currency) (3) %Achievement of the projections Fiscal 2019
Financial guidelines
Revenue2,147Increase of 6% to 8%2,2946.8Achieved
Adjusted EBITDA1,007Increase of 8% to 10%1,0928.5Achieved
Acquisitions of property, plant and equipment458$450 to $470425(7.1)Surpassed
Capital intensity21.3%20% to 21%18.5%-Surpassed
Free cash flow302Increase of 38% to 45%45350.0Surpassed
"} {"question": "If Adjusted EBITDA in 2019 was 1,500 million, what was the average?", "answer": ["1253.5"], "context": "2.4 KEY PERFORMANCE INDICATORS AND PERFORMANCE HIGHLIGHTS The following key performance indicators are closely monitored to ensure that business strategies and objectives are closely aligned with shareholder value creation. The key performance indicators are not measurements in accordance with IFRS and should not be considered an alternative to other measures of performance in accordance with IFRS. The Corporation's method of calculating key performance indicators may differ from other companies and, accordingly, these key performance indicators may not be comparable to similar measures presented by other companies. The Corporation measures its performance, with regard to these objectives by monitoring revenue, adjusted EBITDA(1), free cash flow(1) and capital intensity(1) on a constant currency basis(1). (1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (2) Following the announcement of the agreement on February 27, 2019 to sell Cogeco Peer 1, fiscal 2019 financial guidelines were revised. (3) Actual results are presented in constant currency based on fiscal 2018 average foreign exchange rates of 1.2773 USD/CDN. For further details on the Corporation's operating results, please refer to the \"Operating and financial results\", the \"Segmented operating and financial results\" and the \"Cash flow analysis\" sections.
(in millions of dollars, except percentages)Actual Fiscal 2018 (1) $Revised projections (2) Fiscal 2019 (constant currency) (3)Actual Fiscal 2019 (constant currency) (3) $Actual Fiscal 2019 (constant currency) (3) %Achievement of the projections Fiscal 2019
Financial guidelines
Revenue2,147Increase of 6% to 8%2,2946.8Achieved
Adjusted EBITDA1,007Increase of 8% to 10%1,0928.5Achieved
Acquisitions of property, plant and equipment458$450 to $470425(7.1)Surpassed
Capital intensity21.3%20% to 21%18.5%-Surpassed
Free cash flow302Increase of 38% to 45%45350.0Surpassed
"} {"question": "If free cash flow in 2019 was 600 million, what was the increase / (decrease)?", "answer": ["298"], "context": "2.4 KEY PERFORMANCE INDICATORS AND PERFORMANCE HIGHLIGHTS The following key performance indicators are closely monitored to ensure that business strategies and objectives are closely aligned with shareholder value creation. The key performance indicators are not measurements in accordance with IFRS and should not be considered an alternative to other measures of performance in accordance with IFRS. The Corporation's method of calculating key performance indicators may differ from other companies and, accordingly, these key performance indicators may not be comparable to similar measures presented by other companies. The Corporation measures its performance, with regard to these objectives by monitoring revenue, adjusted EBITDA(1), free cash flow(1) and capital intensity(1) on a constant currency basis(1). (1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (2) Following the announcement of the agreement on February 27, 2019 to sell Cogeco Peer 1, fiscal 2019 financial guidelines were revised. (3) Actual results are presented in constant currency based on fiscal 2018 average foreign exchange rates of 1.2773 USD/CDN. For further details on the Corporation's operating results, please refer to the \"Operating and financial results\", the \"Segmented operating and financial results\" and the \"Cash flow analysis\" sections.
(in millions of dollars, except percentages)Actual Fiscal 2018 (1) $Revised projections (2) Fiscal 2019 (constant currency) (3)Actual Fiscal 2019 (constant currency) (3) $Actual Fiscal 2019 (constant currency) (3) %Achievement of the projections Fiscal 2019
Financial guidelines
Revenue2,147Increase of 6% to 8%2,2946.8Achieved
Adjusted EBITDA1,007Increase of 8% to 10%1,0928.5Achieved
Acquisitions of property, plant and equipment458$450 to $470425(7.1)Surpassed
Capital intensity21.3%20% to 21%18.5%-Surpassed
Free cash flow302Increase of 38% to 45%45350.0Surpassed
"} {"question": "What was the change in Purchases of common stock between 2018 and 2019 if Purchases of common stock in 2019 was -$300 million instead?", "answer": ["-67.2"], "context": "Cash Flows from Financing Activities Our significant financing activities were as follows (in millions): (1) 2017 contributions primarily relate to the funding of the FPS Acquisition. (2) In the fourth quarter of 2018, two of our minority holders in India delivered notice of exercise of their put options with respect to certain shares in our Indian subsidiary, ATC TIPL. During the year ended December 31, 2019, we completed the redemption of the put shares for total consideration of INR 29.4 billion ($425.7 million at the date of redemption). Senior Notes Repayments of Senior Notes Repayment of 3.40% Senior Notes—On the February 15, 2019 maturity date, we repaid $1.0 billion aggregate principal amount of the 3.40% Notes. The 3.40% Notes were repaid with borrowings from the 2019 Multicurrency Credit Facility and the 2019 Credit Facility. Upon completion of the repayment, none of the 3.40% Notes remained outstanding. Repayment of 5.050% Senior Notes—On April 22, 2019, we redeemed all of the $700.0 million aggregate principal amount of the 5.050% Notes at a price equal to 103.0050% of the principal amount, plus accrued and unpaid interest up to, but excluding April 22, 2019, for an aggregate redemption price of $726.0 million, including $5.0 million in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of $22.1 million, which includes prepayment consideration of $21.0 million and the associated unamortized discount and deferred financing costs. The redemption was funded with borrowings from the 2019 Credit Facility and cash on hand. Upon completion of the repayment, none of the 5.050% Notes remained outstanding. Repayment of 5.900% Senior Notes—On January 15, 2020, we redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the “5.900% Notes”) at a price equal to 106.7090% of the principal amount, plus accrued and unpaid interest up to, but excluding January 15, 2020, for an aggregate redemption price of $539.6 million, including $6.1 million in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of $34.6 million, which includes prepayment consideration of $33.5 million and the associated unamortized discount and deferred financing costs. The redemption was funded with borrowings from the 2019 Credit Facility and cash on hand. Upon completion of the repayment, none of the 5.900% Notes remained outstanding.
Year Ended December 31,
201920182017
Proceeds from issuance of senior notes, net$4,876.7$584.9$2,674.0
Proceeds from (repayments of) credit facilities, net425.0(695.9)628.6
Distributions paid on common and preferred stock(1,603.0)(1,342.4)(1,164.4)
Purchases of common stock(19.6)(232.8)(766.3)
Repayments of securitized debt—(500.0)(302.5)
(Distributions to) contributions from noncontrolling interest holders, net (1)(11.8)(14.4)264.3
Repayments of senior notes(1,700.0)—(1,300.0)
(Repayments of) proceeds from term loan, net(500.0)1,500.0—
Purchase of redeemable noncontrolling interest (2)(425.7)——
Proceeds from issuance of securities in securitization transaction—500.0
"} {"question": "What was the change in net (Distributions to) contributions from noncontrolling interest holders between 2017 and 2018 if net (Distributions to) contributions from noncontrolling interest holders in 2018 was $100 million instead?", "answer": ["-164.3"], "context": "Cash Flows from Financing Activities Our significant financing activities were as follows (in millions): (1) 2017 contributions primarily relate to the funding of the FPS Acquisition. (2) In the fourth quarter of 2018, two of our minority holders in India delivered notice of exercise of their put options with respect to certain shares in our Indian subsidiary, ATC TIPL. During the year ended December 31, 2019, we completed the redemption of the put shares for total consideration of INR 29.4 billion ($425.7 million at the date of redemption). Senior Notes Repayments of Senior Notes Repayment of 3.40% Senior Notes—On the February 15, 2019 maturity date, we repaid $1.0 billion aggregate principal amount of the 3.40% Notes. The 3.40% Notes were repaid with borrowings from the 2019 Multicurrency Credit Facility and the 2019 Credit Facility. Upon completion of the repayment, none of the 3.40% Notes remained outstanding. Repayment of 5.050% Senior Notes—On April 22, 2019, we redeemed all of the $700.0 million aggregate principal amount of the 5.050% Notes at a price equal to 103.0050% of the principal amount, plus accrued and unpaid interest up to, but excluding April 22, 2019, for an aggregate redemption price of $726.0 million, including $5.0 million in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of $22.1 million, which includes prepayment consideration of $21.0 million and the associated unamortized discount and deferred financing costs. The redemption was funded with borrowings from the 2019 Credit Facility and cash on hand. Upon completion of the repayment, none of the 5.050% Notes remained outstanding. Repayment of 5.900% Senior Notes—On January 15, 2020, we redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the “5.900% Notes”) at a price equal to 106.7090% of the principal amount, plus accrued and unpaid interest up to, but excluding January 15, 2020, for an aggregate redemption price of $539.6 million, including $6.1 million in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of $34.6 million, which includes prepayment consideration of $33.5 million and the associated unamortized discount and deferred financing costs. The redemption was funded with borrowings from the 2019 Credit Facility and cash on hand. Upon completion of the repayment, none of the 5.900% Notes remained outstanding.
Year Ended December 31,
201920182017
Proceeds from issuance of senior notes, net$4,876.7$584.9$2,674.0
Proceeds from (repayments of) credit facilities, net425.0(695.9)628.6
Distributions paid on common and preferred stock(1,603.0)(1,342.4)(1,164.4)
Purchases of common stock(19.6)(232.8)(766.3)
Repayments of securitized debt—(500.0)(302.5)
(Distributions to) contributions from noncontrolling interest holders, net (1)(11.8)(14.4)264.3
Repayments of senior notes(1,700.0)—(1,300.0)
(Repayments of) proceeds from term loan, net(500.0)1,500.0—
Purchase of redeemable noncontrolling interest (2)(425.7)——
Proceeds from issuance of securities in securitization transaction—500.0
"} {"question": "What was the percentage change in the net Proceeds from issuance of senior notes between 2018 and 2019 if net Proceeds from issuance of senior notes in 2019 was $1,000 million instead?", "answer": ["70.97"], "context": "Cash Flows from Financing Activities Our significant financing activities were as follows (in millions): (1) 2017 contributions primarily relate to the funding of the FPS Acquisition. (2) In the fourth quarter of 2018, two of our minority holders in India delivered notice of exercise of their put options with respect to certain shares in our Indian subsidiary, ATC TIPL. During the year ended December 31, 2019, we completed the redemption of the put shares for total consideration of INR 29.4 billion ($425.7 million at the date of redemption). Senior Notes Repayments of Senior Notes Repayment of 3.40% Senior Notes—On the February 15, 2019 maturity date, we repaid $1.0 billion aggregate principal amount of the 3.40% Notes. The 3.40% Notes were repaid with borrowings from the 2019 Multicurrency Credit Facility and the 2019 Credit Facility. Upon completion of the repayment, none of the 3.40% Notes remained outstanding. Repayment of 5.050% Senior Notes—On April 22, 2019, we redeemed all of the $700.0 million aggregate principal amount of the 5.050% Notes at a price equal to 103.0050% of the principal amount, plus accrued and unpaid interest up to, but excluding April 22, 2019, for an aggregate redemption price of $726.0 million, including $5.0 million in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of $22.1 million, which includes prepayment consideration of $21.0 million and the associated unamortized discount and deferred financing costs. The redemption was funded with borrowings from the 2019 Credit Facility and cash on hand. Upon completion of the repayment, none of the 5.050% Notes remained outstanding. Repayment of 5.900% Senior Notes—On January 15, 2020, we redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the “5.900% Notes”) at a price equal to 106.7090% of the principal amount, plus accrued and unpaid interest up to, but excluding January 15, 2020, for an aggregate redemption price of $539.6 million, including $6.1 million in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of $34.6 million, which includes prepayment consideration of $33.5 million and the associated unamortized discount and deferred financing costs. The redemption was funded with borrowings from the 2019 Credit Facility and cash on hand. Upon completion of the repayment, none of the 5.900% Notes remained outstanding.
Year Ended December 31,
201920182017
Proceeds from issuance of senior notes, net$4,876.7$584.9$2,674.0
Proceeds from (repayments of) credit facilities, net425.0(695.9)628.6
Distributions paid on common and preferred stock(1,603.0)(1,342.4)(1,164.4)
Purchases of common stock(19.6)(232.8)(766.3)
Repayments of securitized debt—(500.0)(302.5)
(Distributions to) contributions from noncontrolling interest holders, net (1)(11.8)(14.4)264.3
Repayments of senior notes(1,700.0)—(1,300.0)
(Repayments of) proceeds from term loan, net(500.0)1,500.0—
Purchase of redeemable noncontrolling interest (2)(425.7)——
Proceeds from issuance of securities in securitization transaction—500.0
"} {"question": "What would be the change in the Vesting of restricted stock between 2018 and 2019 if the vesting of restricted stock in 2019 was 3,000,000 instead?", "answer": ["272771"], "context": "Common Stock Outstanding The following represents the common stock outstanding for the fiscal year ended: (1) During fiscal years 2018, 2017 and 2016, the Company’s Board of Directors authorized the repurchase of $350.0 million, $450.0 million and $400.0 million, respectively, of the Company’s common stock under share repurchase programs, which were repurchased during fiscal years 2019, 2018 and 2017, respectively.
Fiscal Year Ended August 31,
201920182017
Common stock outstanding:
Beginning balances164,588,172177,727,653186,998,472
Shares issued upon exercise of stock options11,34830,832172,620
Shares issued under employee stock purchase plan1,282,0421,105,4001,228,316
Vesting of restricted stock1,983,2612,727,2292,102,049
Purchases of treasury stock under employee stock plans(489,836)(793,052)(550,096)
Treasury shares purchased(1)(13,854,607)(16,209,890)(12,223,708)
Ending balances153,520,380164,588,172177,727,653
"} {"question": "How many years would the Shares issued upon exercise of stock options exceed 100,000 if the shares issued upon exercise of stock options in 2018 was 110,000 instead?", "answer": ["2"], "context": "Common Stock Outstanding The following represents the common stock outstanding for the fiscal year ended: (1) During fiscal years 2018, 2017 and 2016, the Company’s Board of Directors authorized the repurchase of $350.0 million, $450.0 million and $400.0 million, respectively, of the Company’s common stock under share repurchase programs, which were repurchased during fiscal years 2019, 2018 and 2017, respectively.
Fiscal Year Ended August 31,
201920182017
Common stock outstanding:
Beginning balances164,588,172177,727,653186,998,472
Shares issued upon exercise of stock options11,34830,832172,620
Shares issued under employee stock purchase plan1,282,0421,105,4001,228,316
Vesting of restricted stock1,983,2612,727,2292,102,049
Purchases of treasury stock under employee stock plans(489,836)(793,052)(550,096)
Treasury shares purchased(1)(13,854,607)(16,209,890)(12,223,708)
Ending balances153,520,380164,588,172177,727,653
"} {"question": "What would be the percentage change in the ending balance between 2018 and 2019 if the ending balance in 2019 was 200,000,000 instead?", "answer": ["21.52"], "context": "Common Stock Outstanding The following represents the common stock outstanding for the fiscal year ended: (1) During fiscal years 2018, 2017 and 2016, the Company’s Board of Directors authorized the repurchase of $350.0 million, $450.0 million and $400.0 million, respectively, of the Company’s common stock under share repurchase programs, which were repurchased during fiscal years 2019, 2018 and 2017, respectively.
Fiscal Year Ended August 31,
201920182017
Common stock outstanding:
Beginning balances164,588,172177,727,653186,998,472
Shares issued upon exercise of stock options11,34830,832172,620
Shares issued under employee stock purchase plan1,282,0421,105,4001,228,316
Vesting of restricted stock1,983,2612,727,2292,102,049
Purchases of treasury stock under employee stock plans(489,836)(793,052)(550,096)
Treasury shares purchased(1)(13,854,607)(16,209,890)(12,223,708)
Ending balances153,520,380164,588,172177,727,653
"} {"question": "What was the change in the net cash provided by (used for) by operating activities between 2018 and 2019 if net cash provided by (used for) operating activities in 2019 was $5,000 million instead?", "answer": ["1251.7"], "context": "Summary cash flow information is set forth below for the years ended December 31, (in millions): We use our cash flows to fund our operations and investments in our business, including tower maintenance and improvements, communications site construction and managed network installations and tower and land acquisitions. Additionally, we use our cash flows to make distributions, including distributions of our REIT taxable income to maintain our qualification for taxation as a REIT under the Code. We may also repay or repurchase our existing indebtedness or equity from time to time. We typically fund our international expansion efforts primarily through a combination of cash on hand, intercompany debt and equity contributions. In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, we entered into an agreement with MTN to acquire MTN’s noncontrolling interests in each of our joint ventures in Ghana and Uganda for total consideration of approximately $523.0 million. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval and other closing conditions. In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition As of December 31, 2019, we had total outstanding indebtedness of $24.2 billion, with a current portion of $2.9 billion. During the year ended December 31, 2019, we generated sufficient cash flow from operations to fund our capital expenditures and debt service obligations, as well as our required distributions. We believe the cash generated by operating activities during the year ending December 31, 2020, together with our borrowing capacity under our credit facilities and cash on hand, will be sufficient to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions. As of December 31, 2019, we had $1.3 billion of cash and cash equivalents held by our foreign subsidiaries, of which $583.0 million was held by our joint ventures. While certain subsidiaries may pay us interest or principal on intercompany debt, it has not been our practice to repatriate earnings from our foreign subsidiaries primarily due to our ongoing expansion efforts and related capital needs. However, in the event that we do repatriate any funds, we may be required to accrue and pay certain taxes.
201920182017
Net cash provided by (used for):
Operating activities$3,752.6$3,748.3$2,925.6
Investing activities(3,987.5)(2,749.5)(2,800.9)
Financing activities521.7(607.7)(113.0)
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash(13.7)(41.1)6.7
Net increase in cash and cash equivalents, and restricted cash$273.1$350.0$18.4
"} {"question": "What was the change in the net cash provided by (used for) by investing activities between 2017 and 2018 if the net cash provided by (used for) investing activities in 2018 was -$3,000 million instead?", "answer": ["-199.1"], "context": "Summary cash flow information is set forth below for the years ended December 31, (in millions): We use our cash flows to fund our operations and investments in our business, including tower maintenance and improvements, communications site construction and managed network installations and tower and land acquisitions. Additionally, we use our cash flows to make distributions, including distributions of our REIT taxable income to maintain our qualification for taxation as a REIT under the Code. We may also repay or repurchase our existing indebtedness or equity from time to time. We typically fund our international expansion efforts primarily through a combination of cash on hand, intercompany debt and equity contributions. In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, we entered into an agreement with MTN to acquire MTN’s noncontrolling interests in each of our joint ventures in Ghana and Uganda for total consideration of approximately $523.0 million. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval and other closing conditions. In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition As of December 31, 2019, we had total outstanding indebtedness of $24.2 billion, with a current portion of $2.9 billion. During the year ended December 31, 2019, we generated sufficient cash flow from operations to fund our capital expenditures and debt service obligations, as well as our required distributions. We believe the cash generated by operating activities during the year ending December 31, 2020, together with our borrowing capacity under our credit facilities and cash on hand, will be sufficient to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions. As of December 31, 2019, we had $1.3 billion of cash and cash equivalents held by our foreign subsidiaries, of which $583.0 million was held by our joint ventures. While certain subsidiaries may pay us interest or principal on intercompany debt, it has not been our practice to repatriate earnings from our foreign subsidiaries primarily due to our ongoing expansion efforts and related capital needs. However, in the event that we do repatriate any funds, we may be required to accrue and pay certain taxes.
201920182017
Net cash provided by (used for):
Operating activities$3,752.6$3,748.3$2,925.6
Investing activities(3,987.5)(2,749.5)(2,800.9)
Financing activities521.7(607.7)(113.0)
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash(13.7)(41.1)6.7
Net increase in cash and cash equivalents, and restricted cash$273.1$350.0$18.4
"} {"question": "What is the percentage change in the net cash provided by (used for) financing activities between 2017 and 2018 if the net cash provided by (used for) financing activities in 2018 was -$900 million instead?", "answer": ["696.46"], "context": "Summary cash flow information is set forth below for the years ended December 31, (in millions): We use our cash flows to fund our operations and investments in our business, including tower maintenance and improvements, communications site construction and managed network installations and tower and land acquisitions. Additionally, we use our cash flows to make distributions, including distributions of our REIT taxable income to maintain our qualification for taxation as a REIT under the Code. We may also repay or repurchase our existing indebtedness or equity from time to time. We typically fund our international expansion efforts primarily through a combination of cash on hand, intercompany debt and equity contributions. In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, we entered into an agreement with MTN to acquire MTN’s noncontrolling interests in each of our joint ventures in Ghana and Uganda for total consideration of approximately $523.0 million. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval and other closing conditions. In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition As of December 31, 2019, we had total outstanding indebtedness of $24.2 billion, with a current portion of $2.9 billion. During the year ended December 31, 2019, we generated sufficient cash flow from operations to fund our capital expenditures and debt service obligations, as well as our required distributions. We believe the cash generated by operating activities during the year ending December 31, 2020, together with our borrowing capacity under our credit facilities and cash on hand, will be sufficient to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions. As of December 31, 2019, we had $1.3 billion of cash and cash equivalents held by our foreign subsidiaries, of which $583.0 million was held by our joint ventures. While certain subsidiaries may pay us interest or principal on intercompany debt, it has not been our practice to repatriate earnings from our foreign subsidiaries primarily due to our ongoing expansion efforts and related capital needs. However, in the event that we do repatriate any funds, we may be required to accrue and pay certain taxes.
201920182017
Net cash provided by (used for):
Operating activities$3,752.6$3,748.3$2,925.6
Investing activities(3,987.5)(2,749.5)(2,800.9)
Financing activities521.7(607.7)(113.0)
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash(13.7)(41.1)6.7
Net increase in cash and cash equivalents, and restricted cash$273.1$350.0$18.4
"} {"question": "What would the average net cash provided by operating activities from 2017-2019 be if net cash provided by operating activities was $200,000 in 2019 instead?", "answer": ["119254.33"], "context": "Net Cash Provided By Operating Activities and Free Cash Flow The following table presents a reconciliation of net cash provided by operating activities to free cash flow (in thousands, except for percentages): Net cash provided by operating activities for the twelve months ended December 31, 2019 was $115.5 million as compared to $90.3 million during the same period in 2018. The increase was primarily due to improved profitability, improved collections, and other working capital changes in 2019 when compared to the same period in 2018. Free cash flow for the twelve months ended December 31, 2019 was $72.8 million, resulting in a free cash flow margin of 12.6%, as compared to free cash flow of $49.8 million and a free cash flow margin of 9.3% for the same period in 2018. The increase was primarily due to both improved profitability and collections, and is partially offset by cash paid for interest on our convertible notes of $17.4 million in the twelve months ended December 31, 2019. Refer to the section titled “Liquidity and Capital Resources” for additional information on the convertible notes.
Year Ended December 31,
201920182017
Reconciliation of free cash flow:
Net cash provided by operating activities$115,549$90,253$67,510
Capital expenditures(18,034)(14,895)(7,100)
Capitalized software costs(24,668)(25,515)(20,571)
Free cash flow$72,847$49,843$39,839
Free cash flow margin12.6%9.3%8.3%
"} {"question": "What would the change in free flow cash margin between 2017 and 2018 be if free flow cash margin was 10.0% in 2018 instead?", "answer": ["1.7"], "context": "Net Cash Provided By Operating Activities and Free Cash Flow The following table presents a reconciliation of net cash provided by operating activities to free cash flow (in thousands, except for percentages): Net cash provided by operating activities for the twelve months ended December 31, 2019 was $115.5 million as compared to $90.3 million during the same period in 2018. The increase was primarily due to improved profitability, improved collections, and other working capital changes in 2019 when compared to the same period in 2018. Free cash flow for the twelve months ended December 31, 2019 was $72.8 million, resulting in a free cash flow margin of 12.6%, as compared to free cash flow of $49.8 million and a free cash flow margin of 9.3% for the same period in 2018. The increase was primarily due to both improved profitability and collections, and is partially offset by cash paid for interest on our convertible notes of $17.4 million in the twelve months ended December 31, 2019. Refer to the section titled “Liquidity and Capital Resources” for additional information on the convertible notes.
Year Ended December 31,
201920182017
Reconciliation of free cash flow:
Net cash provided by operating activities$115,549$90,253$67,510
Capital expenditures(18,034)(14,895)(7,100)
Capitalized software costs(24,668)(25,515)(20,571)
Free cash flow$72,847$49,843$39,839
Free cash flow margin12.6%9.3%8.3%
"} {"question": "What would the change in free cash flow between 2018 and 2019 be if free cash flow was $60,000 in 2018 instead?", "answer": ["12847"], "context": "Net Cash Provided By Operating Activities and Free Cash Flow The following table presents a reconciliation of net cash provided by operating activities to free cash flow (in thousands, except for percentages): Net cash provided by operating activities for the twelve months ended December 31, 2019 was $115.5 million as compared to $90.3 million during the same period in 2018. The increase was primarily due to improved profitability, improved collections, and other working capital changes in 2019 when compared to the same period in 2018. Free cash flow for the twelve months ended December 31, 2019 was $72.8 million, resulting in a free cash flow margin of 12.6%, as compared to free cash flow of $49.8 million and a free cash flow margin of 9.3% for the same period in 2018. The increase was primarily due to both improved profitability and collections, and is partially offset by cash paid for interest on our convertible notes of $17.4 million in the twelve months ended December 31, 2019. Refer to the section titled “Liquidity and Capital Resources” for additional information on the convertible notes.
Year Ended December 31,
201920182017
Reconciliation of free cash flow:
Net cash provided by operating activities$115,549$90,253$67,510
Capital expenditures(18,034)(14,895)(7,100)
Capitalized software costs(24,668)(25,515)(20,571)
Free cash flow$72,847$49,843$39,839
Free cash flow margin12.6%9.3%8.3%
"} {"question": "What would the percentage of shares repurchased in Quarter ended December 23, 2018 in the total repurchased shares be if the former amount was 2,000 thousand instead?", "answer": ["9.16"], "context": "Repurchase of Company Shares In November 2018, the Board of Directors authorized management to repurchase up to an additional $5.0 billion of Common Stock on such terms and conditions as it deems appropriate. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time. Funding for this share repurchase program may be through a combination of cash on hand, cash generation, and borrowings. As of June 30, 2019, we have purchased approximately $2.0 billion of shares under this authorization, $0.5 billion via open market trading and $1.5 billion utilizing accelerated share repurchase arrangements. Accelerated Share Repurchase Agreements On June 4, 2019, we entered into four separate accelerated share repurchase agreements (collectively, the “June 2019 ASR”) with two financial institutions to repurchase a total of $750 million of Common Stock. We took an initial delivery of approximately 3.1 million shares, which represented 75% of the prepayment amount divided by our closing stock price on June 4, 2019. The total number of shares received under the June 2019 ASR will be based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the June 2019 ASR is anticipated to occur no later than November 20, 2019. On January 31, 2019, we entered into two separate accelerated share repurchase agreements (collectively, the “January 2019 ASR”) with two financial institutions to repurchase a total of $760 million of Common Stock. We took an initial delivery of approximately 3.3 million shares, which represented 75% of the prepayment amount divided by our closing stock price on January 30, 2019. The total number of shares received under the January 2019 ASR was based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the agreements occurred during May 2019, resulted in the receipt of approximately 0.8 million additional shares, which yielded a weighted-average share price of approximately $182.32 for the transaction period. Share repurchases, including those under the repurchase program, were as follows: (1) During the fiscal year ended June 30, 2019, we acquired 0.5 million shares at a total cost of $80.5 million which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans. The shares retained by us through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plan. (2) Average price paid per share excludes effect of accelerated share repurchases, see additional disclosure above regarding our accelerated share repurchase activity during the fiscal year.
PeriodTotal Number of Shares Repurchased (1)Average Price Paid per Share(2)Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsAmount Available Under Repurchase Program
(in thousands, except per share data)
Available balance as of June 24, 2018$1,733,638
Quarter ended September 23, 20187,821$183.467,807108
Board authorization, $5.0 billion, November 20185,000,000
Quarter ended December 23, 20181,693$145.301,6835,000,000
Quarter ended March 31, 20196,125$172.065,7024,138,494
April 1, 2019 - April 28, 20193$193.52—4,138,494
April 29, 2019 - May 26, 20191,147$190.891,1433,920,258
May 27, 2019 - June 30, 20194,728$176.684,7243,033,500
Total21,517$181.7221,059$ 3,033,500
"} {"question": "What would the percentage of shares repurchased within May 27, 2019 - June 30, 2019 in the total repurchased shares be if the former amount was 5,000 thousand instead?", "answer": ["22.95"], "context": "Repurchase of Company Shares In November 2018, the Board of Directors authorized management to repurchase up to an additional $5.0 billion of Common Stock on such terms and conditions as it deems appropriate. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time. Funding for this share repurchase program may be through a combination of cash on hand, cash generation, and borrowings. As of June 30, 2019, we have purchased approximately $2.0 billion of shares under this authorization, $0.5 billion via open market trading and $1.5 billion utilizing accelerated share repurchase arrangements. Accelerated Share Repurchase Agreements On June 4, 2019, we entered into four separate accelerated share repurchase agreements (collectively, the “June 2019 ASR”) with two financial institutions to repurchase a total of $750 million of Common Stock. We took an initial delivery of approximately 3.1 million shares, which represented 75% of the prepayment amount divided by our closing stock price on June 4, 2019. The total number of shares received under the June 2019 ASR will be based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the June 2019 ASR is anticipated to occur no later than November 20, 2019. On January 31, 2019, we entered into two separate accelerated share repurchase agreements (collectively, the “January 2019 ASR”) with two financial institutions to repurchase a total of $760 million of Common Stock. We took an initial delivery of approximately 3.3 million shares, which represented 75% of the prepayment amount divided by our closing stock price on January 30, 2019. The total number of shares received under the January 2019 ASR was based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the agreements occurred during May 2019, resulted in the receipt of approximately 0.8 million additional shares, which yielded a weighted-average share price of approximately $182.32 for the transaction period. Share repurchases, including those under the repurchase program, were as follows: (1) During the fiscal year ended June 30, 2019, we acquired 0.5 million shares at a total cost of $80.5 million which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans. The shares retained by us through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plan. (2) Average price paid per share excludes effect of accelerated share repurchases, see additional disclosure above regarding our accelerated share repurchase activity during the fiscal year.
PeriodTotal Number of Shares Repurchased (1)Average Price Paid per Share(2)Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsAmount Available Under Repurchase Program
(in thousands, except per share data)
Available balance as of June 24, 2018$1,733,638
Quarter ended September 23, 20187,821$183.467,807108
Board authorization, $5.0 billion, November 20185,000,000
Quarter ended December 23, 20181,693$145.301,6835,000,000
Quarter ended March 31, 20196,125$172.065,7024,138,494
April 1, 2019 - April 28, 20193$193.52—4,138,494
April 29, 2019 - May 26, 20191,147$190.891,1433,920,258
May 27, 2019 - June 30, 20194,728$176.684,7243,033,500
Total21,517$181.7221,059$ 3,033,500
"} {"question": "What would the percentage of the Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs in the Total Number of Shares Repurchased be if the former amount was 21,100 thousand instead?", "answer": ["97.88"], "context": "Repurchase of Company Shares In November 2018, the Board of Directors authorized management to repurchase up to an additional $5.0 billion of Common Stock on such terms and conditions as it deems appropriate. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time. Funding for this share repurchase program may be through a combination of cash on hand, cash generation, and borrowings. As of June 30, 2019, we have purchased approximately $2.0 billion of shares under this authorization, $0.5 billion via open market trading and $1.5 billion utilizing accelerated share repurchase arrangements. Accelerated Share Repurchase Agreements On June 4, 2019, we entered into four separate accelerated share repurchase agreements (collectively, the “June 2019 ASR”) with two financial institutions to repurchase a total of $750 million of Common Stock. We took an initial delivery of approximately 3.1 million shares, which represented 75% of the prepayment amount divided by our closing stock price on June 4, 2019. The total number of shares received under the June 2019 ASR will be based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the June 2019 ASR is anticipated to occur no later than November 20, 2019. On January 31, 2019, we entered into two separate accelerated share repurchase agreements (collectively, the “January 2019 ASR”) with two financial institutions to repurchase a total of $760 million of Common Stock. We took an initial delivery of approximately 3.3 million shares, which represented 75% of the prepayment amount divided by our closing stock price on January 30, 2019. The total number of shares received under the January 2019 ASR was based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the agreements occurred during May 2019, resulted in the receipt of approximately 0.8 million additional shares, which yielded a weighted-average share price of approximately $182.32 for the transaction period. Share repurchases, including those under the repurchase program, were as follows: (1) During the fiscal year ended June 30, 2019, we acquired 0.5 million shares at a total cost of $80.5 million which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans. The shares retained by us through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plan. (2) Average price paid per share excludes effect of accelerated share repurchases, see additional disclosure above regarding our accelerated share repurchase activity during the fiscal year.
PeriodTotal Number of Shares Repurchased (1)Average Price Paid per Share(2)Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsAmount Available Under Repurchase Program
(in thousands, except per share data)
Available balance as of June 24, 2018$1,733,638
Quarter ended September 23, 20187,821$183.467,807108
Board authorization, $5.0 billion, November 20185,000,000
Quarter ended December 23, 20181,693$145.301,6835,000,000
Quarter ended March 31, 20196,125$172.065,7024,138,494
April 1, 2019 - April 28, 20193$193.52—4,138,494
April 29, 2019 - May 26, 20191,147$190.891,1433,920,258
May 27, 2019 - June 30, 20194,728$176.684,7243,033,500
Total21,517$181.7221,059$ 3,033,500
"} {"question": "What would the sum of the adjusted EBITDA in 2018 and 2019 be if the amount for 2019 is 5,400?", "answer": ["10721"], "context": "OPERATING COSTS AND ADJUSTED EBITDA Bell Wireline operating costs were essentially stable year over year, decreasing by 0.1% in 2019, compared to 2018, resulting from: • The favourable impact from the adoption of IFRS 16 in 2019 • Continued effective cost containment • Lower pension expenses reflecting reduced DB costs These factors were partly offset by: • Higher cost of goods sold related to the growth in product sales • Increased costs from the acquisition of Axia • Greater payments to other carriers from increased sales of international wholesale long distance minutes Bell Wireline adjusted EBITDA grew by 1.7% in 2019, compared to last year, reflecting the growth in revenues as operating expenses were relatively stable year over year. Adjusted EBITDA margin increased to 43.8% in 2019, compared to the 43.4% achieved last year, resulting from the favourable impact of the adoption of IFRS 16 in 2019 and the flow-through of the service revenue growth, offset in part by higher low-margin product sales in our total revenue base.
20192018$ CHANGE% CHANGE
Operating costs(6,942)(6,946)40.1%
Adjusted EBITDA5,4145,321931.7%
Adjusted EBITDA margin43.8%43.4%0.4 pts
"} {"question": "What would the sum of the operating costs in 2018 and 2019 be if the amount for 2019 was -7,000?", "answer": ["-13946"], "context": "OPERATING COSTS AND ADJUSTED EBITDA Bell Wireline operating costs were essentially stable year over year, decreasing by 0.1% in 2019, compared to 2018, resulting from: • The favourable impact from the adoption of IFRS 16 in 2019 • Continued effective cost containment • Lower pension expenses reflecting reduced DB costs These factors were partly offset by: • Higher cost of goods sold related to the growth in product sales • Increased costs from the acquisition of Axia • Greater payments to other carriers from increased sales of international wholesale long distance minutes Bell Wireline adjusted EBITDA grew by 1.7% in 2019, compared to last year, reflecting the growth in revenues as operating expenses were relatively stable year over year. Adjusted EBITDA margin increased to 43.8% in 2019, compared to the 43.4% achieved last year, resulting from the favourable impact of the adoption of IFRS 16 in 2019 and the flow-through of the service revenue growth, offset in part by higher low-margin product sales in our total revenue base.
20192018$ CHANGE% CHANGE
Operating costs(6,942)(6,946)40.1%
Adjusted EBITDA5,4145,321931.7%
Adjusted EBITDA margin43.8%43.4%0.4 pts
"} {"question": "What would the percentage of the 2019 adjusted EBITDA over the sum of the adjusted EBITDA in 2018 and 2019 be if the amount for 2019 is 5,400? ", "answer": ["50.37"], "context": "OPERATING COSTS AND ADJUSTED EBITDA Bell Wireline operating costs were essentially stable year over year, decreasing by 0.1% in 2019, compared to 2018, resulting from: • The favourable impact from the adoption of IFRS 16 in 2019 • Continued effective cost containment • Lower pension expenses reflecting reduced DB costs These factors were partly offset by: • Higher cost of goods sold related to the growth in product sales • Increased costs from the acquisition of Axia • Greater payments to other carriers from increased sales of international wholesale long distance minutes Bell Wireline adjusted EBITDA grew by 1.7% in 2019, compared to last year, reflecting the growth in revenues as operating expenses were relatively stable year over year. Adjusted EBITDA margin increased to 43.8% in 2019, compared to the 43.4% achieved last year, resulting from the favourable impact of the adoption of IFRS 16 in 2019 and the flow-through of the service revenue growth, offset in part by higher low-margin product sales in our total revenue base.
20192018$ CHANGE% CHANGE
Operating costs(6,942)(6,946)40.1%
Adjusted EBITDA5,4145,321931.7%
Adjusted EBITDA margin43.8%43.4%0.4 pts
"} {"question": "What would be the change in the balance at beginning of period between 2018 and 2019 if the balance at beginning of period in 2019 was $4,000 million instead?", "answer": ["787"], "context": "The following tables summarize the activity related to deferred revenue and financed unearned services revenue (in millions): During the years ended April 26, 2019 and April 27, 2018, we recognized $1,722 million and $1,806 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods. As of April 26, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $3,668 million, which is equivalent to our deferred revenue and unearned services revenue balance. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 50% of our deferred revenue and financed unearned services revenue balance in the next 12 months, approximately 25% in the next 13 to 24 months, and the remainder thereafter.
Year Ended
April 26, 2019April 27, 2018
Balance at beginning of period$ 3,363$ 3,213
Additions2,7632,566
Revenue recognized during the period(2,458 )(2,416 )
Balance at end of period$ 3,668$ 3,363
"} {"question": "How many years would balance at end of period exceed $3,500 million if balance at end of period in 2018 was $4,000 million instead?", "answer": ["2"], "context": "The following tables summarize the activity related to deferred revenue and financed unearned services revenue (in millions): During the years ended April 26, 2019 and April 27, 2018, we recognized $1,722 million and $1,806 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods. As of April 26, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $3,668 million, which is equivalent to our deferred revenue and unearned services revenue balance. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 50% of our deferred revenue and financed unearned services revenue balance in the next 12 months, approximately 25% in the next 13 to 24 months, and the remainder thereafter.
Year Ended
April 26, 2019April 27, 2018
Balance at beginning of period$ 3,363$ 3,213
Additions2,7632,566
Revenue recognized during the period(2,458 )(2,416 )
Balance at end of period$ 3,668$ 3,363
"} {"question": "What would be the percentage change in additions between 2018 and 2019 if additions in 2019 were $3,000 million instead?", "answer": ["16.91"], "context": "The following tables summarize the activity related to deferred revenue and financed unearned services revenue (in millions): During the years ended April 26, 2019 and April 27, 2018, we recognized $1,722 million and $1,806 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods. As of April 26, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $3,668 million, which is equivalent to our deferred revenue and unearned services revenue balance. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 50% of our deferred revenue and financed unearned services revenue balance in the next 12 months, approximately 25% in the next 13 to 24 months, and the remainder thereafter.
Year Ended
April 26, 2019April 27, 2018
Balance at beginning of period$ 3,363$ 3,213
Additions2,7632,566
Revenue recognized during the period(2,458 )(2,416 )
Balance at end of period$ 3,668$ 3,363
"} {"question": "Suppose the percentage of net sales in 2019 decreased by 1%, what is the new amount of net sales derived in 2019?", "answer": ["3604754.39"], "context": "Selling, general and administrative Selling, general and administrative expense consists primarily of salaries and other personnel-related costs, professional fees, insurance costs, and other business development and selling expenses. The following table shows selling, general and administrative expense for the years ended December 31, 2019, 2018, and 2017: Selling, general and administrative expense in 2019 increased compared to 2018 primarily due to higher employee compensation expense, lower accretion expense in 2018 associated with the reduction in our module collection and recycling liability described above, and higher professional fees.
Year EndedChange
(Dollars in thousands)2019201820172019 over 20182018 over 2017
Selling, general and administrative$205,471$176,857$202,699$28,61416%$(25,842)(13)%
% of net sales .6.7%7.9%6.9%
"} {"question": "If the selling, general and administrative expense in 2019 increased by 5,000 thousands, what is the new net difference in selling, general and administrative expense between 2019 and 2017?", "answer": ["7772"], "context": "Selling, general and administrative Selling, general and administrative expense consists primarily of salaries and other personnel-related costs, professional fees, insurance costs, and other business development and selling expenses. The following table shows selling, general and administrative expense for the years ended December 31, 2019, 2018, and 2017: Selling, general and administrative expense in 2019 increased compared to 2018 primarily due to higher employee compensation expense, lower accretion expense in 2018 associated with the reduction in our module collection and recycling liability described above, and higher professional fees.
Year EndedChange
(Dollars in thousands)2019201820172019 over 20182018 over 2017
Selling, general and administrative$205,471$176,857$202,699$28,61416%$(25,842)(13)%
% of net sales .6.7%7.9%6.9%
"} {"question": "Suppose the percentage of net sales in 2018 is 7%, what is the new difference in net sales amount in 2019 and 2018?", "answer": ["540202.77"], "context": "Selling, general and administrative Selling, general and administrative expense consists primarily of salaries and other personnel-related costs, professional fees, insurance costs, and other business development and selling expenses. The following table shows selling, general and administrative expense for the years ended December 31, 2019, 2018, and 2017: Selling, general and administrative expense in 2019 increased compared to 2018 primarily due to higher employee compensation expense, lower accretion expense in 2018 associated with the reduction in our module collection and recycling liability described above, and higher professional fees.
Year EndedChange
(Dollars in thousands)2019201820172019 over 20182018 over 2017
Selling, general and administrative$205,471$176,857$202,699$28,61416%$(25,842)(13)%
% of net sales .6.7%7.9%6.9%
"} {"question": "What would be the percentage change in the cash & cash equivalents between 2018 and 2019 if the cash and cash equivalents in 2019 is increased by $50,000,000?", "answer": ["113.38"], "context": "Liquidity and Capital Resources As of December 31, 2019, we had approximately $36.1 million of cash and cash equivalents and short term investments, a decrease of approximately $7.2 million from $43.3 million in 2018. During 2018, our board of directors authorized the repurchase of issued and outstanding shares of our common stock having an aggregate value of up to $10.0 million pursuant to a share repurchase program. No shares were repurchased under this program in 2019, As of December 31, 2019, we have a remaining authorization of $8.0 million for future share repurchases. In 2013, we made a $5 million commitment to invest in an innovation fund through JVP to invest in early-stage cyber technology companies. We sold our interest in JVP in December 2019. There is no further commitment remaining.
December 31,
20192018
(in thousands)
Cash & cash equivalents$18,304$32,011
Short term investments17,77911,303
$36,083$43,314
"} {"question": "What would be the percentage change in the short term investments between 2018 and 2019 if the short term investments in 2019 is increased by 10%?", "answer": ["73.02"], "context": "Liquidity and Capital Resources As of December 31, 2019, we had approximately $36.1 million of cash and cash equivalents and short term investments, a decrease of approximately $7.2 million from $43.3 million in 2018. During 2018, our board of directors authorized the repurchase of issued and outstanding shares of our common stock having an aggregate value of up to $10.0 million pursuant to a share repurchase program. No shares were repurchased under this program in 2019, As of December 31, 2019, we have a remaining authorization of $8.0 million for future share repurchases. In 2013, we made a $5 million commitment to invest in an innovation fund through JVP to invest in early-stage cyber technology companies. We sold our interest in JVP in December 2019. There is no further commitment remaining.
December 31,
20192018
(in thousands)
Cash & cash equivalents$18,304$32,011
Short term investments17,77911,303
$36,083$43,314
"} {"question": "What would be the percentage change in the total liquidity and capital resources between 2018 and 2019 if the amount in 2019 is instead $45,000,000?", "answer": ["3.89"], "context": "Liquidity and Capital Resources As of December 31, 2019, we had approximately $36.1 million of cash and cash equivalents and short term investments, a decrease of approximately $7.2 million from $43.3 million in 2018. During 2018, our board of directors authorized the repurchase of issued and outstanding shares of our common stock having an aggregate value of up to $10.0 million pursuant to a share repurchase program. No shares were repurchased under this program in 2019, As of December 31, 2019, we have a remaining authorization of $8.0 million for future share repurchases. In 2013, we made a $5 million commitment to invest in an innovation fund through JVP to invest in early-stage cyber technology companies. We sold our interest in JVP in December 2019. There is no further commitment remaining.
December 31,
20192018
(in thousands)
Cash & cash equivalents$18,304$32,011
Short term investments17,77911,303
$36,083$43,314
"} {"question": "If Gross revenue for Three Months Ended June 30, 2018 was $80,000 thousand, what would be the Three months ended periods that have gross revenue exceeding $70,000 thousand?", "answer": ["June 30, 2018", "September 30, 2018", "December 31, 2018", "March 31, 2019"], "context": "Our revenues and operating results are significantly affected by the timing, number and breadth of our theatrical releases and their budgets, the timing of television syndication agreements, and our amortization policy for the first 12 months of commercial exploitation for a film. The timing of releases is determined based on several factors. A significant portion of the films we distribute are delivered to Indian theaters at times when theater attendance has traditionally been highest, including school holidays, national holidays and the festivals. This timing of releases also takes into account competitor film release dates, major cricket events in India and film production schedules. Significant holidays and festivals, such as Diwali, Eid and Christmas, occur during July to December each year, and the Indian Premier League cricket season generally occurs during April and May of each year. The Tamil New Year, called Pongal, falls in January each year making the quarter ending March an important one for Tamil releases. Our quarterly results can vary from one period to the next, and the results of one quarter are not necessarily indicative of results for the next or any future quarter. Our revenue and operating results are therefore seasonal in nature due to the impact on income of the timing of new releases as well as timing and quantum of catalogue revenues.
Three Months Ended
June 30, 2018September 30, 2018December 31, 2018March 31, 2019
(in thousands)
Revenue60,21263,42576,74469,745
Adjustment towards significant financing component6,4108,8379,9179,303
Gross Revenue66,62272,26286,66179,048
"} {"question": "If Adjustment towards significant financing component in December 2018 was 10,000 thousands, what would be the average quarterly Adjustment towards significant financing component for 2018?", "answer": ["8637.5"], "context": "Our revenues and operating results are significantly affected by the timing, number and breadth of our theatrical releases and their budgets, the timing of television syndication agreements, and our amortization policy for the first 12 months of commercial exploitation for a film. The timing of releases is determined based on several factors. A significant portion of the films we distribute are delivered to Indian theaters at times when theater attendance has traditionally been highest, including school holidays, national holidays and the festivals. This timing of releases also takes into account competitor film release dates, major cricket events in India and film production schedules. Significant holidays and festivals, such as Diwali, Eid and Christmas, occur during July to December each year, and the Indian Premier League cricket season generally occurs during April and May of each year. The Tamil New Year, called Pongal, falls in January each year making the quarter ending March an important one for Tamil releases. Our quarterly results can vary from one period to the next, and the results of one quarter are not necessarily indicative of results for the next or any future quarter. Our revenue and operating results are therefore seasonal in nature due to the impact on income of the timing of new releases as well as timing and quantum of catalogue revenues.
Three Months Ended
June 30, 2018September 30, 2018December 31, 2018March 31, 2019
(in thousands)
Revenue60,21263,42576,74469,745
Adjustment towards significant financing component6,4108,8379,9179,303
Gross Revenue66,62272,26286,66179,048
"} {"question": "If Gross Revenue in December 2018 was 70,000 thousands, what would be the percentage increase / (decrease) in the Gross Revenue from Three Months Ended December 2018 to March 2019?", "answer": ["12.93"], "context": "Our revenues and operating results are significantly affected by the timing, number and breadth of our theatrical releases and their budgets, the timing of television syndication agreements, and our amortization policy for the first 12 months of commercial exploitation for a film. The timing of releases is determined based on several factors. A significant portion of the films we distribute are delivered to Indian theaters at times when theater attendance has traditionally been highest, including school holidays, national holidays and the festivals. This timing of releases also takes into account competitor film release dates, major cricket events in India and film production schedules. Significant holidays and festivals, such as Diwali, Eid and Christmas, occur during July to December each year, and the Indian Premier League cricket season generally occurs during April and May of each year. The Tamil New Year, called Pongal, falls in January each year making the quarter ending March an important one for Tamil releases. Our quarterly results can vary from one period to the next, and the results of one quarter are not necessarily indicative of results for the next or any future quarter. Our revenue and operating results are therefore seasonal in nature due to the impact on income of the timing of new releases as well as timing and quantum of catalogue revenues.
Three Months Ended
June 30, 2018September 30, 2018December 31, 2018March 31, 2019
(in thousands)
Revenue60,21263,42576,74469,745
Adjustment towards significant financing component6,4108,8379,9179,303
Gross Revenue66,62272,26286,66179,048
"} {"question": "If Total consolidated expense and other (income) in 2019 increased to 10,000 million, what is the increase / (decrease) from 2018 to 2019?", "answer": ["3747"], "context": "* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity. Total expense and other (income) increased 13.7 percent in the fourth quarter with an expense-to-revenue ratio of 32.6 percent compared to 28.7 percent in the fourth quarter of 2018. The year-to-year increase was a result of higher spending (15 points) driven by Red Hat (15 points) and higher acquisitionrelated charges and amortization of acquired intangible assets associated with the Red Hat transaction (4 points), partially offset by higher divestiture gains (3 points) and lower non-operating retirement-related costs (3 points). Total operating (non-GAAP) expense and other income increased 14.7 percent year to year primarily driven by the higher spending, partially offset by the divestiture gains, as described above.
($ in millions)
For the fourth quarter:20192018Yr.-to-Yr. Percent/ Margin Change*
Total consolidated expense and other (income)$7,107$6,25313.7%
Non-operating adjustments
Amortization of acquired intangible assets(294)(106)176.0
Acquisition-related charges(27)(13)104.7
Non-operating retirement related (costs)/income(196)(387)(49.4)
Operating (non-GAAP) expense and other (income)$6,591$5,74614.7%
Total consolidated expense-to-revenue ratio32.6%28.7%3.9pts
Operating (non-GAAP) expense-to-revenue ratio30.3%26.4%3.9pts
"} {"question": "If Amortization of acquired intangible assets in 2019 increased to (300) million, what is the average?", "answer": ["-203"], "context": "* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity. Total expense and other (income) increased 13.7 percent in the fourth quarter with an expense-to-revenue ratio of 32.6 percent compared to 28.7 percent in the fourth quarter of 2018. The year-to-year increase was a result of higher spending (15 points) driven by Red Hat (15 points) and higher acquisitionrelated charges and amortization of acquired intangible assets associated with the Red Hat transaction (4 points), partially offset by higher divestiture gains (3 points) and lower non-operating retirement-related costs (3 points). Total operating (non-GAAP) expense and other income increased 14.7 percent year to year primarily driven by the higher spending, partially offset by the divestiture gains, as described above.
($ in millions)
For the fourth quarter:20192018Yr.-to-Yr. Percent/ Margin Change*
Total consolidated expense and other (income)$7,107$6,25313.7%
Non-operating adjustments
Amortization of acquired intangible assets(294)(106)176.0
Acquisition-related charges(27)(13)104.7
Non-operating retirement related (costs)/income(196)(387)(49.4)
Operating (non-GAAP) expense and other (income)$6,591$5,74614.7%
Total consolidated expense-to-revenue ratio32.6%28.7%3.9pts
Operating (non-GAAP) expense-to-revenue ratio30.3%26.4%3.9pts
"} {"question": "If Operating (non-GAAP) expense and other (income) in 2018 increased to 6,000 million, what is the average?", "answer": ["6295.5"], "context": "* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity. Total expense and other (income) increased 13.7 percent in the fourth quarter with an expense-to-revenue ratio of 32.6 percent compared to 28.7 percent in the fourth quarter of 2018. The year-to-year increase was a result of higher spending (15 points) driven by Red Hat (15 points) and higher acquisitionrelated charges and amortization of acquired intangible assets associated with the Red Hat transaction (4 points), partially offset by higher divestiture gains (3 points) and lower non-operating retirement-related costs (3 points). Total operating (non-GAAP) expense and other income increased 14.7 percent year to year primarily driven by the higher spending, partially offset by the divestiture gains, as described above.
($ in millions)
For the fourth quarter:20192018Yr.-to-Yr. Percent/ Margin Change*
Total consolidated expense and other (income)$7,107$6,25313.7%
Non-operating adjustments
Amortization of acquired intangible assets(294)(106)176.0
Acquisition-related charges(27)(13)104.7
Non-operating retirement related (costs)/income(196)(387)(49.4)
Operating (non-GAAP) expense and other (income)$6,591$5,74614.7%
Total consolidated expense-to-revenue ratio32.6%28.7%3.9pts
Operating (non-GAAP) expense-to-revenue ratio30.3%26.4%3.9pts
"} {"question": "In which grant year would the risk free interest rate be the highest if the rate in 2019 was 0.9% instead?", "answer": ["2019"], "context": "Employee Share Ownership Plan UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual. Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below. The accumulation period for the 2019 ESOP ends in September 2020, therefore some figures are projections.
2015 Grant2016 Grant2017 Grant2018 Grant2019 Grant
Grant date1st October1st October1st October1st October1st October
Exercise price2,797.0p4,477.3p5,496.7p7,240.0p7,835.0p
Number of employees1,0381,0401,2291,2941,318
Shares under scheme34,44922,17322,41116,68716,820
Vesting period3 years3 years3 years3 years3 years
Expected volatility21%21%21%19%21%
Risk free interest rate0.4%0.1%0.4%0.8%0.5%
Expected dividend yield2.5%2.5%2.3%2.0%1.8%
Fair value2,931.3p4,696.7p5,799.0p7,623.7p8,305.1p
"} {"question": "What would the change in the number of employees in 2019 from 2018 be if the number for 2019 was 1,300 employees instead?", "answer": ["6"], "context": "Employee Share Ownership Plan UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual. Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below. The accumulation period for the 2019 ESOP ends in September 2020, therefore some figures are projections.
2015 Grant2016 Grant2017 Grant2018 Grant2019 Grant
Grant date1st October1st October1st October1st October1st October
Exercise price2,797.0p4,477.3p5,496.7p7,240.0p7,835.0p
Number of employees1,0381,0401,2291,2941,318
Shares under scheme34,44922,17322,41116,68716,820
Vesting period3 years3 years3 years3 years3 years
Expected volatility21%21%21%19%21%
Risk free interest rate0.4%0.1%0.4%0.8%0.5%
Expected dividend yield2.5%2.5%2.3%2.0%1.8%
Fair value2,931.3p4,696.7p5,799.0p7,623.7p8,305.1p
"} {"question": "What would the percentage change in the number of employees in 2019 from 2018 be if the number for 2019 was 1,300 employees instead?", "answer": ["0.46"], "context": "Employee Share Ownership Plan UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual. Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below. The accumulation period for the 2019 ESOP ends in September 2020, therefore some figures are projections.
2015 Grant2016 Grant2017 Grant2018 Grant2019 Grant
Grant date1st October1st October1st October1st October1st October
Exercise price2,797.0p4,477.3p5,496.7p7,240.0p7,835.0p
Number of employees1,0381,0401,2291,2941,318
Shares under scheme34,44922,17322,41116,68716,820
Vesting period3 years3 years3 years3 years3 years
Expected volatility21%21%21%19%21%
Risk free interest rate0.4%0.1%0.4%0.8%0.5%
Expected dividend yield2.5%2.5%2.3%2.0%1.8%
Fair value2,931.3p4,696.7p5,799.0p7,623.7p8,305.1p
"} {"question": "What would be the payments due for Operating leases, including imputed interest from years 1 to 3 if the amount in year 1 was twice the amount in Years 4 & 5?", "answer": ["13474"], "context": "Contractual Obligations and Contingent Liabilities and Commitments Our principal commitments consist primarily of obligations under operating and financing leases, which include among others, certain leases of our offices, colocations and servers as well as contractual commitment related network infrastructure and data center operations. The following table summarizes our commitments to settle contractual obligations in cash as of December 31, 2019: (1) Finance leases are related to servers and network infrastructure and our data center operations. As of December 31, 2019, we had severance agreements with certain employees which would require us to pay up to approximately $6.4 million if all such employees were terminated from employment with our Company following a triggering event (e.g., change of control) as defined in the severance agreements.
Payments Due by Year Ending December 31, 2020
(In thousands)TotalYear 1 (1)Years 2 & 3Years 4 & 5Beyond 5 Years
Operating leases, including imputed interest12,8073,5195,1024,186—
Finance leases, including imputed interest (1)2,1651,4237366—
Total contractual obligations$ 14,972$ 4,942$ 5,838$ 4,192$ —
"} {"question": "What would be the percentage constitution of total operating leases among the total contractual obligations if the total contractual obligations was 16,000 thousand instead?", "answer": ["80.04"], "context": "Contractual Obligations and Contingent Liabilities and Commitments Our principal commitments consist primarily of obligations under operating and financing leases, which include among others, certain leases of our offices, colocations and servers as well as contractual commitment related network infrastructure and data center operations. The following table summarizes our commitments to settle contractual obligations in cash as of December 31, 2019: (1) Finance leases are related to servers and network infrastructure and our data center operations. As of December 31, 2019, we had severance agreements with certain employees which would require us to pay up to approximately $6.4 million if all such employees were terminated from employment with our Company following a triggering event (e.g., change of control) as defined in the severance agreements.
Payments Due by Year Ending December 31, 2020
(In thousands)TotalYear 1 (1)Years 2 & 3Years 4 & 5Beyond 5 Years
Operating leases, including imputed interest12,8073,5195,1024,186—
Finance leases, including imputed interest (1)2,1651,4237366—
Total contractual obligations$ 14,972$ 4,942$ 5,838$ 4,192$ —
"} {"question": "How much more in total contractual obligations would the company expect to spend in Year 1 than Years 4 & 5 if the value in Year 1 was $5,000 thousand instead?", "answer": ["808"], "context": "Contractual Obligations and Contingent Liabilities and Commitments Our principal commitments consist primarily of obligations under operating and financing leases, which include among others, certain leases of our offices, colocations and servers as well as contractual commitment related network infrastructure and data center operations. The following table summarizes our commitments to settle contractual obligations in cash as of December 31, 2019: (1) Finance leases are related to servers and network infrastructure and our data center operations. As of December 31, 2019, we had severance agreements with certain employees which would require us to pay up to approximately $6.4 million if all such employees were terminated from employment with our Company following a triggering event (e.g., change of control) as defined in the severance agreements.
Payments Due by Year Ending December 31, 2020
(In thousands)TotalYear 1 (1)Years 2 & 3Years 4 & 5Beyond 5 Years
Operating leases, including imputed interest12,8073,5195,1024,186—
Finance leases, including imputed interest (1)2,1651,4237366—
Total contractual obligations$ 14,972$ 4,942$ 5,838$ 4,192$ —
"} {"question": "What would be the percentage change of total balances of contract assets, including current and non-current, from 2018 to 2019, if the balance of current contract assets in 2018 was $500 thousand?", "answer": ["191.06"], "context": "Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers (amounts in thousands): Contract assets, reported within current assets and other long-term assets in the consolidated balance sheets, primarily result from revenue being recognized when a license is delivered and payments are made over time. Contract liabilities primarily relate to advance consideration received from customers, deferred revenue, for which transfer of control occurs, and therefore revenue is recognized, as services are provided. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company recognized $4.4 million of revenue during the year ended September 30, 2019 that was included in the contract liability balance at the beginning of the period.
September 30, 2019October 1, 2018
Contract assets, current$2,350$169
Contract assets, non-current581507
Contract liabilities, current5,6124,281
Contract liabilities, non-current736485
"} {"question": "What would be the total balance of contract assets and liabilities in 2019 if the current contract liabilities were $4,500 thousand?", "answer": ["8167"], "context": "Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers (amounts in thousands): Contract assets, reported within current assets and other long-term assets in the consolidated balance sheets, primarily result from revenue being recognized when a license is delivered and payments are made over time. Contract liabilities primarily relate to advance consideration received from customers, deferred revenue, for which transfer of control occurs, and therefore revenue is recognized, as services are provided. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company recognized $4.4 million of revenue during the year ended September 30, 2019 that was included in the contract liability balance at the beginning of the period.
September 30, 2019October 1, 2018
Contract assets, current$2,350$169
Contract assets, non-current581507
Contract liabilities, current5,6124,281
Contract liabilities, non-current736485
"} {"question": "What would be the ratio of contract liabilities to contract assets in 2018 if the current contract assets were $650 thousand?", "answer": ["4.12"], "context": "Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers (amounts in thousands): Contract assets, reported within current assets and other long-term assets in the consolidated balance sheets, primarily result from revenue being recognized when a license is delivered and payments are made over time. Contract liabilities primarily relate to advance consideration received from customers, deferred revenue, for which transfer of control occurs, and therefore revenue is recognized, as services are provided. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company recognized $4.4 million of revenue during the year ended September 30, 2019 that was included in the contract liability balance at the beginning of the period.
September 30, 2019October 1, 2018
Contract assets, current$2,350$169
Contract assets, non-current581507
Contract liabilities, current5,6124,281
Contract liabilities, non-current736485
"} {"question": "How many years did the Transaction volume exceed $5,000 million if the transaction volume in 2017 was $6,000 million instead?", "answer": ["3"], "context": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated) Business Metrics We review a number of operating and financial metrics to evaluate our business, measure our performance, identify trends, formulate plans and make strategic decisions, including the following. Transaction Volume. We define transaction volume as the dollar value of loans facilitated on our platform during a given period. Transaction volume is an indicator of revenue and overall platform profitability and has grown substantially in the past several years. Loan Servicing Portfolio. We define our loan servicing portfolio as the aggregate outstanding consumer loan balance (principal plus accrued interest and fees) serviced by our platform at the date of measurement. Our loan servicing portfolio is an indicator of our servicing activities. The average loan servicing portfolio for the years ended December 31, 2019, 2018 and 2017 was $8,213 million, $6,303 million and $4,501 million, respectively. Active Merchants. We define active merchants as home improvement merchants and healthcare providers that have submitted at least one consumer application during the twelve months ended at the date of measurement. Because our transaction volume is a function of the size, engagement and growth of our merchant network, active merchants, in aggregate, are an indicator of future revenue and profitability, although they are not directly correlated. The comparative measures can also be impacted by disciplined corrective action taken by the Company to remove merchants from our program who do not meet our customer satisfaction standards. Cumulative Consumer Accounts. We define cumulative consumer accounts as the aggregate number of consumer accounts approved on our platform since our inception, including accounts with both outstanding and zero balances. Although not directly correlated to revenue, cumulative consumer accounts is a measure of our brand awareness among consumers, as well as the value of the data we have been collecting from such consumers since our inception. We may use this data to support future growth by cross-marketing products and delivering potential additional customers to merchants that may not have been able to source those customers themselves.
Year Ended December 31,
201920182017
Transaction Volume
Dollars (in millions)$5,954$5,030$3,767
Percentage increase18%34%
Loan Servicing Portfolio
Dollars (in millions, at end of period)$9,150$7,341$5,390
Percentage increase25%36%
Active Merchants
Number (at end of period)17,21614,90710,891
Percentage increase15%37%
Cumulative Consumer Accounts
Number (in millions, at end of period)3.032.241.57
Percentage increase35%43%
"} {"question": "What would be the change in the Loan Servicing Portfolio between 2017 and 2018 if the Loan Servicing Portfolio in 2017 was $7,000 million instead?", "answer": ["341"], "context": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated) Business Metrics We review a number of operating and financial metrics to evaluate our business, measure our performance, identify trends, formulate plans and make strategic decisions, including the following. Transaction Volume. We define transaction volume as the dollar value of loans facilitated on our platform during a given period. Transaction volume is an indicator of revenue and overall platform profitability and has grown substantially in the past several years. Loan Servicing Portfolio. We define our loan servicing portfolio as the aggregate outstanding consumer loan balance (principal plus accrued interest and fees) serviced by our platform at the date of measurement. Our loan servicing portfolio is an indicator of our servicing activities. The average loan servicing portfolio for the years ended December 31, 2019, 2018 and 2017 was $8,213 million, $6,303 million and $4,501 million, respectively. Active Merchants. We define active merchants as home improvement merchants and healthcare providers that have submitted at least one consumer application during the twelve months ended at the date of measurement. Because our transaction volume is a function of the size, engagement and growth of our merchant network, active merchants, in aggregate, are an indicator of future revenue and profitability, although they are not directly correlated. The comparative measures can also be impacted by disciplined corrective action taken by the Company to remove merchants from our program who do not meet our customer satisfaction standards. Cumulative Consumer Accounts. We define cumulative consumer accounts as the aggregate number of consumer accounts approved on our platform since our inception, including accounts with both outstanding and zero balances. Although not directly correlated to revenue, cumulative consumer accounts is a measure of our brand awareness among consumers, as well as the value of the data we have been collecting from such consumers since our inception. We may use this data to support future growth by cross-marketing products and delivering potential additional customers to merchants that may not have been able to source those customers themselves.
Year Ended December 31,
201920182017
Transaction Volume
Dollars (in millions)$5,954$5,030$3,767
Percentage increase18%34%
Loan Servicing Portfolio
Dollars (in millions, at end of period)$9,150$7,341$5,390
Percentage increase25%36%
Active Merchants
Number (at end of period)17,21614,90710,891
Percentage increase15%37%
Cumulative Consumer Accounts
Number (in millions, at end of period)3.032.241.57
Percentage increase35%43%
"} {"question": "What would be the percentage change in the Cumulative Consumer Accounts between 2017 and 2019 if the Cumulative Consumer Accounts in 2019 was $2 million instead?", "answer": ["27.39"], "context": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated) Business Metrics We review a number of operating and financial metrics to evaluate our business, measure our performance, identify trends, formulate plans and make strategic decisions, including the following. Transaction Volume. We define transaction volume as the dollar value of loans facilitated on our platform during a given period. Transaction volume is an indicator of revenue and overall platform profitability and has grown substantially in the past several years. Loan Servicing Portfolio. We define our loan servicing portfolio as the aggregate outstanding consumer loan balance (principal plus accrued interest and fees) serviced by our platform at the date of measurement. Our loan servicing portfolio is an indicator of our servicing activities. The average loan servicing portfolio for the years ended December 31, 2019, 2018 and 2017 was $8,213 million, $6,303 million and $4,501 million, respectively. Active Merchants. We define active merchants as home improvement merchants and healthcare providers that have submitted at least one consumer application during the twelve months ended at the date of measurement. Because our transaction volume is a function of the size, engagement and growth of our merchant network, active merchants, in aggregate, are an indicator of future revenue and profitability, although they are not directly correlated. The comparative measures can also be impacted by disciplined corrective action taken by the Company to remove merchants from our program who do not meet our customer satisfaction standards. Cumulative Consumer Accounts. We define cumulative consumer accounts as the aggregate number of consumer accounts approved on our platform since our inception, including accounts with both outstanding and zero balances. Although not directly correlated to revenue, cumulative consumer accounts is a measure of our brand awareness among consumers, as well as the value of the data we have been collecting from such consumers since our inception. We may use this data to support future growth by cross-marketing products and delivering potential additional customers to merchants that may not have been able to source those customers themselves.
Year Ended December 31,
201920182017
Transaction Volume
Dollars (in millions)$5,954$5,030$3,767
Percentage increase18%34%
Loan Servicing Portfolio
Dollars (in millions, at end of period)$9,150$7,341$5,390
Percentage increase25%36%
Active Merchants
Number (at end of period)17,21614,90710,891
Percentage increase15%37%
Cumulative Consumer Accounts
Number (in millions, at end of period)3.032.241.57
Percentage increase35%43%
"} {"question": "What would be the average weight of the Nordic Freedom and Nordic Moon if the weight of Nordic Moon is decreased by 500 deadweight tons?", "answer": ["159568"], "context": "1. NATURE OF BUSINESS Nordic American Tankers Limited (“NAT”) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company’s shares trade under the symbol “NAT” on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers. The Company is an international tanker company that currently has a fleet of 23 Suezmax tankers. The Company has not disposed of or acquired new vessels in 2019. The 23 vessels the Company operated per December 31, 2019, average approximately 156,000 dwt each. In 2019, 2018 and 2017, the Company chartered out its operating vessels primarily in the spot market. The Company’s Fleet The Company’s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.
VesselBuilt inDeadweight TonsDelivered to NAT in
Nordic Freedom2005159,3312005
Nordic Moon2002160,3052006
Nordic Apollo2003159,9982006
Nordic Cosmos2003159,9992006
Nordic Grace2002149,9212009
Nordic Mistral2002164,2362009
Nordic Passat2002164,2742010
Nordic Vega2010163,9402010
Nordic Breeze2011158,5972011
Nordic Zenith2011158,6452011
Nordic Sprinter2005159,0892014
Nordic Skier2005159,0892014
Nordic Light2010158,4752015
Nordic Cross2010158,4752015
Nordic Luna2004150,0372016
Nordic Castor2004150,2492016
Nordic Sirius2000150,1832016
Nordic Pollux2003150,1032016
Nordic Star2016159,0002016
Nordic Space2017159,0002017
Nordic Tellus2018157,0002018
Nordic Aquarius2018157,0002018
Nordic Cygnus2018157,0002018
"} {"question": "What would be the average weight of the Nordic Apollo and Nordic Cosmos if the weight of Nordic Cosmos is doubled?", "answer": ["239998"], "context": "1. NATURE OF BUSINESS Nordic American Tankers Limited (“NAT”) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company’s shares trade under the symbol “NAT” on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers. The Company is an international tanker company that currently has a fleet of 23 Suezmax tankers. The Company has not disposed of or acquired new vessels in 2019. The 23 vessels the Company operated per December 31, 2019, average approximately 156,000 dwt each. In 2019, 2018 and 2017, the Company chartered out its operating vessels primarily in the spot market. The Company’s Fleet The Company’s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.
VesselBuilt inDeadweight TonsDelivered to NAT in
Nordic Freedom2005159,3312005
Nordic Moon2002160,3052006
Nordic Apollo2003159,9982006
Nordic Cosmos2003159,9992006
Nordic Grace2002149,9212009
Nordic Mistral2002164,2362009
Nordic Passat2002164,2742010
Nordic Vega2010163,9402010
Nordic Breeze2011158,5972011
Nordic Zenith2011158,6452011
Nordic Sprinter2005159,0892014
Nordic Skier2005159,0892014
Nordic Light2010158,4752015
Nordic Cross2010158,4752015
Nordic Luna2004150,0372016
Nordic Castor2004150,2492016
Nordic Sirius2000150,1832016
Nordic Pollux2003150,1032016
Nordic Star2016159,0002016
Nordic Space2017159,0002017
Nordic Tellus2018157,0002018
Nordic Aquarius2018157,0002018
Nordic Cygnus2018157,0002018
"} {"question": "What would be the average weight of the Nordic Grace and Nordic Mistrals if the weight of Nordic Mistrals is decreased by 10%?", "answer": ["148866.7"], "context": "1. NATURE OF BUSINESS Nordic American Tankers Limited (“NAT”) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company’s shares trade under the symbol “NAT” on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers. The Company is an international tanker company that currently has a fleet of 23 Suezmax tankers. The Company has not disposed of or acquired new vessels in 2019. The 23 vessels the Company operated per December 31, 2019, average approximately 156,000 dwt each. In 2019, 2018 and 2017, the Company chartered out its operating vessels primarily in the spot market. The Company’s Fleet The Company’s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.
VesselBuilt inDeadweight TonsDelivered to NAT in
Nordic Freedom2005159,3312005
Nordic Moon2002160,3052006
Nordic Apollo2003159,9982006
Nordic Cosmos2003159,9992006
Nordic Grace2002149,9212009
Nordic Mistral2002164,2362009
Nordic Passat2002164,2742010
Nordic Vega2010163,9402010
Nordic Breeze2011158,5972011
Nordic Zenith2011158,6452011
Nordic Sprinter2005159,0892014
Nordic Skier2005159,0892014
Nordic Light2010158,4752015
Nordic Cross2010158,4752015
Nordic Luna2004150,0372016
Nordic Castor2004150,2492016
Nordic Sirius2000150,1832016
Nordic Pollux2003150,1032016
Nordic Star2016159,0002016
Nordic Space2017159,0002017
Nordic Tellus2018157,0002018
Nordic Aquarius2018157,0002018
Nordic Cygnus2018157,0002018
"} {"question": "If Balance at beginning of period was increased by 1.3(in millions), What is the Balance at beginning of period expressed as a percentage of Balance at end of period for year 2019?", "answer": ["83.42"], "context": "The following table shows the activity of our U.S. and international plan assets, which are measured at fair value using Level 3 inputs. (1) Balances as of December 31, 2018 have been revised from our 2018 Form 10-K filing to reflect changes in leveling classification of specific funds. These reclassifications did not impact the fair value of any of our pension plan assets. (2) Purchases of Level 3 assets in 2018 primarily represent the purchase of bulk annuity contracts (buy-ins) in some of our international plans.
December 31,
(In millions)20192018
Balance at beginning of period(1)$ 150.1$ 71.5
Gains (losses) on assets still held at end of year16.8(16.0)
Purchases, sales, issuance, and settlements(2)8.3103.7
Transfers in and/or out of Level 3—1.0
Foreign exchange gain (loss)5.0(10.1)
Balance at end of period(1)$ 180.2$ 150.1
"} {"question": "If the Balance at end of period for 2018 was 140.4 instead, What is the difference between the Balance at end of period for 2018 and 2019?", "answer": ["39.8"], "context": "The following table shows the activity of our U.S. and international plan assets, which are measured at fair value using Level 3 inputs. (1) Balances as of December 31, 2018 have been revised from our 2018 Form 10-K filing to reflect changes in leveling classification of specific funds. These reclassifications did not impact the fair value of any of our pension plan assets. (2) Purchases of Level 3 assets in 2018 primarily represent the purchase of bulk annuity contracts (buy-ins) in some of our international plans.
December 31,
(In millions)20192018
Balance at beginning of period(1)$ 150.1$ 71.5
Gains (losses) on assets still held at end of year16.8(16.0)
Purchases, sales, issuance, and settlements(2)8.3103.7
Transfers in and/or out of Level 3—1.0
Foreign exchange gain (loss)5.0(10.1)
Balance at end of period(1)$ 180.2$ 150.1
"} {"question": "If balance at beginning of period for both years increased by 10.0(in millions), What is percentage growth of Balance at end of period for year 2018 to 2019?", "answer": ["18.8"], "context": "The following table shows the activity of our U.S. and international plan assets, which are measured at fair value using Level 3 inputs. (1) Balances as of December 31, 2018 have been revised from our 2018 Form 10-K filing to reflect changes in leveling classification of specific funds. These reclassifications did not impact the fair value of any of our pension plan assets. (2) Purchases of Level 3 assets in 2018 primarily represent the purchase of bulk annuity contracts (buy-ins) in some of our international plans.
December 31,
(In millions)20192018
Balance at beginning of period(1)$ 150.1$ 71.5
Gains (losses) on assets still held at end of year16.8(16.0)
Purchases, sales, issuance, and settlements(2)8.3103.7
Transfers in and/or out of Level 3—1.0
Foreign exchange gain (loss)5.0(10.1)
Balance at end of period(1)$ 180.2$ 150.1
"} {"question": "How many metrics would have been added under the Long-Term Incentive Plan if the three-year cumulative adjusted EBITDA target was not included?", "answer": ["1"], "context": "2020 Incentive Plan Enhancements. For 2020, we have transitioned into the operation phase of our long-term strategy. As discussed further in this CD&A, following an internal review process, extensive discussions with our shareholders and consultation with our executive compensation consultants, we revised the design for our 2020 incentive programs to support our strategic priorities as described below: • added Revenue as metric to our STI plan to encourage and reward top-line performance • changed the metric and performance period for our LTI plan to three-year cumulative Adjusted EBITDA target • added three-year Relative TSR Modifier, as a positive or negative adjustment +/- 20%, for our LTI plan.
Short-Term Incentive Plan
StrategyIntegrate and TransformOperate
Metrics2018 & 2019 Weighting2020 Weighting
Adjusted EBITDA65%50%
Free Cash Flow25%25%
Revenue—15%
Customer Experience10%10%
Long-Term Incentive Plan
StrategyIntegrate and TransformOperate
Metrics2018 & 2019 Weighting2020 Weighting
Adjusted EBITDA Run Rate (2 year)100%—
Cumulative Adjusted EBITDA (3 year)—100%
Relative TSR Modifier (3 year)—+/-20%
"} {"question": "What would the percentage change in the Adjusted EBITDA target under Short-Term Incentive Plan in 2020 be if the 2020 Weighting target is 55%?", "answer": ["10"], "context": "2020 Incentive Plan Enhancements. For 2020, we have transitioned into the operation phase of our long-term strategy. As discussed further in this CD&A, following an internal review process, extensive discussions with our shareholders and consultation with our executive compensation consultants, we revised the design for our 2020 incentive programs to support our strategic priorities as described below: • added Revenue as metric to our STI plan to encourage and reward top-line performance • changed the metric and performance period for our LTI plan to three-year cumulative Adjusted EBITDA target • added three-year Relative TSR Modifier, as a positive or negative adjustment +/- 20%, for our LTI plan.
Short-Term Incentive Plan
StrategyIntegrate and TransformOperate
Metrics2018 & 2019 Weighting2020 Weighting
Adjusted EBITDA65%50%
Free Cash Flow25%25%
Revenue—15%
Customer Experience10%10%
Long-Term Incentive Plan
StrategyIntegrate and TransformOperate
Metrics2018 & 2019 Weighting2020 Weighting
Adjusted EBITDA Run Rate (2 year)100%—
Cumulative Adjusted EBITDA (3 year)—100%
Relative TSR Modifier (3 year)—+/-20%
"} {"question": "What would the average Adjusted EBITDA under the Short-Term Incentive Plan be if the 2020 Weighting target is 55%?", "answer": ["60"], "context": "2020 Incentive Plan Enhancements. For 2020, we have transitioned into the operation phase of our long-term strategy. As discussed further in this CD&A, following an internal review process, extensive discussions with our shareholders and consultation with our executive compensation consultants, we revised the design for our 2020 incentive programs to support our strategic priorities as described below: • added Revenue as metric to our STI plan to encourage and reward top-line performance • changed the metric and performance period for our LTI plan to three-year cumulative Adjusted EBITDA target • added three-year Relative TSR Modifier, as a positive or negative adjustment +/- 20%, for our LTI plan.
Short-Term Incentive Plan
StrategyIntegrate and TransformOperate
Metrics2018 & 2019 Weighting2020 Weighting
Adjusted EBITDA65%50%
Free Cash Flow25%25%
Revenue—15%
Customer Experience10%10%
Long-Term Incentive Plan
StrategyIntegrate and TransformOperate
Metrics2018 & 2019 Weighting2020 Weighting
Adjusted EBITDA Run Rate (2 year)100%—
Cumulative Adjusted EBITDA (3 year)—100%
Relative TSR Modifier (3 year)—+/-20%
"} {"question": "If value of Construction in process in 2018 was 27,000 thousands, in which year would it be less than 30,000 thousands?", "answer": ["2019", "2018"], "context": "9. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following (in thousands): Depreciation and amortization expense related to property and equipment for fiscal years 2019, 2018 and 2017 was $29.7 million, $30.7 million and $27.3 million, respectively. Accumulated depreciation on capital lease assets for fiscal years 2019 and 2018 was $5.3 million and $3.2 million, respectively. See Note 17 - Impairments and Note 15 - Restructurings for information related to property and equipment impaired during fiscal year 2019.
September 27,September 28,
20192018
Construction in process24,84849,661
Machinery and equipment175,696174,638
Leasehold improvements12,96214,984
Furniture and fixtures3,7162,306
Capital lease assets46,49619,380
Computer equipment and software18,11617,317
Total property and equipment281,834278,286
Less accumulated depreciation and amortization(149,187)(128,363)
Property and equipment — net$132,647$149,923
"} {"question": "If Machinery and equipment value in 2019 was 150,000 thousands, what would be the average for 2018 and 2019?", "answer": ["162319"], "context": "9. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following (in thousands): Depreciation and amortization expense related to property and equipment for fiscal years 2019, 2018 and 2017 was $29.7 million, $30.7 million and $27.3 million, respectively. Accumulated depreciation on capital lease assets for fiscal years 2019 and 2018 was $5.3 million and $3.2 million, respectively. See Note 17 - Impairments and Note 15 - Restructurings for information related to property and equipment impaired during fiscal year 2019.
September 27,September 28,
20192018
Construction in process24,84849,661
Machinery and equipment175,696174,638
Leasehold improvements12,96214,984
Furniture and fixtures3,7162,306
Capital lease assets46,49619,380
Computer equipment and software18,11617,317
Total property and equipment281,834278,286
Less accumulated depreciation and amortization(149,187)(128,363)
Property and equipment — net$132,647$149,923
"} {"question": "If Leasehold improvements in 2019 was 15,000 thousands, what would be the change from 2018 to 2019?", "answer": ["16"], "context": "9. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following (in thousands): Depreciation and amortization expense related to property and equipment for fiscal years 2019, 2018 and 2017 was $29.7 million, $30.7 million and $27.3 million, respectively. Accumulated depreciation on capital lease assets for fiscal years 2019 and 2018 was $5.3 million and $3.2 million, respectively. See Note 17 - Impairments and Note 15 - Restructurings for information related to property and equipment impaired during fiscal year 2019.
September 27,September 28,
20192018
Construction in process24,84849,661
Machinery and equipment175,696174,638
Leasehold improvements12,96214,984
Furniture and fixtures3,7162,306
Capital lease assets46,49619,380
Computer equipment and software18,11617,317
Total property and equipment281,834278,286
Less accumulated depreciation and amortization(149,187)(128,363)
Property and equipment — net$132,647$149,923
"} {"question": "If the increase in marketing program costs from 2018 to 2019 is $10 million. What is the difference between the increase sales and marketing expenses from 2018 to 2019 and 2017 to 2018?", "answer": ["27"], "context": "Sales and Marketing Expenses Sales and marketing expenses increased $105 million, or 36%, in 2019 compared to 2018. The overall increase was primarily due to increased employee compensation-related costs, including amortization of capitalized commissions, of $72 million, driven by headcount growth, and an increase in marketing program costs of $8 million. The increase in marketing program costs was driven by increased volume of advertising activities. Further contributing to the overall increase was an increase in allocated shared costs of $14 million. Sales and marketing expenses increased $80 million, or 38%, in 2018 compared to 2017. The overall increase was primarily due to increased employee compensation-related costs, including amortization of capitalized commissions, of $55 million, driven by headcount growth, and an increase in marketing program costs of $10 million. The increase in marketing program costs was driven by increased volume of advertising activities. Further contributing to the overall increase was an increase in allocated shared costs of $11 million.
Year Ended December 31,
2019201820172018 to 2019 % change2017 to 2018 % change
(In thousands, except percentages)
Sales and Marketing$ 396,514$ 291,668$ 211,91836%38%
"} {"question": "What is the percentage increase in sales and marketing expenses from 2017 to 2019 if the increase in employee compensation-related costs from 2017 to 2018 is increased by an additional of $5,000 thousands?", "answer": ["82.79"], "context": "Sales and Marketing Expenses Sales and marketing expenses increased $105 million, or 36%, in 2019 compared to 2018. The overall increase was primarily due to increased employee compensation-related costs, including amortization of capitalized commissions, of $72 million, driven by headcount growth, and an increase in marketing program costs of $8 million. The increase in marketing program costs was driven by increased volume of advertising activities. Further contributing to the overall increase was an increase in allocated shared costs of $14 million. Sales and marketing expenses increased $80 million, or 38%, in 2018 compared to 2017. The overall increase was primarily due to increased employee compensation-related costs, including amortization of capitalized commissions, of $55 million, driven by headcount growth, and an increase in marketing program costs of $10 million. The increase in marketing program costs was driven by increased volume of advertising activities. Further contributing to the overall increase was an increase in allocated shared costs of $11 million.
Year Ended December 31,
2019201820172018 to 2019 % change2017 to 2018 % change
(In thousands, except percentages)
Sales and Marketing$ 396,514$ 291,668$ 211,91836%38%
"} {"question": "Suppose the increase in sales and marketing expenses from 2017 to 2018 is $ 90 million, what is the increase in sales and marketing expenses from 2017 to 2019?", "answer": ["195"], "context": "Sales and Marketing Expenses Sales and marketing expenses increased $105 million, or 36%, in 2019 compared to 2018. The overall increase was primarily due to increased employee compensation-related costs, including amortization of capitalized commissions, of $72 million, driven by headcount growth, and an increase in marketing program costs of $8 million. The increase in marketing program costs was driven by increased volume of advertising activities. Further contributing to the overall increase was an increase in allocated shared costs of $14 million. Sales and marketing expenses increased $80 million, or 38%, in 2018 compared to 2017. The overall increase was primarily due to increased employee compensation-related costs, including amortization of capitalized commissions, of $55 million, driven by headcount growth, and an increase in marketing program costs of $10 million. The increase in marketing program costs was driven by increased volume of advertising activities. Further contributing to the overall increase was an increase in allocated shared costs of $11 million.
Year Ended December 31,
2019201820172018 to 2019 % change2017 to 2018 % change
(In thousands, except percentages)
Sales and Marketing$ 396,514$ 291,668$ 211,91836%38%
"} {"question": "If beginning balance in 2019 was 800 thousands, in which year would it be less than 1,000 thousands?", "answer": ["2019", "2018"], "context": "The following table summarizes activity for the interest rate swap: There were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments in the years ended December 31, 2019 and 2018. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Some of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, net receivables, certain other assets, accounts payable, accrued price protection liability, accrued expenses, accrued compensation costs, and other current liabilities. The Company’s long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes (Note8 ).
Fair Value at December 31,
20192018
(in thousands)
Interest rate swap
Beginning balance$1,623$734
Unrealized gain (loss) recognized in other comprehensive income (loss)(1,660)889
Ending balance$(37)1,623
"} {"question": "If Unrealized gain (loss) recognized in other comprehensive income (loss) in 2019 was 1,200 thousands, what would be the average for 2018 and 2019?", "answer": ["1044.5"], "context": "The following table summarizes activity for the interest rate swap: There were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments in the years ended December 31, 2019 and 2018. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Some of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, net receivables, certain other assets, accounts payable, accrued price protection liability, accrued expenses, accrued compensation costs, and other current liabilities. The Company’s long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes (Note8 ).
Fair Value at December 31,
20192018
(in thousands)
Interest rate swap
Beginning balance$1,623$734
Unrealized gain (loss) recognized in other comprehensive income (loss)(1,660)889
Ending balance$(37)1,623
"} {"question": "If ending balance in 2019 was 2,500 thousands, what would be the change from 2018 to 2019?", "answer": ["877"], "context": "The following table summarizes activity for the interest rate swap: There were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments in the years ended December 31, 2019 and 2018. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Some of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, net receivables, certain other assets, accounts payable, accrued price protection liability, accrued expenses, accrued compensation costs, and other current liabilities. The Company’s long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes (Note8 ).
Fair Value at December 31,
20192018
(in thousands)
Interest rate swap
Beginning balance$1,623$734
Unrealized gain (loss) recognized in other comprehensive income (loss)(1,660)889
Ending balance$(37)1,623
"} {"question": "What would the percentage change in the trade receivables from 2018 to 2019 be if the amount in 2019 was 7,000 thousand instead?", "answer": ["41.36"], "context": "3.3 Trade receivables and contract assets Recognition and measurement All trade and other receivables recognised as current assets are due for settlement within no more than 30 days for marketing fees and within one year for trail commission. Trade receivables are measured on the basis of amortised cost. It is the Group’s policy that all key partners who wish to trade on credit terms are subject to credit verification procedures. Allowance for credit losses iSelect applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets. As a consequence, we do not track changes in credit risk, but recognise a loss allowance based on lifetime expected credit loss at each reporting date. iSelect calculates its provision utilising historical credit loss experience, adjusted for other relevant factors, i.e. aging of receivables, credit rating of the debtor, etc. Debts that are known to be uncollectable are written off when identified. If an impairment allowance has been recognised for a debt that becomes uncollectable, the debt is written off against the provision. If an amount is subsequently recovered, it is credited against profit or loss. As at 30 June 2019, expected credit losses are not considered material. Contract assets Contract assets are initially recognised for revenue earned from comparison, purchase support and referral services, as receipt of consideration is conditional on successful completion of a purchase between the customers and the product providers. Upon completion of sale and acceptance by the customer and the provider, invoices are issued to the provider for the amount receivable. These amounts invoiced are reclassified from contract assets to trade receivables. The trade receivable balance represents the Group’s unconditional right to receive the cash. Key estimates – allowance for credit losses We apply management judgement to estimate the expected credit losses for trade receivables and contract assets. Expected credit losses are assessed on an ongoing basis. Financial difficulties of the debtor, probability of default, delinquency in payments and credit ratings are utilised in this assessment.
CONSOLIDATED CONSOLIDATED
2019 $’0002018 $’000
Trade receivables6,1654,952
Allowance for credit losses-(15)
Contract assets16,82423,773
22,98928,710
The ageing analysis of trade rec The ageing analysis of trade receivables is as follows:
Current4,9674,408
Past due 1 – 30 days1,024291
Past due 31 – 90 days130108
Past due 90+ days44130
6,1654,937
"} {"question": "What would the percentage change in the contract assets from 2018 to 2019 be if the amount in the 2019 was 17,000 thousand instead?", "answer": ["-28.49"], "context": "3.3 Trade receivables and contract assets Recognition and measurement All trade and other receivables recognised as current assets are due for settlement within no more than 30 days for marketing fees and within one year for trail commission. Trade receivables are measured on the basis of amortised cost. It is the Group’s policy that all key partners who wish to trade on credit terms are subject to credit verification procedures. Allowance for credit losses iSelect applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets. As a consequence, we do not track changes in credit risk, but recognise a loss allowance based on lifetime expected credit loss at each reporting date. iSelect calculates its provision utilising historical credit loss experience, adjusted for other relevant factors, i.e. aging of receivables, credit rating of the debtor, etc. Debts that are known to be uncollectable are written off when identified. If an impairment allowance has been recognised for a debt that becomes uncollectable, the debt is written off against the provision. If an amount is subsequently recovered, it is credited against profit or loss. As at 30 June 2019, expected credit losses are not considered material. Contract assets Contract assets are initially recognised for revenue earned from comparison, purchase support and referral services, as receipt of consideration is conditional on successful completion of a purchase between the customers and the product providers. Upon completion of sale and acceptance by the customer and the provider, invoices are issued to the provider for the amount receivable. These amounts invoiced are reclassified from contract assets to trade receivables. The trade receivable balance represents the Group’s unconditional right to receive the cash. Key estimates – allowance for credit losses We apply management judgement to estimate the expected credit losses for trade receivables and contract assets. Expected credit losses are assessed on an ongoing basis. Financial difficulties of the debtor, probability of default, delinquency in payments and credit ratings are utilised in this assessment.
CONSOLIDATED CONSOLIDATED
2019 $’0002018 $’000
Trade receivables6,1654,952
Allowance for credit losses-(15)
Contract assets16,82423,773
22,98928,710
The ageing analysis of trade rec The ageing analysis of trade receivables is as follows:
Current4,9674,408
Past due 1 – 30 days1,024291
Past due 31 – 90 days130108
Past due 90+ days44130
6,1654,937
"} {"question": "What would the percentage change in the trade receivables past due 90+ days from 2018 to 2019 be if the amount in 2019 was 50 thousand instead?", "answer": ["-61.54"], "context": "3.3 Trade receivables and contract assets Recognition and measurement All trade and other receivables recognised as current assets are due for settlement within no more than 30 days for marketing fees and within one year for trail commission. Trade receivables are measured on the basis of amortised cost. It is the Group’s policy that all key partners who wish to trade on credit terms are subject to credit verification procedures. Allowance for credit losses iSelect applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets. As a consequence, we do not track changes in credit risk, but recognise a loss allowance based on lifetime expected credit loss at each reporting date. iSelect calculates its provision utilising historical credit loss experience, adjusted for other relevant factors, i.e. aging of receivables, credit rating of the debtor, etc. Debts that are known to be uncollectable are written off when identified. If an impairment allowance has been recognised for a debt that becomes uncollectable, the debt is written off against the provision. If an amount is subsequently recovered, it is credited against profit or loss. As at 30 June 2019, expected credit losses are not considered material. Contract assets Contract assets are initially recognised for revenue earned from comparison, purchase support and referral services, as receipt of consideration is conditional on successful completion of a purchase between the customers and the product providers. Upon completion of sale and acceptance by the customer and the provider, invoices are issued to the provider for the amount receivable. These amounts invoiced are reclassified from contract assets to trade receivables. The trade receivable balance represents the Group’s unconditional right to receive the cash. Key estimates – allowance for credit losses We apply management judgement to estimate the expected credit losses for trade receivables and contract assets. Expected credit losses are assessed on an ongoing basis. Financial difficulties of the debtor, probability of default, delinquency in payments and credit ratings are utilised in this assessment.
CONSOLIDATED CONSOLIDATED
2019 $’0002018 $’000
Trade receivables6,1654,952
Allowance for credit losses-(15)
Contract assets16,82423,773
22,98928,710
The ageing analysis of trade rec The ageing analysis of trade receivables is as follows:
Current4,9674,408
Past due 1 – 30 days1,024291
Past due 31 – 90 days130108
Past due 90+ days44130
6,1654,937
"} {"question": "What would be the change in cash between 2018 and 2019 if cash in 2019 was $3,000 million instead?", "answer": ["273"], "context": "6. Supplemental Financial Information Cash and cash equivalents (in millions): The following table presents cash and cash equivalents as reported in our consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our consolidated statement of cash flows in accordance with our adoption of the ASU discussed in Note 1 – Description of Business and Significant Accounting Policies.
April 26, 2019April 26, 2018
Cash$ 2,216$ 2,727
Cash equivalents109214
Cash and cash equivalents$ 2,325$ 2,941
Short-term restricted cash55
Long-term restricted cash11
Restricted cash$ 6$ 6
Cash, cash equivalents and restricted cash$ 2,331$ 2,947
"} {"question": "What would be the change in cash and cash equivalents between 2018 and 2019 if cash and cash equivalents in 2018 was $2,000 million instead?", "answer": ["325"], "context": "6. Supplemental Financial Information Cash and cash equivalents (in millions): The following table presents cash and cash equivalents as reported in our consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our consolidated statement of cash flows in accordance with our adoption of the ASU discussed in Note 1 – Description of Business and Significant Accounting Policies.
April 26, 2019April 26, 2018
Cash$ 2,216$ 2,727
Cash equivalents109214
Cash and cash equivalents$ 2,325$ 2,941
Short-term restricted cash55
Long-term restricted cash11
Restricted cash$ 6$ 6
Cash, cash equivalents and restricted cash$ 2,331$ 2,947
"} {"question": "What would be the percentage change in Cash, cash equivalents and restricted cash between 2018 and 2019 if Cash, cash equivalents and restricted cash in 2019 was $3,000 million instead?", "answer": ["1.8"], "context": "6. Supplemental Financial Information Cash and cash equivalents (in millions): The following table presents cash and cash equivalents as reported in our consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our consolidated statement of cash flows in accordance with our adoption of the ASU discussed in Note 1 – Description of Business and Significant Accounting Policies.
April 26, 2019April 26, 2018
Cash$ 2,216$ 2,727
Cash equivalents109214
Cash and cash equivalents$ 2,325$ 2,941
Short-term restricted cash55
Long-term restricted cash11
Restricted cash$ 6$ 6
Cash, cash equivalents and restricted cash$ 2,331$ 2,947
"} {"question": "What would the percentage change in the Depreciation expense, including amortization of capital leases, from 2018 to 2019 be if the amount in 2019 was 190.0 million instead?", "answer": ["15.01"], "context": "Note 11: Property and Equipment Property and equipment, net, consist of the following: Depreciation expense, including amortization of capital leases, during fiscal years 2019, 2018, and 2017, was $182.1 million, $165.2 million, and $152.3 million, respectively.
June 30, 2019June 24, 2018
(in thousands)
Manufacturing and engineering equipment$1,039,454$911,140
Building sand improvements664,061530,032
Computer and computer-related equipment190,974182,451
Office equipment, furniture and fixtures82,11566,378
Land46,15546,155
2,022,7591,736,156
Less: accumulated depreciation and amortization(963,682)(833,609)
$1,059,077$902,547
"} {"question": "What would the percentage change in the accumulated depreciation and amortization from 2018 to 2019 be if the amount in 2019 was 1,000,000 thousand instead?", "answer": ["19.96"], "context": "Note 11: Property and Equipment Property and equipment, net, consist of the following: Depreciation expense, including amortization of capital leases, during fiscal years 2019, 2018, and 2017, was $182.1 million, $165.2 million, and $152.3 million, respectively.
June 30, 2019June 24, 2018
(in thousands)
Manufacturing and engineering equipment$1,039,454$911,140
Building sand improvements664,061530,032
Computer and computer-related equipment190,974182,451
Office equipment, furniture and fixtures82,11566,378
Land46,15546,155
2,022,7591,736,156
Less: accumulated depreciation and amortization(963,682)(833,609)
$1,059,077$902,547
"} {"question": "in which year would the net amount of property and equipment be higher if the amount in 2018 was 1,500,000 thousand instead?", "answer": ["2018"], "context": "Note 11: Property and Equipment Property and equipment, net, consist of the following: Depreciation expense, including amortization of capital leases, during fiscal years 2019, 2018, and 2017, was $182.1 million, $165.2 million, and $152.3 million, respectively.
June 30, 2019June 24, 2018
(in thousands)
Manufacturing and engineering equipment$1,039,454$911,140
Building sand improvements664,061530,032
Computer and computer-related equipment190,974182,451
Office equipment, furniture and fixtures82,11566,378
Land46,15546,155
2,022,7591,736,156
Less: accumulated depreciation and amortization(963,682)(833,609)
$1,059,077$902,547
"} {"question": "If the External Systems Hardware in 2018 increases to 3,000 million, what is the revised average?", "answer": ["2946.5"], "context": "The Systems gross profit margin decrease year to year was driven by the mix away from IBM Z and margin declines in Power Systems and Storage Systems. The pre-tax income decline was driven by the strong performance in IBM Z in the prior year and the continued investment in innovation across the Systems portfolio.
($ in millions)
For the year ended December 31:20182017Yr.-to-Yr. Percent/ Margin Change
Systems
External Systems Hardware gross profit$2,590$2,893(10.5)%
External Systems Hardware gross profit margin40.7%44.6%(3.8)pts
External Operating Systems Software gross profit$1,412$1,469(3.9)%
External Operating Systems Software gross profit margin84.5%86.4%(1.9)pts.
External total gross profit$4,002$4,362(8.2)%
External total gross profit margin49.8%53.2%(3.4)pts.
Pre-tax income$ 904$1,128(19.9)%
Pre-tax margin10.2%12.6%(2.4)pts.
"} {"question": "What would be the increase/ (decrease) in External Systems Hardware gross profit, if the value in 2018 is increased to 2,672 million", "answer": ["-221"], "context": "The Systems gross profit margin decrease year to year was driven by the mix away from IBM Z and margin declines in Power Systems and Storage Systems. The pre-tax income decline was driven by the strong performance in IBM Z in the prior year and the continued investment in innovation across the Systems portfolio.
($ in millions)
For the year ended December 31:20182017Yr.-to-Yr. Percent/ Margin Change
Systems
External Systems Hardware gross profit$2,590$2,893(10.5)%
External Systems Hardware gross profit margin40.7%44.6%(3.8)pts
External Operating Systems Software gross profit$1,412$1,469(3.9)%
External Operating Systems Software gross profit margin84.5%86.4%(1.9)pts.
External total gross profit$4,002$4,362(8.2)%
External total gross profit margin49.8%53.2%(3.4)pts.
Pre-tax income$ 904$1,128(19.9)%
Pre-tax margin10.2%12.6%(2.4)pts.
"} {"question": "What would be the increase/ (decrease) in Pre-tax margin, if the value in 2018 is increased to 16%", "answer": ["3.4"], "context": "The Systems gross profit margin decrease year to year was driven by the mix away from IBM Z and margin declines in Power Systems and Storage Systems. The pre-tax income decline was driven by the strong performance in IBM Z in the prior year and the continued investment in innovation across the Systems portfolio.
($ in millions)
For the year ended December 31:20182017Yr.-to-Yr. Percent/ Margin Change
Systems
External Systems Hardware gross profit$2,590$2,893(10.5)%
External Systems Hardware gross profit margin40.7%44.6%(3.8)pts
External Operating Systems Software gross profit$1,412$1,469(3.9)%
External Operating Systems Software gross profit margin84.5%86.4%(1.9)pts.
External total gross profit$4,002$4,362(8.2)%
External total gross profit margin49.8%53.2%(3.4)pts.
Pre-tax income$ 904$1,128(19.9)%
Pre-tax margin10.2%12.6%(2.4)pts.
"} {"question": "If the company's operating income from resources is $2,000 in 2019, what is the company's main source of operating income in 2019?", "answer": ["Resources"], "context": "Operating Income and Operating Margin Operating income for fiscal 2019 increased $406 million, or 7%, over fiscal 2018. Operating income and operating margin for each of the operating groups were as follows: Amounts in table may not total due to rounding. (1) Effective September 1, 2018, we adopted FASB ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Certain components of pension service costs were reclassified from Operating expenses to Non-operating expenses. Prior period amounts have been revised to conform with the current period presentation.
Fiscal
20192018 (1)
Operating IncomeOperating MarginOperating IncomeOperating MarginIncrease (Decrease)
(in millions of U.S. dollars)
Communications, Media & Technology$1,55518%$1,38017%$175
Financial Services1,238151,36516(128)
Health & Public Service7391076611(27)
Products1,720141,6641556
Resources1,0531672412330
TOTAL$6,30514.6%$5,89914.4%$406
"} {"question": "How much did total operating income gain from 2018 to 2019 if 2019's total operating income is 6,500 million?", "answer": ["10.19"], "context": "Operating Income and Operating Margin Operating income for fiscal 2019 increased $406 million, or 7%, over fiscal 2018. Operating income and operating margin for each of the operating groups were as follows: Amounts in table may not total due to rounding. (1) Effective September 1, 2018, we adopted FASB ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Certain components of pension service costs were reclassified from Operating expenses to Non-operating expenses. Prior period amounts have been revised to conform with the current period presentation.
Fiscal
20192018 (1)
Operating IncomeOperating MarginOperating IncomeOperating MarginIncrease (Decrease)
(in millions of U.S. dollars)
Communications, Media & Technology$1,55518%$1,38017%$175
Financial Services1,238151,36516(128)
Health & Public Service7391076611(27)
Products1,720141,6641556
Resources1,0531672412330
TOTAL$6,30514.6%$5,89914.4%$406
"} {"question": "What is the total operating margin from financial services and products in 2019, if the operating margin for products is 4% less than its current value?", "answer": ["25"], "context": "Operating Income and Operating Margin Operating income for fiscal 2019 increased $406 million, or 7%, over fiscal 2018. Operating income and operating margin for each of the operating groups were as follows: Amounts in table may not total due to rounding. (1) Effective September 1, 2018, we adopted FASB ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Certain components of pension service costs were reclassified from Operating expenses to Non-operating expenses. Prior period amounts have been revised to conform with the current period presentation.
Fiscal
20192018 (1)
Operating IncomeOperating MarginOperating IncomeOperating MarginIncrease (Decrease)
(in millions of U.S. dollars)
Communications, Media & Technology$1,55518%$1,38017%$175
Financial Services1,238151,36516(128)
Health & Public Service7391076611(27)
Products1,720141,6641556
Resources1,0531672412330
TOTAL$6,30514.6%$5,89914.4%$406
"} {"question": "Which year would have the highest Statutory U.S. Federal tax if the value in 2019 was $6,500 instead?", "answer": ["2019"], "context": "Note 12 – Income Taxes Income tax expense for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017 differed from amounts computed using the statutory federal income tax rate due to the following reasons:
December 27, 2019December 28, 2018December 29, 2017
Statutory U.S. Federal tax$6,805$5,847$6,443
Differences due to:
State and local taxes, net of federal benefit2,0781,9061,112
Change in valuation allowance95523289
Impact of the Tax Act——(3,573)
Stock compensation(676)(197)162
Other(92)(637)(391)
Income tax expense$8,210$7,442$4,042
"} {"question": "What would be the change in Statutory U.S. Federal tax between 2018 and 2019 if the value in 2019 increases by $1,000?", "answer": ["1958"], "context": "Note 12 – Income Taxes Income tax expense for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017 differed from amounts computed using the statutory federal income tax rate due to the following reasons:
December 27, 2019December 28, 2018December 29, 2017
Statutory U.S. Federal tax$6,805$5,847$6,443
Differences due to:
State and local taxes, net of federal benefit2,0781,9061,112
Change in valuation allowance95523289
Impact of the Tax Act——(3,573)
Stock compensation(676)(197)162
Other(92)(637)(391)
Income tax expense$8,210$7,442$4,042
"} {"question": "What would be the average Statutory U.S. Federal tax from 2017-2019 if the value in 2019 decreases by $1,000?", "answer": ["6031.67"], "context": "Note 12 – Income Taxes Income tax expense for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017 differed from amounts computed using the statutory federal income tax rate due to the following reasons:
December 27, 2019December 28, 2018December 29, 2017
Statutory U.S. Federal tax$6,805$5,847$6,443
Differences due to:
State and local taxes, net of federal benefit2,0781,9061,112
Change in valuation allowance95523289
Impact of the Tax Act——(3,573)
Stock compensation(676)(197)162
Other(92)(637)(391)
Income tax expense$8,210$7,442$4,042
"} {"question": "How many years did revenue from Data and Analytics exceed $150 million if revenue in 2018 was $100 million instead?", "answer": ["1"], "context": "Segment Financial Results Revenues The following table sets forth revenues by segment for the periods presented (in millions): (1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.
Year ended December 31Variance
20192018$%
Software Solutions$1,012.3$962.0$50.35%
Data and Analytics165.4154.510.97%
Corporate and Other (1)(0.5)(2.5)2.0NM
Total$1,177.2$1,114.0$63.26%
"} {"question": "Which years did revenue from Software Solutions exceed $1,000 million if revenue in 2018 was $1,100 million instead?", "answer": ["2019", "2018"], "context": "Segment Financial Results Revenues The following table sets forth revenues by segment for the periods presented (in millions): (1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.
Year ended December 31Variance
20192018$%
Software Solutions$1,012.3$962.0$50.35%
Data and Analytics165.4154.510.97%
Corporate and Other (1)(0.5)(2.5)2.0NM
Total$1,177.2$1,114.0$63.26%
"} {"question": "What would bethe average total revenue between 2018 and 2019 if the total revenue in 2019 was $2,000 million instead?", "answer": ["1557"], "context": "Segment Financial Results Revenues The following table sets forth revenues by segment for the periods presented (in millions): (1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.
Year ended December 31Variance
20192018$%
Software Solutions$1,012.3$962.0$50.35%
Data and Analytics165.4154.510.97%
Corporate and Other (1)(0.5)(2.5)2.0NM
Total$1,177.2$1,114.0$63.26%
"} {"question": "What would be the change in the ending balance between fiscal years 2018 and 2019 if the ending balance value in 2019 was $(10,000) thousand instead?", "answer": ["-37060"], "context": "* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 for further details. The U.S. Tax Cuts and Jobs Act (the “Tax Act”) enacted on December 22, 2017 introduces a number of changes to U.S. income tax law. Among other changes, the Tax Act (i) reduces the U.S. federal corporate tax rate from 35% to 21%, (ii) enacts limitations regarding the deductibility of interest expense, (iii) modifies the provisions relating to the limitations on deductions for executive compensation of publicly traded corporations, (iv) imposes new limitations on the utilization of net operating loss arising in taxable years beginning after December 31, 2017, (v) repeals the corporate alternative minimum tax and provides for a refund of existing alternative minimum tax credits, and (vi) creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively. As a result of the new U.S. federal statutory corporate tax rate of 21% contained within the Tax Act, the Group recorded non-cash charges of $16.9 million to tax expense and $16.9 million to equity to revalue the Group’s U.S. net deferred tax assets during fiscal year 2018. In June 2019 and December 2017, as a result of the Group’s assessment of the realizability of its Australian and U.S. deferred tax assets, the Group recorded non-cash charges to tax expense of $54.7 million and $30.4 million, respectively, and $25.8 million to equity in December 2017 to reduce the carrying value of these assets. The assessment of the realizability of the Australian and U.S. deferred tax assets is based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets. The Group will continue to assess and record any necessary changes to align its deferred tax assets to their realizable value. In December 2017, the Group made changes to its corporate structure to include certain foreign subsidiaries in its U.S. consolidated tax group that resulted in the creation of certain deferred tax assets and liabilities, including a non-recognized deferred tax asset of $2.1 billion related to the fair market value of its intellectual property. The assets are included in the Group’s quarterly assessment and are only recognized to the extent they are determined to be realizable. The impact on the net deferred tax asset from business combinations of $19.1 million in fiscal year 2019 represents the net deferred tax assets and liabilities recognized as a result of the acquisition of OpsGenie. The Group acquired net operating loss carryforward deferred tax assets of approximately $1.8 million from OpsGenie. The Group also recognized deferred tax liabilities of approximately $19.6 million primarily related to acquired intangibles from OpsGenie, the amortization of which will not be deductible from future taxable profits.
20192018
(U.S. $ in thousands)
*As Adjusted
Reconciliation of deferred tax assets, net
Balance at the beginning of$47,060$140,532
Deferred tax expense for the year(15,916)(53,297)
Debited to equity(8,884)(40,092)
Adjustment in respect of income tax payable—(83)
Impact from business combinations(19,092)—
Currency revaluation impact44—
Balance at the ending of$3,212$47,060
"} {"question": "What would be the average deferred tax expense for fiscal years 2018 and 2019 if the value in 2019 was $(20,000) thousand instead?", "answer": ["-36648.5"], "context": "* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 for further details. The U.S. Tax Cuts and Jobs Act (the “Tax Act”) enacted on December 22, 2017 introduces a number of changes to U.S. income tax law. Among other changes, the Tax Act (i) reduces the U.S. federal corporate tax rate from 35% to 21%, (ii) enacts limitations regarding the deductibility of interest expense, (iii) modifies the provisions relating to the limitations on deductions for executive compensation of publicly traded corporations, (iv) imposes new limitations on the utilization of net operating loss arising in taxable years beginning after December 31, 2017, (v) repeals the corporate alternative minimum tax and provides for a refund of existing alternative minimum tax credits, and (vi) creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively. As a result of the new U.S. federal statutory corporate tax rate of 21% contained within the Tax Act, the Group recorded non-cash charges of $16.9 million to tax expense and $16.9 million to equity to revalue the Group’s U.S. net deferred tax assets during fiscal year 2018. In June 2019 and December 2017, as a result of the Group’s assessment of the realizability of its Australian and U.S. deferred tax assets, the Group recorded non-cash charges to tax expense of $54.7 million and $30.4 million, respectively, and $25.8 million to equity in December 2017 to reduce the carrying value of these assets. The assessment of the realizability of the Australian and U.S. deferred tax assets is based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets. The Group will continue to assess and record any necessary changes to align its deferred tax assets to their realizable value. In December 2017, the Group made changes to its corporate structure to include certain foreign subsidiaries in its U.S. consolidated tax group that resulted in the creation of certain deferred tax assets and liabilities, including a non-recognized deferred tax asset of $2.1 billion related to the fair market value of its intellectual property. The assets are included in the Group’s quarterly assessment and are only recognized to the extent they are determined to be realizable. The impact on the net deferred tax asset from business combinations of $19.1 million in fiscal year 2019 represents the net deferred tax assets and liabilities recognized as a result of the acquisition of OpsGenie. The Group acquired net operating loss carryforward deferred tax assets of approximately $1.8 million from OpsGenie. The Group also recognized deferred tax liabilities of approximately $19.6 million primarily related to acquired intangibles from OpsGenie, the amortization of which will not be deductible from future taxable profits.
20192018
(U.S. $ in thousands)
*As Adjusted
Reconciliation of deferred tax assets, net
Balance at the beginning of$47,060$140,532
Deferred tax expense for the year(15,916)(53,297)
Debited to equity(8,884)(40,092)
Adjustment in respect of income tax payable—(83)
Impact from business combinations(19,092)—
Currency revaluation impact44—
Balance at the ending of$3,212$47,060
"} {"question": "What would be the percentage change of deferred tax expenses between fiscal year 2018 to 2019 if the value in 2018 was $(40,000) thousand instead?", "answer": ["-60.21"], "context": "* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 for further details. The U.S. Tax Cuts and Jobs Act (the “Tax Act”) enacted on December 22, 2017 introduces a number of changes to U.S. income tax law. Among other changes, the Tax Act (i) reduces the U.S. federal corporate tax rate from 35% to 21%, (ii) enacts limitations regarding the deductibility of interest expense, (iii) modifies the provisions relating to the limitations on deductions for executive compensation of publicly traded corporations, (iv) imposes new limitations on the utilization of net operating loss arising in taxable years beginning after December 31, 2017, (v) repeals the corporate alternative minimum tax and provides for a refund of existing alternative minimum tax credits, and (vi) creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively. As a result of the new U.S. federal statutory corporate tax rate of 21% contained within the Tax Act, the Group recorded non-cash charges of $16.9 million to tax expense and $16.9 million to equity to revalue the Group’s U.S. net deferred tax assets during fiscal year 2018. In June 2019 and December 2017, as a result of the Group’s assessment of the realizability of its Australian and U.S. deferred tax assets, the Group recorded non-cash charges to tax expense of $54.7 million and $30.4 million, respectively, and $25.8 million to equity in December 2017 to reduce the carrying value of these assets. The assessment of the realizability of the Australian and U.S. deferred tax assets is based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets. The Group will continue to assess and record any necessary changes to align its deferred tax assets to their realizable value. In December 2017, the Group made changes to its corporate structure to include certain foreign subsidiaries in its U.S. consolidated tax group that resulted in the creation of certain deferred tax assets and liabilities, including a non-recognized deferred tax asset of $2.1 billion related to the fair market value of its intellectual property. The assets are included in the Group’s quarterly assessment and are only recognized to the extent they are determined to be realizable. The impact on the net deferred tax asset from business combinations of $19.1 million in fiscal year 2019 represents the net deferred tax assets and liabilities recognized as a result of the acquisition of OpsGenie. The Group acquired net operating loss carryforward deferred tax assets of approximately $1.8 million from OpsGenie. The Group also recognized deferred tax liabilities of approximately $19.6 million primarily related to acquired intangibles from OpsGenie, the amortization of which will not be deductible from future taxable profits.
20192018
(U.S. $ in thousands)
*As Adjusted
Reconciliation of deferred tax assets, net
Balance at the beginning of$47,060$140,532
Deferred tax expense for the year(15,916)(53,297)
Debited to equity(8,884)(40,092)
Adjustment in respect of income tax payable—(83)
Impact from business combinations(19,092)—
Currency revaluation impact44—
Balance at the ending of$3,212$47,060
"} {"question": "If the total deferred tax assets in 2019 is now $785.5 million, what is the change in the total deferred tax assets from 2018 to 2019?", "answer": ["79.2"], "context": "Significant components of Autodesk’s deferred tax assets and liabilities are as follows Autodesk’s tax expense is primarily driven by tax expense in foreign locations, withholding taxes on payments made to the U.S. from foreign sources, and tax amortization on indefinite-lived intangibles offset by a tax benefit resulting from release of uncertain tax positions upon finalization of IRS examination and release of valuation allowance from acquired deferred tax liabilities. Autodesk regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, Autodesk considers both positive and negative evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Autodesk considered cumulative losses arising from the Company's business model transition as a significant piece of negative evidence. Consequently, Autodesk determined that a valuation allowance was required on the accumulated U.S., Canada and Singapore tax attributes. In the current year, the U.S. created incremental deferred tax assets, primarily operating losses, foreign tax and R&D credits, Singapore generated operating losses and Canada generated R&D credits. These U.S. and Singapore deferred tax attributes have been offset by a full valuation allowance. The valuation allowance increased by $163.6 million in fiscal 2019 primarily due to the generation of deferred tax attributes. The valuation allowance decreased by $113.8 million, and increased $352.4 million in fiscal 2018, and 2017, respectively, primarily related to U.S. Tax Act reduction in rate in fiscal 2018 and U.S. and Canadian deferred tax attributes generated in fiscal 2017. As Autodesk continually strives to optimize the overall business model, tax planning strategies may become feasible and prudent allowing the Company to realize many of the deferred tax assets that are offset by a valuation allowance; therefore, Autodesk will continue to evaluate the ability to utilize the net deferred tax assets each quarter, both in the U.S. and in foreign jurisdictions, based on all available evidence, both positive and negative. The Tax Act was signed into law on December 22, 2017 and provided broad and significant changes to the U.S. corporate income tax regime. In light of our fiscal year-end, the Tax Act reduced the statutory federal corporate rate from 35% to 33.81% for fiscal 2018 and to 21% for fiscal 2019 and forward. The Tax Act also, among many other provisions, imposed a one-time mandatory tax on accumulated earnings of foreign subsidiaries (commonly referred to as the \"transition tax\"), subjected the deemed intangible income of our foreign subsidiaries to current U.S. taxation (commonly referred to as \"GILTI\"), provided for a full dividends received deduction upon repatriation of untaxed earnings of our foreign subsidiaries, imposed a minimum taxation (without most tax credits) on modified taxable income, which is generally taxable income without deductions for payments to related foreign companies (commonly referred to as “BEAT”), modified the accelerated depreciation deduction rules, and made updates to the deductibility of certain expenses. We have completed our determination of the accounting implications of the Tax Act on our tax accruals. We recorded a tax benefit of the Tax Act in our financial statements as of January 31, 2018 of approximately $32.3 million mainly driven by the corporate rate remeasurement of the indefinite-lived intangible deferred tax liability. As of January 31, 2018, we estimated taxable income associated with offshore earnings of $831.5 million, and as of January 31, 2019, we adjusted the taxable income to $819.6 million to reflect the impact of Treasury Regulations issued in the fourth quarter of fiscal 2019. Transition tax related to adjustments in the offshore earnings resulted in no impact to the effective tax rate as it is primarily offset by net operating losses that are subject to a full valuation allowance. As a result of the transition tax, we recorded a deferred tax asset of approximately $45.1 million for foreign tax credits, which are also subject to a full valuation allowance.
January 31,
20192018
Stock-based compensation$25.9$26.7
Research and development tax credit carryforwards238.7170.3
Foreign tax credit carryforwards198.6162.2
Accrued compensation and benefits6.525.9
Other accruals not currently deductible for tax19.022.9
Purchased technology and capitalized software32.643.4
Fixed assets15.016.5
Tax loss carryforwards237.285.7
Deferred revenue49.0120.3
Other28.432.4
Total deferred tax assets850.9706.3
Less: valuation allowance(797.8)(634.2)
Net deferred tax assets53.172.1
Indefinite lived intangibles(67.6)(57.0)
Total deferred tax liabilities(67.6)(57.0)
Net deferred tax assets (liabilities)$(14.5)$15.1
"} {"question": "If the stock-based compensation in 2018 is now $28 million, what is the change in stock-based compensation from 2018 to 2019?", "answer": ["2.1"], "context": "Significant components of Autodesk’s deferred tax assets and liabilities are as follows Autodesk’s tax expense is primarily driven by tax expense in foreign locations, withholding taxes on payments made to the U.S. from foreign sources, and tax amortization on indefinite-lived intangibles offset by a tax benefit resulting from release of uncertain tax positions upon finalization of IRS examination and release of valuation allowance from acquired deferred tax liabilities. Autodesk regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, Autodesk considers both positive and negative evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Autodesk considered cumulative losses arising from the Company's business model transition as a significant piece of negative evidence. Consequently, Autodesk determined that a valuation allowance was required on the accumulated U.S., Canada and Singapore tax attributes. In the current year, the U.S. created incremental deferred tax assets, primarily operating losses, foreign tax and R&D credits, Singapore generated operating losses and Canada generated R&D credits. These U.S. and Singapore deferred tax attributes have been offset by a full valuation allowance. The valuation allowance increased by $163.6 million in fiscal 2019 primarily due to the generation of deferred tax attributes. The valuation allowance decreased by $113.8 million, and increased $352.4 million in fiscal 2018, and 2017, respectively, primarily related to U.S. Tax Act reduction in rate in fiscal 2018 and U.S. and Canadian deferred tax attributes generated in fiscal 2017. As Autodesk continually strives to optimize the overall business model, tax planning strategies may become feasible and prudent allowing the Company to realize many of the deferred tax assets that are offset by a valuation allowance; therefore, Autodesk will continue to evaluate the ability to utilize the net deferred tax assets each quarter, both in the U.S. and in foreign jurisdictions, based on all available evidence, both positive and negative. The Tax Act was signed into law on December 22, 2017 and provided broad and significant changes to the U.S. corporate income tax regime. In light of our fiscal year-end, the Tax Act reduced the statutory federal corporate rate from 35% to 33.81% for fiscal 2018 and to 21% for fiscal 2019 and forward. The Tax Act also, among many other provisions, imposed a one-time mandatory tax on accumulated earnings of foreign subsidiaries (commonly referred to as the \"transition tax\"), subjected the deemed intangible income of our foreign subsidiaries to current U.S. taxation (commonly referred to as \"GILTI\"), provided for a full dividends received deduction upon repatriation of untaxed earnings of our foreign subsidiaries, imposed a minimum taxation (without most tax credits) on modified taxable income, which is generally taxable income without deductions for payments to related foreign companies (commonly referred to as “BEAT”), modified the accelerated depreciation deduction rules, and made updates to the deductibility of certain expenses. We have completed our determination of the accounting implications of the Tax Act on our tax accruals. We recorded a tax benefit of the Tax Act in our financial statements as of January 31, 2018 of approximately $32.3 million mainly driven by the corporate rate remeasurement of the indefinite-lived intangible deferred tax liability. As of January 31, 2018, we estimated taxable income associated with offshore earnings of $831.5 million, and as of January 31, 2019, we adjusted the taxable income to $819.6 million to reflect the impact of Treasury Regulations issued in the fourth quarter of fiscal 2019. Transition tax related to adjustments in the offshore earnings resulted in no impact to the effective tax rate as it is primarily offset by net operating losses that are subject to a full valuation allowance. As a result of the transition tax, we recorded a deferred tax asset of approximately $45.1 million for foreign tax credits, which are also subject to a full valuation allowance.
January 31,
20192018
Stock-based compensation$25.9$26.7
Research and development tax credit carryforwards238.7170.3
Foreign tax credit carryforwards198.6162.2
Accrued compensation and benefits6.525.9
Other accruals not currently deductible for tax19.022.9
Purchased technology and capitalized software32.643.4
Fixed assets15.016.5
Tax loss carryforwards237.285.7
Deferred revenue49.0120.3
Other28.432.4
Total deferred tax assets850.9706.3
Less: valuation allowance(797.8)(634.2)
Net deferred tax assets53.172.1
Indefinite lived intangibles(67.6)(57.0)
Total deferred tax liabilities(67.6)(57.0)
Net deferred tax assets (liabilities)$(14.5)$15.1
"} {"question": "If the stock-based compensation for 2017 is $28.5 million, what is the average stock-based compensation for the three year period from 2017 to 2019?", "answer": ["27.03"], "context": "Significant components of Autodesk’s deferred tax assets and liabilities are as follows Autodesk’s tax expense is primarily driven by tax expense in foreign locations, withholding taxes on payments made to the U.S. from foreign sources, and tax amortization on indefinite-lived intangibles offset by a tax benefit resulting from release of uncertain tax positions upon finalization of IRS examination and release of valuation allowance from acquired deferred tax liabilities. Autodesk regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, Autodesk considers both positive and negative evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Autodesk considered cumulative losses arising from the Company's business model transition as a significant piece of negative evidence. Consequently, Autodesk determined that a valuation allowance was required on the accumulated U.S., Canada and Singapore tax attributes. In the current year, the U.S. created incremental deferred tax assets, primarily operating losses, foreign tax and R&D credits, Singapore generated operating losses and Canada generated R&D credits. These U.S. and Singapore deferred tax attributes have been offset by a full valuation allowance. The valuation allowance increased by $163.6 million in fiscal 2019 primarily due to the generation of deferred tax attributes. The valuation allowance decreased by $113.8 million, and increased $352.4 million in fiscal 2018, and 2017, respectively, primarily related to U.S. Tax Act reduction in rate in fiscal 2018 and U.S. and Canadian deferred tax attributes generated in fiscal 2017. As Autodesk continually strives to optimize the overall business model, tax planning strategies may become feasible and prudent allowing the Company to realize many of the deferred tax assets that are offset by a valuation allowance; therefore, Autodesk will continue to evaluate the ability to utilize the net deferred tax assets each quarter, both in the U.S. and in foreign jurisdictions, based on all available evidence, both positive and negative. The Tax Act was signed into law on December 22, 2017 and provided broad and significant changes to the U.S. corporate income tax regime. In light of our fiscal year-end, the Tax Act reduced the statutory federal corporate rate from 35% to 33.81% for fiscal 2018 and to 21% for fiscal 2019 and forward. The Tax Act also, among many other provisions, imposed a one-time mandatory tax on accumulated earnings of foreign subsidiaries (commonly referred to as the \"transition tax\"), subjected the deemed intangible income of our foreign subsidiaries to current U.S. taxation (commonly referred to as \"GILTI\"), provided for a full dividends received deduction upon repatriation of untaxed earnings of our foreign subsidiaries, imposed a minimum taxation (without most tax credits) on modified taxable income, which is generally taxable income without deductions for payments to related foreign companies (commonly referred to as “BEAT”), modified the accelerated depreciation deduction rules, and made updates to the deductibility of certain expenses. We have completed our determination of the accounting implications of the Tax Act on our tax accruals. We recorded a tax benefit of the Tax Act in our financial statements as of January 31, 2018 of approximately $32.3 million mainly driven by the corporate rate remeasurement of the indefinite-lived intangible deferred tax liability. As of January 31, 2018, we estimated taxable income associated with offshore earnings of $831.5 million, and as of January 31, 2019, we adjusted the taxable income to $819.6 million to reflect the impact of Treasury Regulations issued in the fourth quarter of fiscal 2019. Transition tax related to adjustments in the offshore earnings resulted in no impact to the effective tax rate as it is primarily offset by net operating losses that are subject to a full valuation allowance. As a result of the transition tax, we recorded a deferred tax asset of approximately $45.1 million for foreign tax credits, which are also subject to a full valuation allowance.
January 31,
20192018
Stock-based compensation$25.9$26.7
Research and development tax credit carryforwards238.7170.3
Foreign tax credit carryforwards198.6162.2
Accrued compensation and benefits6.525.9
Other accruals not currently deductible for tax19.022.9
Purchased technology and capitalized software32.643.4
Fixed assets15.016.5
Tax loss carryforwards237.285.7
Deferred revenue49.0120.3
Other28.432.4
Total deferred tax assets850.9706.3
Less: valuation allowance(797.8)(634.2)
Net deferred tax assets53.172.1
Indefinite lived intangibles(67.6)(57.0)
Total deferred tax liabilities(67.6)(57.0)
Net deferred tax assets (liabilities)$(14.5)$15.1
"} {"question": "What would be the average cost of subscription between 2017 to 2019 if the cost of subscription in 2019 is decreased by $500,000?", "answer": ["119489"], "context": "Cost of Revenues and Gross Margin Subscription cost of revenues and gross margin. Cost of subscriptions revenues increased by $50.9 million, or 46%, during fiscal year 2019 as compared to fiscal year 2018. Primary drivers of the increase were increases in third-party costs to support our solution offerings of $21.5 million, infrastructure support costs of $19.8 million including amortization expense from acquired intangible assets, and headcount and personnel and contractor related costs of $9.6 million including share-based compensation expense. These factors resulted in a decrease in gross margin. The increase in headcount and other expense categories described herein was driven primarily by investments in our infrastructure and capacity to improve the availability of our subscription offerings, while also supporting the growth in new customers and increased usage of our subscriptions by our existing customer base. We expect subscription gross margin to be within a relatively similar range in the future. Other cost of revenues and gross margin. Cost of other revenues increased by $23.0 million, or 48%, during fiscal year 2019 as compared to fiscal year 2018. This was primarily due to the increase in services personnel costs of $11.1 million including share-based compensation expense, cost of product sales of $10.6 million, and overhead costs of $1.3 million. Other revenues gross margin fluctuates based on timing of completion of professional services projects and discounting on phones.
Year ended December 31,Year ended December 31,
(in thousands, except percentages)20192018$ Change% Change20182017$ Change% Change
Cost of revenues
Subscriptions$160,320$109,454$50,86646%$109,454$89,193$20,26123%
Other70,72347,67523,04848%47,67532,07815,59749%
Total cost of revenues$231,043$157,129$73,91447%$157,129$121,271$35,85830%
Percentage of revenues
Subscriptions18%16%16%18%
Other8%7%7%6%
Gross margins
Subscriptions80%82%82%81%
Other17%22%22%16%
Total gross margin %74%77%77%76%
"} {"question": "What would be the value of the subscription costs as a percentage of the total cost of revenue in 2019 if the total cost of revenue is increased by 10% while subscription costs remains the same?", "answer": ["63.08"], "context": "Cost of Revenues and Gross Margin Subscription cost of revenues and gross margin. Cost of subscriptions revenues increased by $50.9 million, or 46%, during fiscal year 2019 as compared to fiscal year 2018. Primary drivers of the increase were increases in third-party costs to support our solution offerings of $21.5 million, infrastructure support costs of $19.8 million including amortization expense from acquired intangible assets, and headcount and personnel and contractor related costs of $9.6 million including share-based compensation expense. These factors resulted in a decrease in gross margin. The increase in headcount and other expense categories described herein was driven primarily by investments in our infrastructure and capacity to improve the availability of our subscription offerings, while also supporting the growth in new customers and increased usage of our subscriptions by our existing customer base. We expect subscription gross margin to be within a relatively similar range in the future. Other cost of revenues and gross margin. Cost of other revenues increased by $23.0 million, or 48%, during fiscal year 2019 as compared to fiscal year 2018. This was primarily due to the increase in services personnel costs of $11.1 million including share-based compensation expense, cost of product sales of $10.6 million, and overhead costs of $1.3 million. Other revenues gross margin fluctuates based on timing of completion of professional services projects and discounting on phones.
Year ended December 31,Year ended December 31,
(in thousands, except percentages)20192018$ Change% Change20182017$ Change% Change
Cost of revenues
Subscriptions$160,320$109,454$50,86646%$109,454$89,193$20,26123%
Other70,72347,67523,04848%47,67532,07815,59749%
Total cost of revenues$231,043$157,129$73,91447%$157,129$121,271$35,85830%
Percentage of revenues
Subscriptions18%16%16%18%
Other8%7%7%6%
Gross margins
Subscriptions80%82%82%81%
Other17%22%22%16%
Total gross margin %74%77%77%76%
"} {"question": "What would be the average total cost of revenue between 2017 to 2019 if the total cost in 2019 is doubled?", "answer": ["246828.67"], "context": "Cost of Revenues and Gross Margin Subscription cost of revenues and gross margin. Cost of subscriptions revenues increased by $50.9 million, or 46%, during fiscal year 2019 as compared to fiscal year 2018. Primary drivers of the increase were increases in third-party costs to support our solution offerings of $21.5 million, infrastructure support costs of $19.8 million including amortization expense from acquired intangible assets, and headcount and personnel and contractor related costs of $9.6 million including share-based compensation expense. These factors resulted in a decrease in gross margin. The increase in headcount and other expense categories described herein was driven primarily by investments in our infrastructure and capacity to improve the availability of our subscription offerings, while also supporting the growth in new customers and increased usage of our subscriptions by our existing customer base. We expect subscription gross margin to be within a relatively similar range in the future. Other cost of revenues and gross margin. Cost of other revenues increased by $23.0 million, or 48%, during fiscal year 2019 as compared to fiscal year 2018. This was primarily due to the increase in services personnel costs of $11.1 million including share-based compensation expense, cost of product sales of $10.6 million, and overhead costs of $1.3 million. Other revenues gross margin fluctuates based on timing of completion of professional services projects and discounting on phones.
Year ended December 31,Year ended December 31,
(in thousands, except percentages)20192018$ Change% Change20182017$ Change% Change
Cost of revenues
Subscriptions$160,320$109,454$50,86646%$109,454$89,193$20,26123%
Other70,72347,67523,04848%47,67532,07815,59749%
Total cost of revenues$231,043$157,129$73,91447%$157,129$121,271$35,85830%
Percentage of revenues
Subscriptions18%16%16%18%
Other8%7%7%6%
Gross margins
Subscriptions80%82%82%81%
Other17%22%22%16%
Total gross margin %74%77%77%76%
"} {"question": "What is the average balance of the total across the 3 years, if there was no allowance for impairment losses in 2019?", "answer": ["18964.03"], "context": "21. Subsidiaries The advances given to subsidiaries were interest-free and unsecured with settlement neither planned nor likely to occur in the foreseeable future. The deemed investment in a subsidiary, Singtel Group Treasury Pte. Ltd. (“SGT”), arose from financial guarantees provided by the Company for loans drawn down by SGT prior to 1 April 2010. The significant subsidiaries of the Group are set out in Note 44.1 to Note 44.3.
Company
31 March 201931 March 20181 April 2017
S$ MilS$ MilS$ Mil
Unquoted equity shares, at cost14,259.713,676.411,001.2
Shareholders' advances5,733.05,733.06,423.3
Deemed investment in a subsidiary32.532.532.5
20,025.219,441.917,457.0
Less: Allowance for impairment losses(16.0)(16.0)(16.0)
20,009.219,425.917,441.0
"} {"question": "What is the average allowance for impairment losses across the 3 years, if it is calculated as 0.1% of the balance before impairment allowances?", "answer": ["18.97"], "context": "21. Subsidiaries The advances given to subsidiaries were interest-free and unsecured with settlement neither planned nor likely to occur in the foreseeable future. The deemed investment in a subsidiary, Singtel Group Treasury Pte. Ltd. (“SGT”), arose from financial guarantees provided by the Company for loans drawn down by SGT prior to 1 April 2010. The significant subsidiaries of the Group are set out in Note 44.1 to Note 44.3.
Company
31 March 201931 March 20181 April 2017
S$ MilS$ MilS$ Mil
Unquoted equity shares, at cost14,259.713,676.411,001.2
Shareholders' advances5,733.05,733.06,423.3
Deemed investment in a subsidiary32.532.532.5
20,025.219,441.917,457.0
Less: Allowance for impairment losses(16.0)(16.0)(16.0)
20,009.219,425.917,441.0
"} {"question": "How many factors are involved in calculating the balance for subsidiaries, if there was no allowance for impairment losses?", "answer": ["3"], "context": "21. Subsidiaries The advances given to subsidiaries were interest-free and unsecured with settlement neither planned nor likely to occur in the foreseeable future. The deemed investment in a subsidiary, Singtel Group Treasury Pte. Ltd. (“SGT”), arose from financial guarantees provided by the Company for loans drawn down by SGT prior to 1 April 2010. The significant subsidiaries of the Group are set out in Note 44.1 to Note 44.3.
Company
31 March 201931 March 20181 April 2017
S$ MilS$ MilS$ Mil
Unquoted equity shares, at cost14,259.713,676.411,001.2
Shareholders' advances5,733.05,733.06,423.3
Deemed investment in a subsidiary32.532.532.5
20,025.219,441.917,457.0
Less: Allowance for impairment losses(16.0)(16.0)(16.0)
20,009.219,425.917,441.0
"} {"question": "What was the average operating income for the 3 year period from 2017 to 2019, if the operating income for 2019 was actually $40,000 million?", "answer": ["34694.33"], "context": "NON-GAAP FINANCIAL MEASURES Non-GAAP operating income, net income, and diluted EPS are non-GAAP financial measures which exclude the net tax impact of transfer of intangible properties, the net tax impact of the TCJA, and restructuring expenses. We believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. These non-GAAP financial measures presented should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. The following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results: * Not meaningful.
(In millions, except percentages and per share amounts)201920182017Percentage Change 2019 Versus 2018Percentage Change 2018 Versus 2017
Operating income$42,959$35,058$ 29,02523%21%
Net tax impact of transfer of intangible properties000**
Net impact of the TCJA000**
Restructuring expenses00306**
Non-GAAP operating income$42,959$35,058$ 29,33123%20%
Net income$39,240$16,571$ 25,489137%(35)%
Net tax impact of transfer of intangible properties(2,567)00**
Net tax impact of the TCJA15713,6960
Restructuring expenses00243**
Non-GAAP net income$36,830$30,267$ 25,73222%18%
Diluted earnings per share$5.06$2.13$ 3.25138%(34)%
Net tax impact of transfer of intangible properties(0.33)00**
Net tax impact of the TCJA0.021.750**
Restructuring expenses000.04**
Non-GAAP diluted earnings per share$4.75$3.88$ 3.2922%18%
* not meaningful
"} {"question": "What is the average non-GAAP net income for the 3 year period from 2017 to 2019, if the non-GAAP net income in 2019 is now $34,000 million??", "answer": ["29999.67"], "context": "NON-GAAP FINANCIAL MEASURES Non-GAAP operating income, net income, and diluted EPS are non-GAAP financial measures which exclude the net tax impact of transfer of intangible properties, the net tax impact of the TCJA, and restructuring expenses. We believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. These non-GAAP financial measures presented should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. The following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results: * Not meaningful.
(In millions, except percentages and per share amounts)201920182017Percentage Change 2019 Versus 2018Percentage Change 2018 Versus 2017
Operating income$42,959$35,058$ 29,02523%21%
Net tax impact of transfer of intangible properties000**
Net impact of the TCJA000**
Restructuring expenses00306**
Non-GAAP operating income$42,959$35,058$ 29,33123%20%
Net income$39,240$16,571$ 25,489137%(35)%
Net tax impact of transfer of intangible properties(2,567)00**
Net tax impact of the TCJA15713,6960
Restructuring expenses00243**
Non-GAAP net income$36,830$30,267$ 25,73222%18%
Diluted earnings per share$5.06$2.13$ 3.25138%(34)%
Net tax impact of transfer of intangible properties(0.33)00**
Net tax impact of the TCJA0.021.750**
Restructuring expenses000.04**
Non-GAAP diluted earnings per share$4.75$3.88$ 3.2922%18%
* not meaningful
"} {"question": "What is the percentage change in operating income from 2017 to 2019, if the operating income in 2019 was $35,000 million?", "answer": ["20.59"], "context": "NON-GAAP FINANCIAL MEASURES Non-GAAP operating income, net income, and diluted EPS are non-GAAP financial measures which exclude the net tax impact of transfer of intangible properties, the net tax impact of the TCJA, and restructuring expenses. We believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. These non-GAAP financial measures presented should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. The following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results: * Not meaningful.
(In millions, except percentages and per share amounts)201920182017Percentage Change 2019 Versus 2018Percentage Change 2018 Versus 2017
Operating income$42,959$35,058$ 29,02523%21%
Net tax impact of transfer of intangible properties000**
Net impact of the TCJA000**
Restructuring expenses00306**
Non-GAAP operating income$42,959$35,058$ 29,33123%20%
Net income$39,240$16,571$ 25,489137%(35)%
Net tax impact of transfer of intangible properties(2,567)00**
Net tax impact of the TCJA15713,6960
Restructuring expenses00243**
Non-GAAP net income$36,830$30,267$ 25,73222%18%
Diluted earnings per share$5.06$2.13$ 3.25138%(34)%
Net tax impact of transfer of intangible properties(0.33)00**
Net tax impact of the TCJA0.021.750**
Restructuring expenses000.04**
Non-GAAP diluted earnings per share$4.75$3.88$ 3.2922%18%
* not meaningful
"} {"question": "What would be the change in the Increase related to current year tax positions between 2018 and 2019 if the increase in 2018 was $2,000 thousand instead?", "answer": ["834"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) Following the enactment of the 2017 Tax Cut and Jobs Act and the associated one-time transition tax, in general, repatriation of foreign earnings to the US can be completed with no incremental US Tax. However, there are limited other taxes that continue to apply such as foreign withholding and certain state taxes. The company records a deferred tax liability for the estimated foreign earnings and state tax cost associated with the undistributed foreign earnings that are not permanently reinvested. The Tax Act also includes provisions for Global Intangible Low-Taxed Income (“GILTI”) wherein taxes on foreign income are imposed in excess of a deemed return on tangible assets of foreign corporations. We elected to recognize the tax on GILTI as an expense in the period the tax is incurred. We recognize the financial statement benefit of a tax position when it is more-likely-than-not, based on its technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not threshold is then measured to determine the amount of benefit to be recognized in the financial statements. As of December 31, 2019, we have approximately $5,016 of unrecognized tax benefits, which if recognized, would impact the effective tax rate. We do not anticipate any significant changes in our unrecognized tax benefits within the next 12 months. A reconciliation of the beginning and ending unrecognized tax benefits is provided below: Our continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2019, and 2018, $707 and $2,515, respectively, of interest and penalties were accrued. We are subject to taxation in the U.S., various states, and in non-U.S. jurisdictions. Our U.S. income tax returns are primarily subject to examination from 2016 through 2018; however, U.S. tax authorities also have the ability to review prior tax years to the extent loss carryforwards and tax credit carryforwards are utilized. The open years for the non-U.S. tax returns range from 2008 through 2018 based on local statutes.
As of December 31,
20192018
Balance at January 1$3,649$4,670
Increase related to current year tax positions2,83455
(Decrease) increase related to prior year tax positions(10)46
Decrease related to lapse in statute of limitation(1,457)(1,076)
Decrease related to settlements with taxing authorities—(46)
Balance at December 31$5,016$3,649
"} {"question": "What would be the change in the balance at January 1 between 2018 and 2019 if the balance at January 1 in 2019 was $5,000 thousand instead?", "answer": ["330"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) Following the enactment of the 2017 Tax Cut and Jobs Act and the associated one-time transition tax, in general, repatriation of foreign earnings to the US can be completed with no incremental US Tax. However, there are limited other taxes that continue to apply such as foreign withholding and certain state taxes. The company records a deferred tax liability for the estimated foreign earnings and state tax cost associated with the undistributed foreign earnings that are not permanently reinvested. The Tax Act also includes provisions for Global Intangible Low-Taxed Income (“GILTI”) wherein taxes on foreign income are imposed in excess of a deemed return on tangible assets of foreign corporations. We elected to recognize the tax on GILTI as an expense in the period the tax is incurred. We recognize the financial statement benefit of a tax position when it is more-likely-than-not, based on its technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not threshold is then measured to determine the amount of benefit to be recognized in the financial statements. As of December 31, 2019, we have approximately $5,016 of unrecognized tax benefits, which if recognized, would impact the effective tax rate. We do not anticipate any significant changes in our unrecognized tax benefits within the next 12 months. A reconciliation of the beginning and ending unrecognized tax benefits is provided below: Our continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2019, and 2018, $707 and $2,515, respectively, of interest and penalties were accrued. We are subject to taxation in the U.S., various states, and in non-U.S. jurisdictions. Our U.S. income tax returns are primarily subject to examination from 2016 through 2018; however, U.S. tax authorities also have the ability to review prior tax years to the extent loss carryforwards and tax credit carryforwards are utilized. The open years for the non-U.S. tax returns range from 2008 through 2018 based on local statutes.
As of December 31,
20192018
Balance at January 1$3,649$4,670
Increase related to current year tax positions2,83455
(Decrease) increase related to prior year tax positions(10)46
Decrease related to lapse in statute of limitation(1,457)(1,076)
Decrease related to settlements with taxing authorities—(46)
Balance at December 31$5,016$3,649
"} {"question": "What would be the percentage change in Balance at December 31 between 2018 and 2019 if the Balance in 2019 was $4,000 thousand instead?", "answer": ["9.62"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) Following the enactment of the 2017 Tax Cut and Jobs Act and the associated one-time transition tax, in general, repatriation of foreign earnings to the US can be completed with no incremental US Tax. However, there are limited other taxes that continue to apply such as foreign withholding and certain state taxes. The company records a deferred tax liability for the estimated foreign earnings and state tax cost associated with the undistributed foreign earnings that are not permanently reinvested. The Tax Act also includes provisions for Global Intangible Low-Taxed Income (“GILTI”) wherein taxes on foreign income are imposed in excess of a deemed return on tangible assets of foreign corporations. We elected to recognize the tax on GILTI as an expense in the period the tax is incurred. We recognize the financial statement benefit of a tax position when it is more-likely-than-not, based on its technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not threshold is then measured to determine the amount of benefit to be recognized in the financial statements. As of December 31, 2019, we have approximately $5,016 of unrecognized tax benefits, which if recognized, would impact the effective tax rate. We do not anticipate any significant changes in our unrecognized tax benefits within the next 12 months. A reconciliation of the beginning and ending unrecognized tax benefits is provided below: Our continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2019, and 2018, $707 and $2,515, respectively, of interest and penalties were accrued. We are subject to taxation in the U.S., various states, and in non-U.S. jurisdictions. Our U.S. income tax returns are primarily subject to examination from 2016 through 2018; however, U.S. tax authorities also have the ability to review prior tax years to the extent loss carryforwards and tax credit carryforwards are utilized. The open years for the non-U.S. tax returns range from 2008 through 2018 based on local statutes.
As of December 31,
20192018
Balance at January 1$3,649$4,670
Increase related to current year tax positions2,83455
(Decrease) increase related to prior year tax positions(10)46
Decrease related to lapse in statute of limitation(1,457)(1,076)
Decrease related to settlements with taxing authorities—(46)
Balance at December 31$5,016$3,649
"} {"question": "What would be the percentage change in net derivative gains (losses) included in segment operating profit in 2019 compared to 2017 if the net derivative gains in 2019 were $5 million?", "answer": ["-12.28"], "context": "Presentation of Derivative Gains (Losses) for Economic Hedges of Forecasted Cash Flows in Segment Results Derivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately. The following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology: As of May 26, 2019, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $1.4 million. This amount reflected net gains of $1.0 million incurred during the fiscal year ended May 26, 2019, as well as net gains of $0.4 million incurred prior to fiscal 2019. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $0.9 million in fiscal 2020 and $0.5 million in fiscal 2021 and thereafter. Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)
201920182017
Net derivative gains (losses) incurred$(3.6)$(0.9)$0.6
Less: Net derivative gains (losses) allocated to reporting segments(1.8)(7.1)5.7
Net derivative gains (losses) recognized in general corporate expenses$(1.8)$6.2$(5.1)
Net derivative gains (losses) allocated to Grocery & Snacks$(2.1)$0.2$3.4
Net derivative gains (losses) allocated to Refrigerated & Frozen(1.1)(0.3)0.8
Net derivative gains (losses) allocated to International2.8(6.9)1.6
Net derivative losses allocated to Foodservice(0.6)(0.1)—
Net derivative losses allocated to Pinnacle Foods(0.8)——
Net derivative losses allocated to Commercial——(0.1)
Net derivative gains (losses) included in segment operating profit$(1.8)$(7.1)$5.7
"} {"question": "What would be the average net derivative gains (losses) allocated to Grocery & Snacks from 2017 to 2019 if the net derivative gains in 2018 were $2 million?", "answer": ["1.1"], "context": "Presentation of Derivative Gains (Losses) for Economic Hedges of Forecasted Cash Flows in Segment Results Derivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately. The following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology: As of May 26, 2019, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $1.4 million. This amount reflected net gains of $1.0 million incurred during the fiscal year ended May 26, 2019, as well as net gains of $0.4 million incurred prior to fiscal 2019. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $0.9 million in fiscal 2020 and $0.5 million in fiscal 2021 and thereafter. Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)
201920182017
Net derivative gains (losses) incurred$(3.6)$(0.9)$0.6
Less: Net derivative gains (losses) allocated to reporting segments(1.8)(7.1)5.7
Net derivative gains (losses) recognized in general corporate expenses$(1.8)$6.2$(5.1)
Net derivative gains (losses) allocated to Grocery & Snacks$(2.1)$0.2$3.4
Net derivative gains (losses) allocated to Refrigerated & Frozen(1.1)(0.3)0.8
Net derivative gains (losses) allocated to International2.8(6.9)1.6
Net derivative losses allocated to Foodservice(0.6)(0.1)—
Net derivative losses allocated to Pinnacle Foods(0.8)——
Net derivative losses allocated to Commercial——(0.1)
Net derivative gains (losses) included in segment operating profit$(1.8)$(7.1)$5.7
"} {"question": "What would be the total net derivative losses allocated to Foodservice, Pinnacle Foods, as well as Commercial in 2019 if the net derivative losses allocated to Commercial was $(0.5) million?", "answer": ["-1.9"], "context": "Presentation of Derivative Gains (Losses) for Economic Hedges of Forecasted Cash Flows in Segment Results Derivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately. The following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology: As of May 26, 2019, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $1.4 million. This amount reflected net gains of $1.0 million incurred during the fiscal year ended May 26, 2019, as well as net gains of $0.4 million incurred prior to fiscal 2019. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $0.9 million in fiscal 2020 and $0.5 million in fiscal 2021 and thereafter. Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)
201920182017
Net derivative gains (losses) incurred$(3.6)$(0.9)$0.6
Less: Net derivative gains (losses) allocated to reporting segments(1.8)(7.1)5.7
Net derivative gains (losses) recognized in general corporate expenses$(1.8)$6.2$(5.1)
Net derivative gains (losses) allocated to Grocery & Snacks$(2.1)$0.2$3.4
Net derivative gains (losses) allocated to Refrigerated & Frozen(1.1)(0.3)0.8
Net derivative gains (losses) allocated to International2.8(6.9)1.6
Net derivative losses allocated to Foodservice(0.6)(0.1)—
Net derivative losses allocated to Pinnacle Foods(0.8)——
Net derivative losses allocated to Commercial——(0.1)
Net derivative gains (losses) included in segment operating profit$(1.8)$(7.1)$5.7
"} {"question": "In which year did Singtel had higher total operating expenses, if cost of equipment sold was S$3,000.0 in 2018?", "answer": ["2018"], "context": "5. Operating Expenses Notes: (1) Includes equipment costs related to ICT services. (2) Includes supplies and services, as well as rentals of properties and mobile base stations.
Group
20192018
S$ MilS$ Mil
Cost of equipment sold (1)3,106.12,696.7
Other cost of sales2,767.12,499.2
Staff costs2,597.32,760.1
Selling and administrative costs (2)2,472.62,536.6
Traffic expenses1,573.41,615.8
Repair and maintenance388.0367.9
12,904.512,476.3
"} {"question": "How many different type of operating expenses are there, if traffic expenses was not a category?", "answer": ["5"], "context": "5. Operating Expenses Notes: (1) Includes equipment costs related to ICT services. (2) Includes supplies and services, as well as rentals of properties and mobile base stations.
Group
20192018
S$ MilS$ Mil
Cost of equipment sold (1)3,106.12,696.7
Other cost of sales2,767.12,499.2
Staff costs2,597.32,760.1
Selling and administrative costs (2)2,472.62,536.6
Traffic expenses1,573.41,615.8
Repair and maintenance388.0367.9
12,904.512,476.3
"} {"question": "What is the average of the top 3 operating expenses subcategories in 2019, if the selling and administrative costs was S$3,000.0 Mil?", "answer": ["2957.73"], "context": "5. Operating Expenses Notes: (1) Includes equipment costs related to ICT services. (2) Includes supplies and services, as well as rentals of properties and mobile base stations.
Group
20192018
S$ MilS$ Mil
Cost of equipment sold (1)3,106.12,696.7
Other cost of sales2,767.12,499.2
Staff costs2,597.32,760.1
Selling and administrative costs (2)2,472.62,536.6
Traffic expenses1,573.41,615.8
Repair and maintenance388.0367.9
12,904.512,476.3
"} {"question": "What would be the change between the beginning of period balance and end of period balance in 2019 if the end of period balance was $5,000 thousand instead?", "answer": ["2119"], "context": "Note 3. Revenue from Contracts with Customers Contract Assets Our contract assets consist of capitalized commission costs and upfront payments made to customers. The current portion of capitalized commission costs and upfront payments made to customers are included in other current assets within our consolidated balance sheets. The non-current portion of capitalized commission costs and upfront payments made to customers are reflected in other assets within our consolidated balance sheets. Our amortization of contract assets during the years ended December 31, 2019 and 2018 were $2.4 million and $2.0 million, respectively. There were no amortized commission costs during the year ended December 31, 2017. We review the capitalized costs for impairment at least annually. Impairment exists if the carrying amount of the asset recognized from contract costs exceeds the remaining amount of consideration we expect to receive in exchange for providing the goods and services to which such asset relates, less the costs that relate directly to providing those good and services and that have not been recognized as an expense. We did not record an impairment loss on our contract assets during the years ended December 31, 2019, 2018 and 2017. The changes in our contract assets are as follows (in thousands):
Year Ended December 31,
20192018
Beginning of period balance$2,881$—
Commission costs and upfront payments to a customer capitalized in period4,1414,864
Amortization of contract assets(2,444)(1,983)
End of period balance$4,578$2,881
"} {"question": "How many years would Commission costs and upfront payments to a customer capitalized in period exceed $4,500 thousand if the costs and payments in 2019 was $5,000 thousand instead?", "answer": ["2"], "context": "Note 3. Revenue from Contracts with Customers Contract Assets Our contract assets consist of capitalized commission costs and upfront payments made to customers. The current portion of capitalized commission costs and upfront payments made to customers are included in other current assets within our consolidated balance sheets. The non-current portion of capitalized commission costs and upfront payments made to customers are reflected in other assets within our consolidated balance sheets. Our amortization of contract assets during the years ended December 31, 2019 and 2018 were $2.4 million and $2.0 million, respectively. There were no amortized commission costs during the year ended December 31, 2017. We review the capitalized costs for impairment at least annually. Impairment exists if the carrying amount of the asset recognized from contract costs exceeds the remaining amount of consideration we expect to receive in exchange for providing the goods and services to which such asset relates, less the costs that relate directly to providing those good and services and that have not been recognized as an expense. We did not record an impairment loss on our contract assets during the years ended December 31, 2019, 2018 and 2017. The changes in our contract assets are as follows (in thousands):
Year Ended December 31,
20192018
Beginning of period balance$2,881$—
Commission costs and upfront payments to a customer capitalized in period4,1414,864
Amortization of contract assets(2,444)(1,983)
End of period balance$4,578$2,881
"} {"question": "What would be the percentage change in the Amortization of contract assets between 2018 and 2019 if the Amortization of contract assets in 2019 was -$1,000 thousand instead?", "answer": ["-49.57"], "context": "Note 3. Revenue from Contracts with Customers Contract Assets Our contract assets consist of capitalized commission costs and upfront payments made to customers. The current portion of capitalized commission costs and upfront payments made to customers are included in other current assets within our consolidated balance sheets. The non-current portion of capitalized commission costs and upfront payments made to customers are reflected in other assets within our consolidated balance sheets. Our amortization of contract assets during the years ended December 31, 2019 and 2018 were $2.4 million and $2.0 million, respectively. There were no amortized commission costs during the year ended December 31, 2017. We review the capitalized costs for impairment at least annually. Impairment exists if the carrying amount of the asset recognized from contract costs exceeds the remaining amount of consideration we expect to receive in exchange for providing the goods and services to which such asset relates, less the costs that relate directly to providing those good and services and that have not been recognized as an expense. We did not record an impairment loss on our contract assets during the years ended December 31, 2019, 2018 and 2017. The changes in our contract assets are as follows (in thousands):
Year Ended December 31,
20192018
Beginning of period balance$2,881$—
Commission costs and upfront payments to a customer capitalized in period4,1414,864
Amortization of contract assets(2,444)(1,983)
End of period balance$4,578$2,881
"} {"question": "What would be the 2019 percentage change of dividends paid between 2018 and 2019 financial years if total dividends paid in 2019 is $13,723,000?", "answer": ["32.05"], "context": "20. DIVIDENDS A regular dividend of 3 cents per share has been declared. This final dividend of 3 cents per share, partially franked to 2.6 cents per share, was announced to the market on 23 August 2019. The amount declared has not been recognised as a liability in the accounts of Hansen Technologies Ltd as at 30 June 2019. 1. The final dividend paid of 4 cents per share, franked to 4 cents, comprised of an ordinary dividend of 3 cents per share, together with a special dividend of 1 cent per share. The above available amounts are based on the balance of the dividend franking account at year end adjusted for: • franking credits that will arise from the payment of any current tax liability; • franking debits that will arise from the payment of any dividends recognised as a liability at year end; • franking credits that will arise from the receipt of any dividends recognised as receivables at year end; and • franking credits that the entity may be prevented from distributing in subsequent years.
20192018
$’000$’000
Dividends paid during the year (net of dividend re-investment)
4 cent per share final dividend paid 27 September 2018 – fully franked17,319
3 cent per share final dividend paid 30 September 2017 – fully franked5,175
3 cent per share interim dividend paid 29 March 2019 – fully franked5,318
3 cent per share interim dividend paid 29 March 2018 – fully franked5,217
12,63710,392
Proposed dividend not recognised at the end of the year5,9227,865
Dividends franking account
30% franking credits, on a tax paid basis, are available to shareholders of Hansen Technologies Ltd for subsequent financial years1,5863,125
"} {"question": "How many proposed dividends would not be recognised at the end of both years if that of 2018 is 8,843?", "answer": ["14765"], "context": "20. DIVIDENDS A regular dividend of 3 cents per share has been declared. This final dividend of 3 cents per share, partially franked to 2.6 cents per share, was announced to the market on 23 August 2019. The amount declared has not been recognised as a liability in the accounts of Hansen Technologies Ltd as at 30 June 2019. 1. The final dividend paid of 4 cents per share, franked to 4 cents, comprised of an ordinary dividend of 3 cents per share, together with a special dividend of 1 cent per share. The above available amounts are based on the balance of the dividend franking account at year end adjusted for: • franking credits that will arise from the payment of any current tax liability; • franking debits that will arise from the payment of any dividends recognised as a liability at year end; • franking credits that will arise from the receipt of any dividends recognised as receivables at year end; and • franking credits that the entity may be prevented from distributing in subsequent years.
20192018
$’000$’000
Dividends paid during the year (net of dividend re-investment)
4 cent per share final dividend paid 27 September 2018 – fully franked17,319
3 cent per share final dividend paid 30 September 2017 – fully franked5,175
3 cent per share interim dividend paid 29 March 2019 – fully franked5,318
3 cent per share interim dividend paid 29 March 2018 – fully franked5,217
12,63710,392
Proposed dividend not recognised at the end of the year5,9227,865
Dividends franking account
30% franking credits, on a tax paid basis, are available to shareholders of Hansen Technologies Ltd for subsequent financial years1,5863,125
"} {"question": "What would be the percentage change in franking credits between 2018 and 2019 if franking credits available to shareholders in 2019 is $3,500,000?", "answer": ["12"], "context": "20. DIVIDENDS A regular dividend of 3 cents per share has been declared. This final dividend of 3 cents per share, partially franked to 2.6 cents per share, was announced to the market on 23 August 2019. The amount declared has not been recognised as a liability in the accounts of Hansen Technologies Ltd as at 30 June 2019. 1. The final dividend paid of 4 cents per share, franked to 4 cents, comprised of an ordinary dividend of 3 cents per share, together with a special dividend of 1 cent per share. The above available amounts are based on the balance of the dividend franking account at year end adjusted for: • franking credits that will arise from the payment of any current tax liability; • franking debits that will arise from the payment of any dividends recognised as a liability at year end; • franking credits that will arise from the receipt of any dividends recognised as receivables at year end; and • franking credits that the entity may be prevented from distributing in subsequent years.
20192018
$’000$’000
Dividends paid during the year (net of dividend re-investment)
4 cent per share final dividend paid 27 September 2018 – fully franked17,319
3 cent per share final dividend paid 30 September 2017 – fully franked5,175
3 cent per share interim dividend paid 29 March 2019 – fully franked5,318
3 cent per share interim dividend paid 29 March 2018 – fully franked5,217
12,63710,392
Proposed dividend not recognised at the end of the year5,9227,865
Dividends franking account
30% franking credits, on a tax paid basis, are available to shareholders of Hansen Technologies Ltd for subsequent financial years1,5863,125
"} {"question": "In which year would Other long-term liabilities be larger if the amount in 2019 was $41,715 thousand instead?", "answer": ["2019"], "context": "Deferred Compensation Plans Under our deferred compensation plans (‘‘plans’’), eligible employees are permitted to make compensation deferrals up to established limits set under the plans and accrue income on these deferrals based on reference to changes in available investment options. While not required by the plan, we choose to invest in insurance contracts and mutual funds in order to approximate the changes in the liability to the employees. These investments and the liability to the employees were as follows (in thousands): Life insurance premiums loads, policy fees and cost of insurance that are paid from the asset investments and gains and losses from the asset investments for these plans are recorded as components of other income or expense; such amounts were net gains of $1.1 million in fiscal 2019, $4.8 million in fiscal 2018 and $5.0 million (including a $1.3 million death benefit) in fiscal 2017. Changes in the obligation to plan participants are recorded as a component of operating expenses and cost of sales; such amounts were net losses of $1.5 million in fiscal 2019, $5.2 million in fiscal 2018 and $3.9 million in fiscal 2017. Liabilities associated with participant balances under our deferred compensation plans are affected by individual contributions and distributions made, as well as gains and losses on the participant’s investment allocation election.
Fiscal year-end
20192018
Total deferred compensation liability, included in:
Other current liabilities$3,233$844
Other long-term liabilities39,71540,895
Total deferred compensation liability$42,948$41,739
"} {"question": "What would the change in Other current liabilities from 2018 to 2019 be if the amount in 2019 was $3,000 thousand instead?", "answer": ["2156"], "context": "Deferred Compensation Plans Under our deferred compensation plans (‘‘plans’’), eligible employees are permitted to make compensation deferrals up to established limits set under the plans and accrue income on these deferrals based on reference to changes in available investment options. While not required by the plan, we choose to invest in insurance contracts and mutual funds in order to approximate the changes in the liability to the employees. These investments and the liability to the employees were as follows (in thousands): Life insurance premiums loads, policy fees and cost of insurance that are paid from the asset investments and gains and losses from the asset investments for these plans are recorded as components of other income or expense; such amounts were net gains of $1.1 million in fiscal 2019, $4.8 million in fiscal 2018 and $5.0 million (including a $1.3 million death benefit) in fiscal 2017. Changes in the obligation to plan participants are recorded as a component of operating expenses and cost of sales; such amounts were net losses of $1.5 million in fiscal 2019, $5.2 million in fiscal 2018 and $3.9 million in fiscal 2017. Liabilities associated with participant balances under our deferred compensation plans are affected by individual contributions and distributions made, as well as gains and losses on the participant’s investment allocation election.
Fiscal year-end
20192018
Total deferred compensation liability, included in:
Other current liabilities$3,233$844
Other long-term liabilities39,71540,895
Total deferred compensation liability$42,948$41,739
"} {"question": "What would the percentage change in Other current liabilities from 2018 to 2019 be if the amount in 2019 was $3,000 thousand instead?", "answer": ["255.45"], "context": "Deferred Compensation Plans Under our deferred compensation plans (‘‘plans’’), eligible employees are permitted to make compensation deferrals up to established limits set under the plans and accrue income on these deferrals based on reference to changes in available investment options. While not required by the plan, we choose to invest in insurance contracts and mutual funds in order to approximate the changes in the liability to the employees. These investments and the liability to the employees were as follows (in thousands): Life insurance premiums loads, policy fees and cost of insurance that are paid from the asset investments and gains and losses from the asset investments for these plans are recorded as components of other income or expense; such amounts were net gains of $1.1 million in fiscal 2019, $4.8 million in fiscal 2018 and $5.0 million (including a $1.3 million death benefit) in fiscal 2017. Changes in the obligation to plan participants are recorded as a component of operating expenses and cost of sales; such amounts were net losses of $1.5 million in fiscal 2019, $5.2 million in fiscal 2018 and $3.9 million in fiscal 2017. Liabilities associated with participant balances under our deferred compensation plans are affected by individual contributions and distributions made, as well as gains and losses on the participant’s investment allocation election.
Fiscal year-end
20192018
Total deferred compensation liability, included in:
Other current liabilities$3,233$844
Other long-term liabilities39,71540,895
Total deferred compensation liability$42,948$41,739
"} {"question": "Which named executive officer would have had the highest target award opportunity if Richard A. Gottscho has $4,500,000 instead?", "answer": ["Richard A.Gottscho"], "context": "Figure 29. 2016/2018 LTIP Award Grants (1) All of the Market-based PRSUs and one-third of the stock options and service-based RSUs granted to Mr. Anstice under the 2016/2018 LTIP that were scheduled to vest in February 2019 were canceled upon his termination of employment with the Company as of December 5, 2018. (2) The number of Market-based PRSUs awarded is reflected at target. The final number of shares that may have been earned is 0% to 150% of target. In February 2019, the committee determined the payouts for the calendar year 2016/2018 LTIP Awards of Market-based PRSUs. The number of shares represented by the Marketbased PRSUs earned over the performance period was based on our stock price performance compared to the market price performance of the SOX index. Based on the above formula and Market-based PRSU Vesting Summary set forth in Figures 26 and 27, the Company’s stock price performance over the three-year performance period was equal to 89.93% and performance of the SOX index (based on market price) over the same three-year performance period was equal to 84.47%. Lam’s stock price outperformed the SOX index by 5.46%, which resulted in a performance payout of 110.93% to target number of Marketbased PRSUs granted to each NEO. Based on such results, the committee made the following payouts to each NEO for the 2016/2018 LTIP Award of Market-based PRSUs.
Named Executive Officer (1)(2) (1)(2) (1)(2)Target Award Opportunity ($)Market-based PRSUs award (#)Stock Options Award (#)Service-based RSUs Award (#)
Timothy M.Archer4,000,00028,93534,72217,361
Douglas R.Bettinger2,750,00019,89223,87111,935
Richard A.Gottscho3,250,00023,50928,20914,105
Patrick J. Lord1,100,0007,957—7,957
Vahid Vahedi1,100,0007,957—7,957
Seshasayee(Sesha) Varadarajan1,100,0007,957—7,957
"} {"question": "Which named executive officer would have the highest Market-based PRSUs award if the amount Douglas R. Bettinger has was 30,000 instead?", "answer": ["Douglas R.Bettinger"], "context": "Figure 29. 2016/2018 LTIP Award Grants (1) All of the Market-based PRSUs and one-third of the stock options and service-based RSUs granted to Mr. Anstice under the 2016/2018 LTIP that were scheduled to vest in February 2019 were canceled upon his termination of employment with the Company as of December 5, 2018. (2) The number of Market-based PRSUs awarded is reflected at target. The final number of shares that may have been earned is 0% to 150% of target. In February 2019, the committee determined the payouts for the calendar year 2016/2018 LTIP Awards of Market-based PRSUs. The number of shares represented by the Marketbased PRSUs earned over the performance period was based on our stock price performance compared to the market price performance of the SOX index. Based on the above formula and Market-based PRSU Vesting Summary set forth in Figures 26 and 27, the Company’s stock price performance over the three-year performance period was equal to 89.93% and performance of the SOX index (based on market price) over the same three-year performance period was equal to 84.47%. Lam’s stock price outperformed the SOX index by 5.46%, which resulted in a performance payout of 110.93% to target number of Marketbased PRSUs granted to each NEO. Based on such results, the committee made the following payouts to each NEO for the 2016/2018 LTIP Award of Market-based PRSUs.
Named Executive Officer (1)(2) (1)(2) (1)(2)Target Award Opportunity ($)Market-based PRSUs award (#)Stock Options Award (#)Service-based RSUs Award (#)
Timothy M.Archer4,000,00028,93534,72217,361
Douglas R.Bettinger2,750,00019,89223,87111,935
Richard A.Gottscho3,250,00023,50928,20914,105
Patrick J. Lord1,100,0007,957—7,957
Vahid Vahedi1,100,0007,957—7,957
Seshasayee(Sesha) Varadarajan1,100,0007,957—7,957
"} {"question": "Which named executive officer would have the highest Stock Options Award if Patrick J. Lord had 35,000 instead?", "answer": ["Patrick J. Lord"], "context": "Figure 29. 2016/2018 LTIP Award Grants (1) All of the Market-based PRSUs and one-third of the stock options and service-based RSUs granted to Mr. Anstice under the 2016/2018 LTIP that were scheduled to vest in February 2019 were canceled upon his termination of employment with the Company as of December 5, 2018. (2) The number of Market-based PRSUs awarded is reflected at target. The final number of shares that may have been earned is 0% to 150% of target. In February 2019, the committee determined the payouts for the calendar year 2016/2018 LTIP Awards of Market-based PRSUs. The number of shares represented by the Marketbased PRSUs earned over the performance period was based on our stock price performance compared to the market price performance of the SOX index. Based on the above formula and Market-based PRSU Vesting Summary set forth in Figures 26 and 27, the Company’s stock price performance over the three-year performance period was equal to 89.93% and performance of the SOX index (based on market price) over the same three-year performance period was equal to 84.47%. Lam’s stock price outperformed the SOX index by 5.46%, which resulted in a performance payout of 110.93% to target number of Marketbased PRSUs granted to each NEO. Based on such results, the committee made the following payouts to each NEO for the 2016/2018 LTIP Award of Market-based PRSUs.
Named Executive Officer (1)(2) (1)(2) (1)(2)Target Award Opportunity ($)Market-based PRSUs award (#)Stock Options Award (#)Service-based RSUs Award (#)
Timothy M.Archer4,000,00028,93534,72217,361
Douglas R.Bettinger2,750,00019,89223,87111,935
Richard A.Gottscho3,250,00023,50928,20914,105
Patrick J. Lord1,100,0007,957—7,957
Vahid Vahedi1,100,0007,957—7,957
Seshasayee(Sesha) Varadarajan1,100,0007,957—7,957
"} {"question": "If the total net revenue was $2350 million, what percentage of total net revenue in 2019 came from the US?", "answer": ["37.22"], "context": "Revenue Disaggregation Autodesk recognizes revenue from the sale of (1) product subscriptions, cloud service offerings, and flexible enterprise business agreements (\"EBAs\"), (2) renewal fees for existing maintenance plan agreements that were initially purchased with a perpetual software license, and (3) consulting, training and other goods and services. The three categories are presented as line items on Autodesk's Consolidated Statements of Operations. Information regarding the components of Autodesk's net revenue from contracts with customers by geographic location, product family, and sales channel is as follows: (1) Due to changes in the go-to-market offerings of our AutoCAD product subscription, prior period balances have been adjusted to conform to current period presentation. Payments for product subscriptions, industry collections, cloud subscriptions, and maintenance subscriptions are typically due up front with payment terms of 30 to 45 days. Payments on EBAs are typically due in annual installments over the contract term, with payment terms of 30 to 60 days. Autodesk does not have any material variable consideration, such as obligations for returns, refunds, or warranties or amounts payable to customers for which significant estimation or judgment is required as of the reporting date. As of January 31, 2019, Autodesk had total billed and unbilled deferred revenue of $2.7 billion, which represents the total contract price allocated to undelivered performance obligations, which are generally recognized over the next three years. We expect to recognize $1.9 billion or 72% of this revenue during the next 12 months. We expect to recognize the remaining $0.8 billion or 28% of this revenue thereafter. We expect that the amount of billed and unbilled deferred revenue will change from quarter to quarter for several reasons, including the specific timing, duration and size of customer subscription and support agreements, varying billing cycles of such agreements, the specific timing of customer renewals, and foreign currency fluctuations
Fiscal Year ended January 31,
201920182017
Net revenue by product family (1):
Architecture, Engineering and Construction$1,021.6$787.5$810.4
Manufacturing616.2528.8575.2
AutoCAD and AutoCAD LT731.8561.4472.7
Media and Entertainment182152.1138.8
Other18.226.833.9
Total net revenue$2,569.8$2,056.6$2,031.0
Net revenue by geographic area:
Americas
U.S.$874.6$740.4$742.1
Other Americas175.3130.7129.8
Total Americas1,049.9871.1871.9
Europe, Middle East and Africa1,034.3815.4800.4
Asia Pacific485.6370.1358.7
Total net revenue$2,569.8$2,056.6$2,031.0
Net revenue by sales channel:
Indirect$1,830.8$1,443.8$1,468.9
Direct739.0612.8562.1
Total net revenue$2,569.8$2,056.6$2,031.0
"} {"question": "If the total net revenue for 2018 is now $1950, what is the change in total net revenue from 2019 to 2018?", "answer": ["619.8"], "context": "Revenue Disaggregation Autodesk recognizes revenue from the sale of (1) product subscriptions, cloud service offerings, and flexible enterprise business agreements (\"EBAs\"), (2) renewal fees for existing maintenance plan agreements that were initially purchased with a perpetual software license, and (3) consulting, training and other goods and services. The three categories are presented as line items on Autodesk's Consolidated Statements of Operations. Information regarding the components of Autodesk's net revenue from contracts with customers by geographic location, product family, and sales channel is as follows: (1) Due to changes in the go-to-market offerings of our AutoCAD product subscription, prior period balances have been adjusted to conform to current period presentation. Payments for product subscriptions, industry collections, cloud subscriptions, and maintenance subscriptions are typically due up front with payment terms of 30 to 45 days. Payments on EBAs are typically due in annual installments over the contract term, with payment terms of 30 to 60 days. Autodesk does not have any material variable consideration, such as obligations for returns, refunds, or warranties or amounts payable to customers for which significant estimation or judgment is required as of the reporting date. As of January 31, 2019, Autodesk had total billed and unbilled deferred revenue of $2.7 billion, which represents the total contract price allocated to undelivered performance obligations, which are generally recognized over the next three years. We expect to recognize $1.9 billion or 72% of this revenue during the next 12 months. We expect to recognize the remaining $0.8 billion or 28% of this revenue thereafter. We expect that the amount of billed and unbilled deferred revenue will change from quarter to quarter for several reasons, including the specific timing, duration and size of customer subscription and support agreements, varying billing cycles of such agreements, the specific timing of customer renewals, and foreign currency fluctuations
Fiscal Year ended January 31,
201920182017
Net revenue by product family (1):
Architecture, Engineering and Construction$1,021.6$787.5$810.4
Manufacturing616.2528.8575.2
AutoCAD and AutoCAD LT731.8561.4472.7
Media and Entertainment182152.1138.8
Other18.226.833.9
Total net revenue$2,569.8$2,056.6$2,031.0
Net revenue by geographic area:
Americas
U.S.$874.6$740.4$742.1
Other Americas175.3130.7129.8
Total Americas1,049.9871.1871.9
Europe, Middle East and Africa1,034.3815.4800.4
Asia Pacific485.6370.1358.7
Total net revenue$2,569.8$2,056.6$2,031.0
Net revenue by sales channel:
Indirect$1,830.8$1,443.8$1,468.9
Direct739.0612.8562.1
Total net revenue$2,569.8$2,056.6$2,031.0
"} {"question": "What is the total revenue from Manufacturing from 2018 to 2019 if the value of 2018 was 622.8? ", "answer": ["1239"], "context": "Revenue Disaggregation Autodesk recognizes revenue from the sale of (1) product subscriptions, cloud service offerings, and flexible enterprise business agreements (\"EBAs\"), (2) renewal fees for existing maintenance plan agreements that were initially purchased with a perpetual software license, and (3) consulting, training and other goods and services. The three categories are presented as line items on Autodesk's Consolidated Statements of Operations. Information regarding the components of Autodesk's net revenue from contracts with customers by geographic location, product family, and sales channel is as follows: (1) Due to changes in the go-to-market offerings of our AutoCAD product subscription, prior period balances have been adjusted to conform to current period presentation. Payments for product subscriptions, industry collections, cloud subscriptions, and maintenance subscriptions are typically due up front with payment terms of 30 to 45 days. Payments on EBAs are typically due in annual installments over the contract term, with payment terms of 30 to 60 days. Autodesk does not have any material variable consideration, such as obligations for returns, refunds, or warranties or amounts payable to customers for which significant estimation or judgment is required as of the reporting date. As of January 31, 2019, Autodesk had total billed and unbilled deferred revenue of $2.7 billion, which represents the total contract price allocated to undelivered performance obligations, which are generally recognized over the next three years. We expect to recognize $1.9 billion or 72% of this revenue during the next 12 months. We expect to recognize the remaining $0.8 billion or 28% of this revenue thereafter. We expect that the amount of billed and unbilled deferred revenue will change from quarter to quarter for several reasons, including the specific timing, duration and size of customer subscription and support agreements, varying billing cycles of such agreements, the specific timing of customer renewals, and foreign currency fluctuations
Fiscal Year ended January 31,
201920182017
Net revenue by product family (1):
Architecture, Engineering and Construction$1,021.6$787.5$810.4
Manufacturing616.2528.8575.2
AutoCAD and AutoCAD LT731.8561.4472.7
Media and Entertainment182152.1138.8
Other18.226.833.9
Total net revenue$2,569.8$2,056.6$2,031.0
Net revenue by geographic area:
Americas
U.S.$874.6$740.4$742.1
Other Americas175.3130.7129.8
Total Americas1,049.9871.1871.9
Europe, Middle East and Africa1,034.3815.4800.4
Asia Pacific485.6370.1358.7
Total net revenue$2,569.8$2,056.6$2,031.0
Net revenue by sales channel:
Indirect$1,830.8$1,443.8$1,468.9
Direct739.0612.8562.1
Total net revenue$2,569.8$2,056.6$2,031.0
"} {"question": "If the Balance of unrecognized tax benefits as at January 1 in 2019 reduced to 37,056 thousand, what would be the revised change between 2018 and 2019?", "answer": ["5995"], "context": "The following is a roll-forward of the Company’s uncertain tax positions, recorded in other long-term liabilities, from January 1, 2017 to December 31, 2019: The majority of the net increase for positions relates to the potential tax on freight income on changes for positions taken in prior years and an increased number of voyages for the year ended December 31, 2019. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The interest and penalties on unrecognized tax benefits are included in the roll-forward schedule above, and are increases of approximately $13.2 million, $9.2 million and $6.4 million in 2019, 2018 and 2017, respectively. (all tabular amounts stated in thousands of U.S. dollars, other than share data and unless otherwise indicated)
Year Ended December 31, 2019Year Ended December 31, 2018Year Ended December 31, 2017
$$$
Balance of unrecognized tax benefits as at January 140,55631,06119,492
Increases for positions related to the current year5,8299,2972,631
Changes for positions taken in prior years19,1199813,475
Decreases related to statute of limitations(2,546)(783)(1,562)
Increase due to acquisition of TIL——8,528
Decrease due to deconsolidation of Altera——(1,503)
Balance of unrecognized tax benefits as at December 3162,95840,55631,061
"} {"question": "If the Changes for positions taken in prior years in December 31, 2019 reduced to 16,249 thousand, what would be the revised change between 2018 and 2019?", "answer": ["15268"], "context": "The following is a roll-forward of the Company’s uncertain tax positions, recorded in other long-term liabilities, from January 1, 2017 to December 31, 2019: The majority of the net increase for positions relates to the potential tax on freight income on changes for positions taken in prior years and an increased number of voyages for the year ended December 31, 2019. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The interest and penalties on unrecognized tax benefits are included in the roll-forward schedule above, and are increases of approximately $13.2 million, $9.2 million and $6.4 million in 2019, 2018 and 2017, respectively. (all tabular amounts stated in thousands of U.S. dollars, other than share data and unless otherwise indicated)
Year Ended December 31, 2019Year Ended December 31, 2018Year Ended December 31, 2017
$$$
Balance of unrecognized tax benefits as at January 140,55631,06119,492
Increases for positions related to the current year5,8299,2972,631
Changes for positions taken in prior years19,1199813,475
Decreases related to statute of limitations(2,546)(783)(1,562)
Increase due to acquisition of TIL——8,528
Decrease due to deconsolidation of Altera——(1,503)
Balance of unrecognized tax benefits as at December 3162,95840,55631,061
"} {"question": "Which year would have the highest Balance of unrecognized tax benefits as at December 31 if the value in 2019 was 50,000 thousand instead?", "answer": ["2019"], "context": "The following is a roll-forward of the Company’s uncertain tax positions, recorded in other long-term liabilities, from January 1, 2017 to December 31, 2019: The majority of the net increase for positions relates to the potential tax on freight income on changes for positions taken in prior years and an increased number of voyages for the year ended December 31, 2019. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The interest and penalties on unrecognized tax benefits are included in the roll-forward schedule above, and are increases of approximately $13.2 million, $9.2 million and $6.4 million in 2019, 2018 and 2017, respectively. (all tabular amounts stated in thousands of U.S. dollars, other than share data and unless otherwise indicated)
Year Ended December 31, 2019Year Ended December 31, 2018Year Ended December 31, 2017
$$$
Balance of unrecognized tax benefits as at January 140,55631,06119,492
Increases for positions related to the current year5,8299,2972,631
Changes for positions taken in prior years19,1199813,475
Decreases related to statute of limitations(2,546)(783)(1,562)
Increase due to acquisition of TIL——8,528
Decrease due to deconsolidation of Altera——(1,503)
Balance of unrecognized tax benefits as at December 3162,95840,55631,061
"} {"question": "If the scientific equipment in 2018 is $600 thousand instead, how much are being decapitalized from 2018 to 2019?", "answer": ["3"], "context": "NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is summarized as follows (in thousands): We do not have leasehold improvements nor do we have capitalized leases. Costs of betterments are capitalized while maintenance costs and repair costs are charged to operations as incurred. When a depreciable asset is retired from service, the cost and accumulated depreciation will be removed from the respective accounts. Depreciation expense was $66 thousand and $73 thousand for each of the years ended December 31, 2019 and 2018, respectively.
December 31,
20192018
Building and improvements$1,273$1,273
Scientific equipment597598
Computer hardware and software106107
Machinery and equipment274275
Land and improvements162162
Other personal property7070
Office equipment2727
2,5092,512
Less: accumulated depreciation(1,969)(1,906)
Total property, plant and equipment, net$ 540$ 606
"} {"question": "How much assets were decapitalized from 2018 to 2019 if the total property, plant and equipment in 2018 was $2,515 thousand instead?", "answer": ["6"], "context": "NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is summarized as follows (in thousands): We do not have leasehold improvements nor do we have capitalized leases. Costs of betterments are capitalized while maintenance costs and repair costs are charged to operations as incurred. When a depreciable asset is retired from service, the cost and accumulated depreciation will be removed from the respective accounts. Depreciation expense was $66 thousand and $73 thousand for each of the years ended December 31, 2019 and 2018, respectively.
December 31,
20192018
Building and improvements$1,273$1,273
Scientific equipment597598
Computer hardware and software106107
Machinery and equipment274275
Land and improvements162162
Other personal property7070
Office equipment2727
2,5092,512
Less: accumulated depreciation(1,969)(1,906)
Total property, plant and equipment, net$ 540$ 606
"} {"question": "Suppose the Net Total property, plant and equipment in 2019 was $600 thousand, what is the new percentage decrease in net total property, plant and equipment from 2018 to 2019?", "answer": ["0.99"], "context": "NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is summarized as follows (in thousands): We do not have leasehold improvements nor do we have capitalized leases. Costs of betterments are capitalized while maintenance costs and repair costs are charged to operations as incurred. When a depreciable asset is retired from service, the cost and accumulated depreciation will be removed from the respective accounts. Depreciation expense was $66 thousand and $73 thousand for each of the years ended December 31, 2019 and 2018, respectively.
December 31,
20192018
Building and improvements$1,273$1,273
Scientific equipment597598
Computer hardware and software106107
Machinery and equipment274275
Land and improvements162162
Other personal property7070
Office equipment2727
2,5092,512
Less: accumulated depreciation(1,969)(1,906)
Total property, plant and equipment, net$ 540$ 606
"} {"question": "In which year would the temporary differences be larger if the amount in FY2019 was 100 million instead?", "answer": ["2018"], "context": "No deferred tax assets were capitalised for the following tax loss carry-forwards and interest carry-forwards or temporary differences because realisation of the assets in the short-to-medium term is not expected: The loss carry-forwards as of the closing date predominantly concern the German consolidation group. They can be carried forward without limitation.
€ million30/9/201830/9/2019
Corporate tax losses4,3204,883
Trade tax losses3,2963,679
Interest carry-forwards5783
Temporary differences104120
"} {"question": "What would the change in interest carry-forwards in FY2019 from FY2018 be if the amount in FY2019 was 87 million instead?", "answer": ["30"], "context": "No deferred tax assets were capitalised for the following tax loss carry-forwards and interest carry-forwards or temporary differences because realisation of the assets in the short-to-medium term is not expected: The loss carry-forwards as of the closing date predominantly concern the German consolidation group. They can be carried forward without limitation.
€ million30/9/201830/9/2019
Corporate tax losses4,3204,883
Trade tax losses3,2963,679
Interest carry-forwards5783
Temporary differences104120
"} {"question": "What would the percentage change in interest carry-forwards in FY2019 from FY2018 be if the amount in FY2019 was 87 million instead?", "answer": ["52.63"], "context": "No deferred tax assets were capitalised for the following tax loss carry-forwards and interest carry-forwards or temporary differences because realisation of the assets in the short-to-medium term is not expected: The loss carry-forwards as of the closing date predominantly concern the German consolidation group. They can be carried forward without limitation.
€ million30/9/201830/9/2019
Corporate tax losses4,3204,883
Trade tax losses3,2963,679
Interest carry-forwards5783
Temporary differences104120
"} {"question": "What would be the difference in Goodwill and other intangible assets for FY2019 if the Goodwill was 800 million?", "answer": ["238"], "context": "Asset position In financial year 2018/19, total assets of continuing and discontinued operations decreased by €709 million to €14.5 billion (30/9/2018: €15.2 billion). In financial year 2018/19, non-current assets from continuing operations decreased by €141 million to €6.7 billion (30/9/2018: €6.9 billion), primarily relating to property, plant and equipment. In addition to cost-efficient investment activities, this was mainly due to individual property sales, while currency effects increased the carrying amount. 1 Adjustment of previous year according to explanation in notes. 2 Adjusted for effects of the discontinued business segment. For more information about the development of non-current assets, see the notes to the consolidated financial statements in the numbers listed in the table.
€ millionNote no.30/9/2018 130/9/2018 adjusted230/9/2019
Non-current assets7,5036,8776,736
Goodwill19797778785
Other intangible assets20499496562
Property, plant and equipment215,3144,8924,760
Investment properties22979782
Financial assets23888897
Investments accounted for using the equity method23178178179
Other financial and other non-financial assets242028680
Deferred tax assets25329262191
"} {"question": "What would the change in deferred tax assets in FY2019 from FY2018 adjusted be if the amount in FY2019 was 192 million instead?", "answer": ["-70"], "context": "Asset position In financial year 2018/19, total assets of continuing and discontinued operations decreased by €709 million to €14.5 billion (30/9/2018: €15.2 billion). In financial year 2018/19, non-current assets from continuing operations decreased by €141 million to €6.7 billion (30/9/2018: €6.9 billion), primarily relating to property, plant and equipment. In addition to cost-efficient investment activities, this was mainly due to individual property sales, while currency effects increased the carrying amount. 1 Adjustment of previous year according to explanation in notes. 2 Adjusted for effects of the discontinued business segment. For more information about the development of non-current assets, see the notes to the consolidated financial statements in the numbers listed in the table.
€ millionNote no.30/9/2018 130/9/2018 adjusted230/9/2019
Non-current assets7,5036,8776,736
Goodwill19797778785
Other intangible assets20499496562
Property, plant and equipment215,3144,8924,760
Investment properties22979782
Financial assets23888897
Investments accounted for using the equity method23178178179
Other financial and other non-financial assets242028680
Deferred tax assets25329262191
"} {"question": "What would the percentage change in deferred tax assets in FY2019 from FY2018 adjusted be if the amount in FY2019 was 192 million instead?", "answer": ["-26.72"], "context": "Asset position In financial year 2018/19, total assets of continuing and discontinued operations decreased by €709 million to €14.5 billion (30/9/2018: €15.2 billion). In financial year 2018/19, non-current assets from continuing operations decreased by €141 million to €6.7 billion (30/9/2018: €6.9 billion), primarily relating to property, plant and equipment. In addition to cost-efficient investment activities, this was mainly due to individual property sales, while currency effects increased the carrying amount. 1 Adjustment of previous year according to explanation in notes. 2 Adjusted for effects of the discontinued business segment. For more information about the development of non-current assets, see the notes to the consolidated financial statements in the numbers listed in the table.
€ millionNote no.30/9/2018 130/9/2018 adjusted230/9/2019
Non-current assets7,5036,8776,736
Goodwill19797778785
Other intangible assets20499496562
Property, plant and equipment215,3144,8924,760
Investment properties22979782
Financial assets23888897
Investments accounted for using the equity method23178178179
Other financial and other non-financial assets242028680
Deferred tax assets25329262191
"} {"question": "In which year would the prior service benefit (cost) for pension plans be larger if the value for 2018 is $56 million instead?", "answer": ["2018"], "context": "The following table presents cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2017, items recognized as a component of net periodic benefits expense in 2018, additional items deferred during 2018 and cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2017. The items not recognized as a component of net periodic benefits expense have been recorded on our consolidated balance sheets in accumulated other comprehensive loss: (1) Amounts currently recognized in net periodic benefits expense include $375 million of benefit arising from the adoption of ASU 2018-02. See Note 1— Background and Summary of Significant Accounting Policies for further detail. (2) Amounts currently recognized in net periodic benefits expense include $32 million arising from the adoption of ASU 2018-02. See Note 1— Background and Summary of Significant Accounting Policies for further detail.
As of and for the Years Ended December 31,
2017Recognition of Net Periodic Benefits ExpenseDeferralsNet Change in AOCL2018
(Dollars in millions)
Accumulated other comprehensive loss:
Pension plans:
Net actuarial (loss) gain$(2,892)179(260)(81)(2,973)
Prior service benefit (cost)54(8)—(8)46
Deferred income tax benefit (expense)(1)1,107(418)65(353)754
Total pension plans(1,731)(247)(195)(442)(2,173)
Post-retirement benefit plans:
Net actuarial (loss) gain(250)—2572577
Prior service (cost) benefit(107)20—20(87)
Deferred income tax benefit (expense)(2)122(37)(63)(100)22
Total post-retirement benefit plans(235)(17)194177(58)
Total accumulated other comprehensive loss$(1,966)(264)(1)(265)(2,231)
"} {"question": "What would the sum of the prior service benefit (cost) for pension plans in 2017 and 2018 be if the value for 2018 is $56 million instead?", "answer": ["110"], "context": "The following table presents cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2017, items recognized as a component of net periodic benefits expense in 2018, additional items deferred during 2018 and cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2017. The items not recognized as a component of net periodic benefits expense have been recorded on our consolidated balance sheets in accumulated other comprehensive loss: (1) Amounts currently recognized in net periodic benefits expense include $375 million of benefit arising from the adoption of ASU 2018-02. See Note 1— Background and Summary of Significant Accounting Policies for further detail. (2) Amounts currently recognized in net periodic benefits expense include $32 million arising from the adoption of ASU 2018-02. See Note 1— Background and Summary of Significant Accounting Policies for further detail.
As of and for the Years Ended December 31,
2017Recognition of Net Periodic Benefits ExpenseDeferralsNet Change in AOCL2018
(Dollars in millions)
Accumulated other comprehensive loss:
Pension plans:
Net actuarial (loss) gain$(2,892)179(260)(81)(2,973)
Prior service benefit (cost)54(8)—(8)46
Deferred income tax benefit (expense)(1)1,107(418)65(353)754
Total pension plans(1,731)(247)(195)(442)(2,173)
Post-retirement benefit plans:
Net actuarial (loss) gain(250)—2572577
Prior service (cost) benefit(107)20—20(87)
Deferred income tax benefit (expense)(2)122(37)(63)(100)22
Total post-retirement benefit plans(235)(17)194177(58)
Total accumulated other comprehensive loss$(1,966)(264)(1)(265)(2,231)
"} {"question": "What would the percentage change in the deferred income tax benefit (expense) for post-retirement benefit plans in 2018 from 2017 be if the value for 2018 is $32 million instead?", "answer": ["-73.77"], "context": "The following table presents cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2017, items recognized as a component of net periodic benefits expense in 2018, additional items deferred during 2018 and cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2017. The items not recognized as a component of net periodic benefits expense have been recorded on our consolidated balance sheets in accumulated other comprehensive loss: (1) Amounts currently recognized in net periodic benefits expense include $375 million of benefit arising from the adoption of ASU 2018-02. See Note 1— Background and Summary of Significant Accounting Policies for further detail. (2) Amounts currently recognized in net periodic benefits expense include $32 million arising from the adoption of ASU 2018-02. See Note 1— Background and Summary of Significant Accounting Policies for further detail.
As of and for the Years Ended December 31,
2017Recognition of Net Periodic Benefits ExpenseDeferralsNet Change in AOCL2018
(Dollars in millions)
Accumulated other comprehensive loss:
Pension plans:
Net actuarial (loss) gain$(2,892)179(260)(81)(2,973)
Prior service benefit (cost)54(8)—(8)46
Deferred income tax benefit (expense)(1)1,107(418)65(353)754
Total pension plans(1,731)(247)(195)(442)(2,173)
Post-retirement benefit plans:
Net actuarial (loss) gain(250)—2572577
Prior service (cost) benefit(107)20—20(87)
Deferred income tax benefit (expense)(2)122(37)(63)(100)22
Total post-retirement benefit plans(235)(17)194177(58)
Total accumulated other comprehensive loss$(1,966)(264)(1)(265)(2,231)
"} {"question": "What would be the change in Amount paid to repurchase shares between 2017 and 2018 if the amount paid to repurchase shares in 2018 was $100,000 thousand instead?", "answer": ["70007"], "context": "Share Repurchase In September 2015, our Board of Directors authorized a program to repurchase up to $150.0 million of our common stock over a thirty-month period. In November 2017, our Board of Directors approved an extension of the share repurchase program to December 2019 from its original maturity of March 2018. In May 2018, our Board of Directors approved a $50 million increase in its authorization to repurchase shares of our common stock under this same program. On December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s share repurchase program and increase the authorized amount by $25.1 million. As of December 31, 2019, the Company is authorized to repurchase shares of the Company’s common stock of up to a total of $50.0 million. ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) In order to execute the repurchase of shares of our common stock, the Company periodically enters into stock repurchase agreements. During the years ended December 31, 2019, 2018 and 2017 the Company has repurchased the following shares of common stock:
Years Ended December 31,
(in thousands, except per share amounts)201920182017
Amount paid to repurchase shares$ —$95,125$29,993
Number of shares repurchased—1,696422
Average repurchase price per share$ —$56.07$71.07
"} {"question": "What would be the change in number of shares repurchased between 2017 and 2018 if the number of shares repurchased in 2017 was 1,000 thousand instead?", "answer": ["696"], "context": "Share Repurchase In September 2015, our Board of Directors authorized a program to repurchase up to $150.0 million of our common stock over a thirty-month period. In November 2017, our Board of Directors approved an extension of the share repurchase program to December 2019 from its original maturity of March 2018. In May 2018, our Board of Directors approved a $50 million increase in its authorization to repurchase shares of our common stock under this same program. On December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s share repurchase program and increase the authorized amount by $25.1 million. As of December 31, 2019, the Company is authorized to repurchase shares of the Company’s common stock of up to a total of $50.0 million. ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) In order to execute the repurchase of shares of our common stock, the Company periodically enters into stock repurchase agreements. During the years ended December 31, 2019, 2018 and 2017 the Company has repurchased the following shares of common stock:
Years Ended December 31,
(in thousands, except per share amounts)201920182017
Amount paid to repurchase shares$ —$95,125$29,993
Number of shares repurchased—1,696422
Average repurchase price per share$ —$56.07$71.07
"} {"question": "What would be the percentage change in the average repurchase price per share between 2017 and 2018 if the average repurchase price per share in 2018 was $80.00 instead?", "answer": ["12.57"], "context": "Share Repurchase In September 2015, our Board of Directors authorized a program to repurchase up to $150.0 million of our common stock over a thirty-month period. In November 2017, our Board of Directors approved an extension of the share repurchase program to December 2019 from its original maturity of March 2018. In May 2018, our Board of Directors approved a $50 million increase in its authorization to repurchase shares of our common stock under this same program. On December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s share repurchase program and increase the authorized amount by $25.1 million. As of December 31, 2019, the Company is authorized to repurchase shares of the Company’s common stock of up to a total of $50.0 million. ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) In order to execute the repurchase of shares of our common stock, the Company periodically enters into stock repurchase agreements. During the years ended December 31, 2019, 2018 and 2017 the Company has repurchased the following shares of common stock:
Years Ended December 31,
(in thousands, except per share amounts)201920182017
Amount paid to repurchase shares$ —$95,125$29,993
Number of shares repurchased—1,696422
Average repurchase price per share$ —$56.07$71.07
"} {"question": "If Jonathan E. Greene had 130,000 amount and nature of beneficial ownership, how many executive officers and directors own less than 100,000 in nature of beneficial ownership?", "answer": ["2"], "context": "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The following table sets forth information regarding the beneficial ownership of our common stock as of March 1, 2020 for (i) each of our directors, (ii) each of our executive officers, (iii) each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock, and (iv) all of our executive officers and directors as a group. * Less than 1%. (1) Unless otherwise indicated, we believe that all persons named in the above table have sole voting and investment power with respect to all shares of our common stock beneficially owned by them. Unless otherwise indicated the address for each listed beneficial owner is c/o Network-1 Technologies, Inc., 445 Park Avenue, Suite 912, New York, New York 10022. (2) A person is deemed to be the beneficial owner of shares of common stock that can be acquired by such person within 60 days from March 1, 2020 upon the exercise of options or restricted stock units that vest within such 60 day period. Each beneficial owner's percentage ownership is determined by assuming that all stock options and restricted stock units held by such person (but not those held by any other person) and which are exercisable or vested within 60 days from March 1, 2020 have been exercised and vested. Assumes a base of 24,032,941 shares of our common stock outstanding as of March 1, 2020. (3) Includes (i) 3,549,369 shares of common stock held by Mr. Horowitz, (ii) 500,000 shares of common stock subject to currently exercisable stock options held by Mr. Horowitz, (iii) 2,157,097 shares of common stock held by CMH Capital Management Corp., an entity solely owned by Mr. Horowitz, (iv) 134,275 shares of common stock owned by the CMH Capital Management Corp. Profit Sharing Plan, of which Mr. Horowitz is the trustee, (v) 67,470 shares of common stock owned by Donna Slavitt, the wife of Mr. Horowitz, (vi) an aggregate of 452,250 shares of common stock held by two trusts and a custodian account for the benefit of Mr. Horowitz’s three children, and (vii) 2,291 shares of common stock held by Horowitz Partners, a general partnership of which Mr. Horowitz is a partner. Does not include 250,000 shares of common stock subject to restricted stock units that do not vest within 60 days of March 1, 2020. (4) Includes 2,157,097 shares of common stock owned by CMH Capital Management Corp. and 134,275 shares of common stock owned by CMH Capital Management Corp. Profit Sharing Plan. Corey M. Horowitz, by virtue of being the sole officer, director and shareholder of CMH Capital Management Corp. and the trustee of the CMH Capital Management Corp. Profit Sharing Plan, has the sole power to vote and dispose of the shares of common stock owned by CMH Capital Management Corp. and the CMH Capital Management Corp. Profit Sharing Plan. (5) Includes (i) 242,235 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020. (6) Includes (i) 108,309 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020. (7) Includes 94,160 shares of common stock. Does not include 27,500 shares of common stock subject to restricted stock units owned by Mr. Kahn that do not vest within 60 days from March 1, 2020. (8) Includes (i) 72,061 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020. (9) Includes 67,499 shares of common stock. Does not include 35,000 shares of common stock subjected to restricted stock units owned by Mr. Greene that do not vest within 60 days from March 1, 2020. (10) Includes 585,233 shares of common stock owned by Mr. Heinemann and 2,242,582 shares of common stock owned by Goose Hill Capital LLC. Goose Hill Capital LLC is an entity in which Mr. Heinemann is the sole member. Mr. Heinemann, by virtue of being the sole member of Goose Hill Capital LLC, has the sole power to vote and dispose of the shares of common stock owned by Goose Hill Capital LLC. The aforementioned beneficial ownership is based upon Amendment No. 7 to Schedule 13G filed by Mr. Heinemann with the SEC on February 11, 2019. The address for Mr. Heinemann is c/o Goose Hill Capital, LLC, 12378 Indian Road, North Palm Beach, Florida 33408. (11) Includes 2,242,582 shares of common stock. Steven D. Heinemann, by virtue of being the sole member of Goose Hill Capital LLC, has the sole power to vote and dispose of the shares of common stock owned by Goose Hill Capital LLC. The aforementioned beneficial ownership is based upon Amendment No. 7 to Schedule 13G filed by Mr. Heinemann with the SEC on February 11, 2019. The address for Goose Hill Capital LLC is 12378 Indian Road, North Palm Beach, Florida 33408. (12) Includes 1,200,130 shares of common stock. The aforementioned beneficial ownership is based upon a Schedule 13G filed by Mr. Herzog with the SEC on February 10, 2016. The address of Mr. Herzog is 824 Harbor Road, Southport, Connecticut 06890-1410.
NAME AND ADDRESS OF BENEFICIAL OWNERAMOUNT AND NATURE OF BENEFICIAL OWNERSHIP(1)(2)PERCENTAGE OF COMMON STOCK BENEFICIALLY OWNED(2)
Executive Officers and Directors:
Corey M. Horowitz(3)6,862,75228.0%
CMH Capital Management Corp(4)2,291,3729.5%
Niv Harizman(5)245,9851.0%
Emanuel Pearlman (6)112,059*
David C. Kahn(7)94,160*
Allison Hoffman(8)75,811*
Jonathan E. Greene(9)67,499*
All officers and directors as a group (6 Persons)7,458,26630.4%
5% Stockholders:
Steven D. Heinemann(10)2,827,81511.8%
Goose Hill Capital LLC(11)2,242,5829.3%
John Herzog(12)1,200,1305.0%
"} {"question": "If John Herzog owned 1,300,130 in amount of nature of beneficial ownership instead, what is the percentage of amount and nature of beneficial ownership for John Herzog among the 5% Stockholders?", "answer": ["20.41"], "context": "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The following table sets forth information regarding the beneficial ownership of our common stock as of March 1, 2020 for (i) each of our directors, (ii) each of our executive officers, (iii) each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock, and (iv) all of our executive officers and directors as a group. * Less than 1%. (1) Unless otherwise indicated, we believe that all persons named in the above table have sole voting and investment power with respect to all shares of our common stock beneficially owned by them. Unless otherwise indicated the address for each listed beneficial owner is c/o Network-1 Technologies, Inc., 445 Park Avenue, Suite 912, New York, New York 10022. (2) A person is deemed to be the beneficial owner of shares of common stock that can be acquired by such person within 60 days from March 1, 2020 upon the exercise of options or restricted stock units that vest within such 60 day period. Each beneficial owner's percentage ownership is determined by assuming that all stock options and restricted stock units held by such person (but not those held by any other person) and which are exercisable or vested within 60 days from March 1, 2020 have been exercised and vested. Assumes a base of 24,032,941 shares of our common stock outstanding as of March 1, 2020. (3) Includes (i) 3,549,369 shares of common stock held by Mr. Horowitz, (ii) 500,000 shares of common stock subject to currently exercisable stock options held by Mr. Horowitz, (iii) 2,157,097 shares of common stock held by CMH Capital Management Corp., an entity solely owned by Mr. Horowitz, (iv) 134,275 shares of common stock owned by the CMH Capital Management Corp. Profit Sharing Plan, of which Mr. Horowitz is the trustee, (v) 67,470 shares of common stock owned by Donna Slavitt, the wife of Mr. Horowitz, (vi) an aggregate of 452,250 shares of common stock held by two trusts and a custodian account for the benefit of Mr. Horowitz’s three children, and (vii) 2,291 shares of common stock held by Horowitz Partners, a general partnership of which Mr. Horowitz is a partner. Does not include 250,000 shares of common stock subject to restricted stock units that do not vest within 60 days of March 1, 2020. (4) Includes 2,157,097 shares of common stock owned by CMH Capital Management Corp. and 134,275 shares of common stock owned by CMH Capital Management Corp. Profit Sharing Plan. Corey M. Horowitz, by virtue of being the sole officer, director and shareholder of CMH Capital Management Corp. and the trustee of the CMH Capital Management Corp. Profit Sharing Plan, has the sole power to vote and dispose of the shares of common stock owned by CMH Capital Management Corp. and the CMH Capital Management Corp. Profit Sharing Plan. (5) Includes (i) 242,235 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020. (6) Includes (i) 108,309 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020. (7) Includes 94,160 shares of common stock. Does not include 27,500 shares of common stock subject to restricted stock units owned by Mr. Kahn that do not vest within 60 days from March 1, 2020. (8) Includes (i) 72,061 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020. (9) Includes 67,499 shares of common stock. Does not include 35,000 shares of common stock subjected to restricted stock units owned by Mr. Greene that do not vest within 60 days from March 1, 2020. (10) Includes 585,233 shares of common stock owned by Mr. Heinemann and 2,242,582 shares of common stock owned by Goose Hill Capital LLC. Goose Hill Capital LLC is an entity in which Mr. Heinemann is the sole member. Mr. Heinemann, by virtue of being the sole member of Goose Hill Capital LLC, has the sole power to vote and dispose of the shares of common stock owned by Goose Hill Capital LLC. The aforementioned beneficial ownership is based upon Amendment No. 7 to Schedule 13G filed by Mr. Heinemann with the SEC on February 11, 2019. The address for Mr. Heinemann is c/o Goose Hill Capital, LLC, 12378 Indian Road, North Palm Beach, Florida 33408. (11) Includes 2,242,582 shares of common stock. Steven D. Heinemann, by virtue of being the sole member of Goose Hill Capital LLC, has the sole power to vote and dispose of the shares of common stock owned by Goose Hill Capital LLC. The aforementioned beneficial ownership is based upon Amendment No. 7 to Schedule 13G filed by Mr. Heinemann with the SEC on February 11, 2019. The address for Goose Hill Capital LLC is 12378 Indian Road, North Palm Beach, Florida 33408. (12) Includes 1,200,130 shares of common stock. The aforementioned beneficial ownership is based upon a Schedule 13G filed by Mr. Herzog with the SEC on February 10, 2016. The address of Mr. Herzog is 824 Harbor Road, Southport, Connecticut 06890-1410.
NAME AND ADDRESS OF BENEFICIAL OWNERAMOUNT AND NATURE OF BENEFICIAL OWNERSHIP(1)(2)PERCENTAGE OF COMMON STOCK BENEFICIALLY OWNED(2)
Executive Officers and Directors:
Corey M. Horowitz(3)6,862,75228.0%
CMH Capital Management Corp(4)2,291,3729.5%
Niv Harizman(5)245,9851.0%
Emanuel Pearlman (6)112,059*
David C. Kahn(7)94,160*
Allison Hoffman(8)75,811*
Jonathan E. Greene(9)67,499*
All officers and directors as a group (6 Persons)7,458,26630.4%
5% Stockholders:
Steven D. Heinemann(10)2,827,81511.8%
Goose Hill Capital LLC(11)2,242,5829.3%
John Herzog(12)1,200,1305.0%
"} {"question": "If the 5% Stockholders have a total of 3,000,000 in amount and nature of beneficial ownership instead, how much more do all officers and directors as a group have in amount and nature of beneficial ownership as compared to the 5% Stockholders?", "answer": ["4458266"], "context": "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The following table sets forth information regarding the beneficial ownership of our common stock as of March 1, 2020 for (i) each of our directors, (ii) each of our executive officers, (iii) each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock, and (iv) all of our executive officers and directors as a group. * Less than 1%. (1) Unless otherwise indicated, we believe that all persons named in the above table have sole voting and investment power with respect to all shares of our common stock beneficially owned by them. Unless otherwise indicated the address for each listed beneficial owner is c/o Network-1 Technologies, Inc., 445 Park Avenue, Suite 912, New York, New York 10022. (2) A person is deemed to be the beneficial owner of shares of common stock that can be acquired by such person within 60 days from March 1, 2020 upon the exercise of options or restricted stock units that vest within such 60 day period. Each beneficial owner's percentage ownership is determined by assuming that all stock options and restricted stock units held by such person (but not those held by any other person) and which are exercisable or vested within 60 days from March 1, 2020 have been exercised and vested. Assumes a base of 24,032,941 shares of our common stock outstanding as of March 1, 2020. (3) Includes (i) 3,549,369 shares of common stock held by Mr. Horowitz, (ii) 500,000 shares of common stock subject to currently exercisable stock options held by Mr. Horowitz, (iii) 2,157,097 shares of common stock held by CMH Capital Management Corp., an entity solely owned by Mr. Horowitz, (iv) 134,275 shares of common stock owned by the CMH Capital Management Corp. Profit Sharing Plan, of which Mr. Horowitz is the trustee, (v) 67,470 shares of common stock owned by Donna Slavitt, the wife of Mr. Horowitz, (vi) an aggregate of 452,250 shares of common stock held by two trusts and a custodian account for the benefit of Mr. Horowitz’s three children, and (vii) 2,291 shares of common stock held by Horowitz Partners, a general partnership of which Mr. Horowitz is a partner. Does not include 250,000 shares of common stock subject to restricted stock units that do not vest within 60 days of March 1, 2020. (4) Includes 2,157,097 shares of common stock owned by CMH Capital Management Corp. and 134,275 shares of common stock owned by CMH Capital Management Corp. Profit Sharing Plan. Corey M. Horowitz, by virtue of being the sole officer, director and shareholder of CMH Capital Management Corp. and the trustee of the CMH Capital Management Corp. Profit Sharing Plan, has the sole power to vote and dispose of the shares of common stock owned by CMH Capital Management Corp. and the CMH Capital Management Corp. Profit Sharing Plan. (5) Includes (i) 242,235 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020. (6) Includes (i) 108,309 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020. (7) Includes 94,160 shares of common stock. Does not include 27,500 shares of common stock subject to restricted stock units owned by Mr. Kahn that do not vest within 60 days from March 1, 2020. (8) Includes (i) 72,061 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020. (9) Includes 67,499 shares of common stock. Does not include 35,000 shares of common stock subjected to restricted stock units owned by Mr. Greene that do not vest within 60 days from March 1, 2020. (10) Includes 585,233 shares of common stock owned by Mr. Heinemann and 2,242,582 shares of common stock owned by Goose Hill Capital LLC. Goose Hill Capital LLC is an entity in which Mr. Heinemann is the sole member. Mr. Heinemann, by virtue of being the sole member of Goose Hill Capital LLC, has the sole power to vote and dispose of the shares of common stock owned by Goose Hill Capital LLC. The aforementioned beneficial ownership is based upon Amendment No. 7 to Schedule 13G filed by Mr. Heinemann with the SEC on February 11, 2019. The address for Mr. Heinemann is c/o Goose Hill Capital, LLC, 12378 Indian Road, North Palm Beach, Florida 33408. (11) Includes 2,242,582 shares of common stock. Steven D. Heinemann, by virtue of being the sole member of Goose Hill Capital LLC, has the sole power to vote and dispose of the shares of common stock owned by Goose Hill Capital LLC. The aforementioned beneficial ownership is based upon Amendment No. 7 to Schedule 13G filed by Mr. Heinemann with the SEC on February 11, 2019. The address for Goose Hill Capital LLC is 12378 Indian Road, North Palm Beach, Florida 33408. (12) Includes 1,200,130 shares of common stock. The aforementioned beneficial ownership is based upon a Schedule 13G filed by Mr. Herzog with the SEC on February 10, 2016. The address of Mr. Herzog is 824 Harbor Road, Southport, Connecticut 06890-1410.
NAME AND ADDRESS OF BENEFICIAL OWNERAMOUNT AND NATURE OF BENEFICIAL OWNERSHIP(1)(2)PERCENTAGE OF COMMON STOCK BENEFICIALLY OWNED(2)
Executive Officers and Directors:
Corey M. Horowitz(3)6,862,75228.0%
CMH Capital Management Corp(4)2,291,3729.5%
Niv Harizman(5)245,9851.0%
Emanuel Pearlman (6)112,059*
David C. Kahn(7)94,160*
Allison Hoffman(8)75,811*
Jonathan E. Greene(9)67,499*
All officers and directors as a group (6 Persons)7,458,26630.4%
5% Stockholders:
Steven D. Heinemann(10)2,827,81511.8%
Goose Hill Capital LLC(11)2,242,5829.3%
John Herzog(12)1,200,1305.0%
"} {"question": "What would be the difference in useful lives between buildings and that of Furniture and fixtures if the useful lives of buildings increases by 5 years?", "answer": ["18"], "context": "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 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.
Useful LivesDecember 27, 2019December 28, 2018
LandIndefinite$1,170$1,170
Buildings20 years1,3601,292
Machinery and equipment5-10 years21,71817,837
Computers, data processing and other equipment3-7 years12,68611,244
Software3-7 years29,30522,779
Leasehold improvements1-40 years70,90360,565
Furniture and fixtures7 years3,3093,268
Vehicles5-7 years6,4102,769
Other7 years9595
Construction-in-process9,20015,757
156,156136,776
Less: accumulated depreciation and amortization(63,310)(51,500)
Equipment, leasehold improvements and software, net$92,846$85,276
"} {"question": "What would be the average value of vehicles for 2018 and 2019 if the value in 2019 decreases by $1,000?", "answer": ["4089.5"], "context": "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 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.
Useful LivesDecember 27, 2019December 28, 2018
LandIndefinite$1,170$1,170
Buildings20 years1,3601,292
Machinery and equipment5-10 years21,71817,837
Computers, data processing and other equipment3-7 years12,68611,244
Software3-7 years29,30522,779
Leasehold improvements1-40 years70,90360,565
Furniture and fixtures7 years3,3093,268
Vehicles5-7 years6,4102,769
Other7 years9595
Construction-in-process9,20015,757
156,156136,776
Less: accumulated depreciation and amortization(63,310)(51,500)
Equipment, leasehold improvements and software, net$92,846$85,276
"} {"question": "What would be the average value of buildings for 2018 and 2019 if the value in 2019 decreases by $100?", "answer": ["1276"], "context": "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 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.
Useful LivesDecember 27, 2019December 28, 2018
LandIndefinite$1,170$1,170
Buildings20 years1,3601,292
Machinery and equipment5-10 years21,71817,837
Computers, data processing and other equipment3-7 years12,68611,244
Software3-7 years29,30522,779
Leasehold improvements1-40 years70,90360,565
Furniture and fixtures7 years3,3093,268
Vehicles5-7 years6,4102,769
Other7 years9595
Construction-in-process9,20015,757
156,156136,776
Less: accumulated depreciation and amortization(63,310)(51,500)
Equipment, leasehold improvements and software, net$92,846$85,276
"} {"question": "If net cash provided by operating activities in 2019 is now $167.9 million, what is the new difference in net cash provided by operating activities in 2019?", "answer": ["167"], "context": "LIQUIDITY AND CAPITAL RESOURCES Our primary source of cash is from the sale of our software and related services. Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, as well as general operating expenses for marketing, facilities and overhead costs. In addition to operating expenses, we also use cash to fund our stock repurchase program and invest in our growth initiatives, which include acquisitions of products, technology and businesses. See further discussion of these items below. At January 31, 2019, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $953.6 million and net accounts receivable of $474.3 million On December 17, 2018, Autodesk entered into a new Credit Agreement (the “Credit Agreement”) for an unsecured revolving loan facility in the aggregate principal amount of $650.0 million, with an option to request increases in the amount of the credit facility by up to an additional $350.0 million. The Credit Agreement replaced and terminated our $400.0 million Amended and Restated Credit Agreement. The maturity date on the line of credit facility is December 2023. At January 31, 2019, Autodesk had no outstanding borrowings on this line of credit. As of March 25, 2019, we have no amounts outstanding under the credit facility. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion on our covenant requirements. If we are unable to remain in compliance with the covenants, we will not be able to draw on our credit facility. On December 17, 2018, we also entered into a Term Loan Agreement (the “Term Loan Agreement”) which provided for a delayed draw term loan facility in the aggregate principal amount of $500.0 million. On December 19, 2018, we borrowed a $500.0 million term loan under the Term Loan Agreement in connection with the acquisition of PlanGrid. See Part II, Item 8,Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion on the Term Loan Agreement terms and Part II, Item 8, Note 6, \"Acquisitions\" for further discussion on the PlanGrid acquisition. In addition to the term loan, as of January 31, 2019, we have $1.6 billion aggregate principal amount of Notes outstanding. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion. Our cash and cash equivalents are held by diversified financial institutions globally. Our primary commercial banking relationship is with Citigroup and its global affiliates. In addition, Citibank N.A., an affiliate of Citigroup, is one of the lead lenders and agent in the syndicate of our $650.0 million line of credit. Long-term cash requirements for items other than normal operating expenses are anticipated for the following: repayment of debt; common stock repurchases; the acquisition of businesses, software products, or technologies complementary to our business; and capital expenditures, including the purchase and implementation of internal-use software applications Our cash, cash equivalents, and marketable securities balances are concentrated in a few locations around the world, with substantial amounts held outside of the United States. As of January 31, 2019, approximately 52% of our total cash or cash equivalents and marketable securities are located in foreign jurisdictions and that percentage will fluctuate subject to business needs. There are several factors that can impact our ability to utilize foreign cash balances, such as foreign exchange restrictions, foreign regulatory restrictions or adverse tax costs. The Tax Act includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries and generally eliminates U.S. taxes on foreign subsidiary distributions in future periods. As a result, earnings in foreign jurisdictions are generally available for distribution to the U.S. with little to no incremental U.S. taxes. We regularly review our capital structure and consider a variety of potential financing alternatives and planning strategies to ensure we have the proper liquidity available in the locations in which it is needed. We expect to meet our liquidity needs through a combination of current cash balances, ongoing cash flows, and external borrowings. Cash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A titled “Risk Factors.” However, based on our current business plan and revenue prospects, we believe that our existing balances, our anticipated cash flows from operations and our available credit facility will be sufficient to meet our working capital and operating resource expenditure requirements for at least the next 12 months. Our revenue, earnings, cash flows, receivables, and payables are subject to fluctuations due to changes in foreign currency exchange rates, for which we have put in place foreign currency contracts as part of our risk management strategy. See Part II, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” for further discussion. Net cash provided by operating activities of $377.1 million for fiscal 2019 consisted of $371.8 million of non-cash expenses, including stock-based compensation expense, restructuring charges, net, depreciation, amortization and accretion expense, offsetting our net loss of $80.8 million, and included $86.1 million of cash flow provided by changes in operating assets and liabilities. The primary working capital source of cash was an increase in deferred revenue from $1,955.1 million as of January 31, 2018, to $2,091.4 million as of January 31, 2019. The primary working capital uses of cash were decreases in accounts payable and other accrued liabilities. Net cash used in investing activities was $710.4 million for fiscal 2019 and was primarily due to acquisitions, net of cash acquired and purchases of marketable securities. These cash outflows were partially offset by sales and maturities of marketable securities. At January 31, 2019, our short-term investment portfolio had an estimated fair value of $67.6 million and a cost basis of $62.8 million. The portfolio fair value consisted of $60.3 million of trading securities that were invested in a defined set of mutual funds as directed by the participants in our Deferred Compensation Plan (see Note 7, “Deferred Compensation,” in the Notes to Consolidated Financial Statements for further discussion) and $7.3 million invested in other available-for-sale shortterm securities. Net cash provided by financing activities was $151.9 million in fiscal 2019 and was primarily due to proceeds from debt issuance, net of discount and proceeds from issuance of stock. These cash inflows were partially offset by repurchases of our common stock and taxes paid related to net share settlement of equity awards.
Fiscal year ended January 31,
(in millions)201920182017
Net cash provided by operating activities$377.1$0.9$169.7
Net cash (used in) provided by investing activities(710.4)506.4272.0
Net cash provided by (used in) financing activities151.9(656.6)(578.3)
"} {"question": "How much did the net cash provided by operating activities gain from fiscal year ending 31 January, 2019 compared to that of fiscal year ending 31 January, 2017 if it was 350 million in 2019?", "answer": ["106.25"], "context": "LIQUIDITY AND CAPITAL RESOURCES Our primary source of cash is from the sale of our software and related services. Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, as well as general operating expenses for marketing, facilities and overhead costs. In addition to operating expenses, we also use cash to fund our stock repurchase program and invest in our growth initiatives, which include acquisitions of products, technology and businesses. See further discussion of these items below. At January 31, 2019, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $953.6 million and net accounts receivable of $474.3 million On December 17, 2018, Autodesk entered into a new Credit Agreement (the “Credit Agreement”) for an unsecured revolving loan facility in the aggregate principal amount of $650.0 million, with an option to request increases in the amount of the credit facility by up to an additional $350.0 million. The Credit Agreement replaced and terminated our $400.0 million Amended and Restated Credit Agreement. The maturity date on the line of credit facility is December 2023. At January 31, 2019, Autodesk had no outstanding borrowings on this line of credit. As of March 25, 2019, we have no amounts outstanding under the credit facility. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion on our covenant requirements. If we are unable to remain in compliance with the covenants, we will not be able to draw on our credit facility. On December 17, 2018, we also entered into a Term Loan Agreement (the “Term Loan Agreement”) which provided for a delayed draw term loan facility in the aggregate principal amount of $500.0 million. On December 19, 2018, we borrowed a $500.0 million term loan under the Term Loan Agreement in connection with the acquisition of PlanGrid. See Part II, Item 8,Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion on the Term Loan Agreement terms and Part II, Item 8, Note 6, \"Acquisitions\" for further discussion on the PlanGrid acquisition. In addition to the term loan, as of January 31, 2019, we have $1.6 billion aggregate principal amount of Notes outstanding. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion. Our cash and cash equivalents are held by diversified financial institutions globally. Our primary commercial banking relationship is with Citigroup and its global affiliates. In addition, Citibank N.A., an affiliate of Citigroup, is one of the lead lenders and agent in the syndicate of our $650.0 million line of credit. Long-term cash requirements for items other than normal operating expenses are anticipated for the following: repayment of debt; common stock repurchases; the acquisition of businesses, software products, or technologies complementary to our business; and capital expenditures, including the purchase and implementation of internal-use software applications Our cash, cash equivalents, and marketable securities balances are concentrated in a few locations around the world, with substantial amounts held outside of the United States. As of January 31, 2019, approximately 52% of our total cash or cash equivalents and marketable securities are located in foreign jurisdictions and that percentage will fluctuate subject to business needs. There are several factors that can impact our ability to utilize foreign cash balances, such as foreign exchange restrictions, foreign regulatory restrictions or adverse tax costs. The Tax Act includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries and generally eliminates U.S. taxes on foreign subsidiary distributions in future periods. As a result, earnings in foreign jurisdictions are generally available for distribution to the U.S. with little to no incremental U.S. taxes. We regularly review our capital structure and consider a variety of potential financing alternatives and planning strategies to ensure we have the proper liquidity available in the locations in which it is needed. We expect to meet our liquidity needs through a combination of current cash balances, ongoing cash flows, and external borrowings. Cash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A titled “Risk Factors.” However, based on our current business plan and revenue prospects, we believe that our existing balances, our anticipated cash flows from operations and our available credit facility will be sufficient to meet our working capital and operating resource expenditure requirements for at least the next 12 months. Our revenue, earnings, cash flows, receivables, and payables are subject to fluctuations due to changes in foreign currency exchange rates, for which we have put in place foreign currency contracts as part of our risk management strategy. See Part II, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” for further discussion. Net cash provided by operating activities of $377.1 million for fiscal 2019 consisted of $371.8 million of non-cash expenses, including stock-based compensation expense, restructuring charges, net, depreciation, amortization and accretion expense, offsetting our net loss of $80.8 million, and included $86.1 million of cash flow provided by changes in operating assets and liabilities. The primary working capital source of cash was an increase in deferred revenue from $1,955.1 million as of January 31, 2018, to $2,091.4 million as of January 31, 2019. The primary working capital uses of cash were decreases in accounts payable and other accrued liabilities. Net cash used in investing activities was $710.4 million for fiscal 2019 and was primarily due to acquisitions, net of cash acquired and purchases of marketable securities. These cash outflows were partially offset by sales and maturities of marketable securities. At January 31, 2019, our short-term investment portfolio had an estimated fair value of $67.6 million and a cost basis of $62.8 million. The portfolio fair value consisted of $60.3 million of trading securities that were invested in a defined set of mutual funds as directed by the participants in our Deferred Compensation Plan (see Note 7, “Deferred Compensation,” in the Notes to Consolidated Financial Statements for further discussion) and $7.3 million invested in other available-for-sale shortterm securities. Net cash provided by financing activities was $151.9 million in fiscal 2019 and was primarily due to proceeds from debt issuance, net of discount and proceeds from issuance of stock. These cash inflows were partially offset by repurchases of our common stock and taxes paid related to net share settlement of equity awards.
Fiscal year ended January 31,
(in millions)201920182017
Net cash provided by operating activities$377.1$0.9$169.7
Net cash (used in) provided by investing activities(710.4)506.4272.0
Net cash provided by (used in) financing activities151.9(656.6)(578.3)
"} {"question": "If the deferred revenue in Jan 2018 was $1800 million, how much is the increase in primary working capital use of cash from 2018 to 2019?", "answer": ["291.4"], "context": "LIQUIDITY AND CAPITAL RESOURCES Our primary source of cash is from the sale of our software and related services. Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, as well as general operating expenses for marketing, facilities and overhead costs. In addition to operating expenses, we also use cash to fund our stock repurchase program and invest in our growth initiatives, which include acquisitions of products, technology and businesses. See further discussion of these items below. At January 31, 2019, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $953.6 million and net accounts receivable of $474.3 million On December 17, 2018, Autodesk entered into a new Credit Agreement (the “Credit Agreement”) for an unsecured revolving loan facility in the aggregate principal amount of $650.0 million, with an option to request increases in the amount of the credit facility by up to an additional $350.0 million. The Credit Agreement replaced and terminated our $400.0 million Amended and Restated Credit Agreement. The maturity date on the line of credit facility is December 2023. At January 31, 2019, Autodesk had no outstanding borrowings on this line of credit. As of March 25, 2019, we have no amounts outstanding under the credit facility. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion on our covenant requirements. If we are unable to remain in compliance with the covenants, we will not be able to draw on our credit facility. On December 17, 2018, we also entered into a Term Loan Agreement (the “Term Loan Agreement”) which provided for a delayed draw term loan facility in the aggregate principal amount of $500.0 million. On December 19, 2018, we borrowed a $500.0 million term loan under the Term Loan Agreement in connection with the acquisition of PlanGrid. See Part II, Item 8,Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion on the Term Loan Agreement terms and Part II, Item 8, Note 6, \"Acquisitions\" for further discussion on the PlanGrid acquisition. In addition to the term loan, as of January 31, 2019, we have $1.6 billion aggregate principal amount of Notes outstanding. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion. Our cash and cash equivalents are held by diversified financial institutions globally. Our primary commercial banking relationship is with Citigroup and its global affiliates. In addition, Citibank N.A., an affiliate of Citigroup, is one of the lead lenders and agent in the syndicate of our $650.0 million line of credit. Long-term cash requirements for items other than normal operating expenses are anticipated for the following: repayment of debt; common stock repurchases; the acquisition of businesses, software products, or technologies complementary to our business; and capital expenditures, including the purchase and implementation of internal-use software applications Our cash, cash equivalents, and marketable securities balances are concentrated in a few locations around the world, with substantial amounts held outside of the United States. As of January 31, 2019, approximately 52% of our total cash or cash equivalents and marketable securities are located in foreign jurisdictions and that percentage will fluctuate subject to business needs. There are several factors that can impact our ability to utilize foreign cash balances, such as foreign exchange restrictions, foreign regulatory restrictions or adverse tax costs. The Tax Act includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries and generally eliminates U.S. taxes on foreign subsidiary distributions in future periods. As a result, earnings in foreign jurisdictions are generally available for distribution to the U.S. with little to no incremental U.S. taxes. We regularly review our capital structure and consider a variety of potential financing alternatives and planning strategies to ensure we have the proper liquidity available in the locations in which it is needed. We expect to meet our liquidity needs through a combination of current cash balances, ongoing cash flows, and external borrowings. Cash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A titled “Risk Factors.” However, based on our current business plan and revenue prospects, we believe that our existing balances, our anticipated cash flows from operations and our available credit facility will be sufficient to meet our working capital and operating resource expenditure requirements for at least the next 12 months. Our revenue, earnings, cash flows, receivables, and payables are subject to fluctuations due to changes in foreign currency exchange rates, for which we have put in place foreign currency contracts as part of our risk management strategy. See Part II, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” for further discussion. Net cash provided by operating activities of $377.1 million for fiscal 2019 consisted of $371.8 million of non-cash expenses, including stock-based compensation expense, restructuring charges, net, depreciation, amortization and accretion expense, offsetting our net loss of $80.8 million, and included $86.1 million of cash flow provided by changes in operating assets and liabilities. The primary working capital source of cash was an increase in deferred revenue from $1,955.1 million as of January 31, 2018, to $2,091.4 million as of January 31, 2019. The primary working capital uses of cash were decreases in accounts payable and other accrued liabilities. Net cash used in investing activities was $710.4 million for fiscal 2019 and was primarily due to acquisitions, net of cash acquired and purchases of marketable securities. These cash outflows were partially offset by sales and maturities of marketable securities. At January 31, 2019, our short-term investment portfolio had an estimated fair value of $67.6 million and a cost basis of $62.8 million. The portfolio fair value consisted of $60.3 million of trading securities that were invested in a defined set of mutual funds as directed by the participants in our Deferred Compensation Plan (see Note 7, “Deferred Compensation,” in the Notes to Consolidated Financial Statements for further discussion) and $7.3 million invested in other available-for-sale shortterm securities. Net cash provided by financing activities was $151.9 million in fiscal 2019 and was primarily due to proceeds from debt issuance, net of discount and proceeds from issuance of stock. These cash inflows were partially offset by repurchases of our common stock and taxes paid related to net share settlement of equity awards.
Fiscal year ended January 31,
(in millions)201920182017
Net cash provided by operating activities$377.1$0.9$169.7
Net cash (used in) provided by investing activities(710.4)506.4272.0
Net cash provided by (used in) financing activities151.9(656.6)(578.3)
"} {"question": "How much is the change in transaction costs from 2018 to 2019 if 2019 transaction costs was 90,000?", "answer": ["20024"], "context": "8 EXPENSES BY NATURE Note: (a) Transaction costs primarily consist of bank handling fees, channel and distribution costs. (b) During the year ended 31 December 2019, the Group incurred expenses for the purpose of research and development of approximately RMB30,387 million (2018: RMB22,936 million), which comprised employee benefits expenses of approximately RMB24,478 million (2018: RMB19,088 million). During the year ended 31 December 2019, employee benefits expenses included the share-based compensation expenses of approximately RMB10,500 million (2018: RMB7,900 million). No significant development expenses had been capitalised for the years ended 31 December 2019 and 2018. (c) Included the amortisation charges of intangible assets mainly in respect of media contents. During the year ended 31 December 2019, amortisation of intangible assets included the amortisation of intangible assets resulting from business combinations of approximately RMB1,051 million (2018: RMB524 million).
20192018
RMB’MillionRMB’Million
Transaction costs (Note (a))85,70269,976
Employee benefits expenses (Note (b) and Note 13)53,12342,153
Content costs (excluding amortisation of intangible assets)48,32139,061
Amortisation of intangible assets (Note (c) and Note 20)28,95425,616
Bandwidth and server custody fees (excluding depreciation of right-of-use assets)16,28415,818
Depreciation of property, plant and equipment, investment properties and right-of-use assets (Note 16 and Note 18)15,6238,423
Promotion and advertising expenses16,40519,806
Travelling and entertainment expenses1,7731,450
Auditor’s remuneration
– Audit and audit-related services105110
– Non-audit services4326
"} {"question": "How much is the change in Employee benefits expenses from 2018 to 2019 if 2019 Employee benefits expenses was 60,000?", "answer": ["17847"], "context": "8 EXPENSES BY NATURE Note: (a) Transaction costs primarily consist of bank handling fees, channel and distribution costs. (b) During the year ended 31 December 2019, the Group incurred expenses for the purpose of research and development of approximately RMB30,387 million (2018: RMB22,936 million), which comprised employee benefits expenses of approximately RMB24,478 million (2018: RMB19,088 million). During the year ended 31 December 2019, employee benefits expenses included the share-based compensation expenses of approximately RMB10,500 million (2018: RMB7,900 million). No significant development expenses had been capitalised for the years ended 31 December 2019 and 2018. (c) Included the amortisation charges of intangible assets mainly in respect of media contents. During the year ended 31 December 2019, amortisation of intangible assets included the amortisation of intangible assets resulting from business combinations of approximately RMB1,051 million (2018: RMB524 million).
20192018
RMB’MillionRMB’Million
Transaction costs (Note (a))85,70269,976
Employee benefits expenses (Note (b) and Note 13)53,12342,153
Content costs (excluding amortisation of intangible assets)48,32139,061
Amortisation of intangible assets (Note (c) and Note 20)28,95425,616
Bandwidth and server custody fees (excluding depreciation of right-of-use assets)16,28415,818
Depreciation of property, plant and equipment, investment properties and right-of-use assets (Note 16 and Note 18)15,6238,423
Promotion and advertising expenses16,40519,806
Travelling and entertainment expenses1,7731,450
Auditor’s remuneration
– Audit and audit-related services105110
– Non-audit services4326
"} {"question": "How much is the change in Promotion and advertising expenses from 2018 to 2019 if 2019 Promotion and advertising expenses was 15,000?", "answer": ["-4806"], "context": "8 EXPENSES BY NATURE Note: (a) Transaction costs primarily consist of bank handling fees, channel and distribution costs. (b) During the year ended 31 December 2019, the Group incurred expenses for the purpose of research and development of approximately RMB30,387 million (2018: RMB22,936 million), which comprised employee benefits expenses of approximately RMB24,478 million (2018: RMB19,088 million). During the year ended 31 December 2019, employee benefits expenses included the share-based compensation expenses of approximately RMB10,500 million (2018: RMB7,900 million). No significant development expenses had been capitalised for the years ended 31 December 2019 and 2018. (c) Included the amortisation charges of intangible assets mainly in respect of media contents. During the year ended 31 December 2019, amortisation of intangible assets included the amortisation of intangible assets resulting from business combinations of approximately RMB1,051 million (2018: RMB524 million).
20192018
RMB’MillionRMB’Million
Transaction costs (Note (a))85,70269,976
Employee benefits expenses (Note (b) and Note 13)53,12342,153
Content costs (excluding amortisation of intangible assets)48,32139,061
Amortisation of intangible assets (Note (c) and Note 20)28,95425,616
Bandwidth and server custody fees (excluding depreciation of right-of-use assets)16,28415,818
Depreciation of property, plant and equipment, investment properties and right-of-use assets (Note 16 and Note 18)15,6238,423
Promotion and advertising expenses16,40519,806
Travelling and entertainment expenses1,7731,450
Auditor’s remuneration
– Audit and audit-related services105110
– Non-audit services4326
"} {"question": "Which year did Singtel have a higher interest cover, if the interest cover in 2019 was 30.0?", "answer": ["2019"], "context": "Management Discussion and Analysis Capital Management and Dividend Policy Notes: (1) Net debt is defined as gross debt less cash and bank balances adjusted for related hedging balances. (2) Net debt gearing ratio is defined as the ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders’ funds and non-controlling interests. (3) Interest cover refers to the ratio of EBITDA and share of associates’ pre-tax profits to net interest expense. As at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago. As at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago. The Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure. The Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure. For the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments). For the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments). Singtel is committed to delivering dividends that increase over time with growth in underlying earnings, while maintaining an optimal capital structure and investment grade credit ratings. Barring unforeseen circumstances, it expects to maintain its ordinary dividends at 17.5 cents per share for the next financial year ending 31 March 2020.
Financial Year ended 31 March
Group20192018
Gross debt (S$ million)10,39610,402
Net debt (1) (S$ million)9,8839,877
Net debt gearing ratio (2) (%)24.924.9
Net debt to EBITDA and share of associates’ pre-tax profits (number of times)1.61.3
Interest cover (3) (number of times)16.220.1
"} {"question": "What is the average gross debt across the 2 years, if the gross debt in 2019 was S$8,000 million?", "answer": ["9201"], "context": "Management Discussion and Analysis Capital Management and Dividend Policy Notes: (1) Net debt is defined as gross debt less cash and bank balances adjusted for related hedging balances. (2) Net debt gearing ratio is defined as the ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders’ funds and non-controlling interests. (3) Interest cover refers to the ratio of EBITDA and share of associates’ pre-tax profits to net interest expense. As at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago. As at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago. The Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure. The Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure. For the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments). For the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments). Singtel is committed to delivering dividends that increase over time with growth in underlying earnings, while maintaining an optimal capital structure and investment grade credit ratings. Barring unforeseen circumstances, it expects to maintain its ordinary dividends at 17.5 cents per share for the next financial year ending 31 March 2020.
Financial Year ended 31 March
Group20192018
Gross debt (S$ million)10,39610,402
Net debt (1) (S$ million)9,8839,877
Net debt gearing ratio (2) (%)24.924.9
Net debt to EBITDA and share of associates’ pre-tax profits (number of times)1.61.3
Interest cover (3) (number of times)16.220.1
"} {"question": "How many factors need to be considered when calculating net capitalisation, if non-controlling interests is zero?", "answer": ["2"], "context": "Management Discussion and Analysis Capital Management and Dividend Policy Notes: (1) Net debt is defined as gross debt less cash and bank balances adjusted for related hedging balances. (2) Net debt gearing ratio is defined as the ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders’ funds and non-controlling interests. (3) Interest cover refers to the ratio of EBITDA and share of associates’ pre-tax profits to net interest expense. As at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago. As at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago. The Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure. The Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure. For the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments). For the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments). Singtel is committed to delivering dividends that increase over time with growth in underlying earnings, while maintaining an optimal capital structure and investment grade credit ratings. Barring unforeseen circumstances, it expects to maintain its ordinary dividends at 17.5 cents per share for the next financial year ending 31 March 2020.
Financial Year ended 31 March
Group20192018
Gross debt (S$ million)10,39610,402
Net debt (1) (S$ million)9,8839,877
Net debt gearing ratio (2) (%)24.924.9
Net debt to EBITDA and share of associates’ pre-tax profits (number of times)1.61.3
Interest cover (3) (number of times)16.220.1
"} {"question": "What would be the change of the gross national amount of cash flow currency hedges from 2018 to 2019 if the gross national amount of cash flow currency hedges in 2019 was $400?", "answer": ["-138"], "context": "Derivative Instruments Derivative Instruments with Hedge Accounting Designation We utilize currency forward contracts that generally mature within 12 months to hedge our exposure to changes in currency exchange rates. Currency forward contracts are measured at fair value based on market-based observable inputs including currency exchange spot and forward rates, interest rates, and credit-risk spreads (Level 2). We do not use derivative instruments for speculative purposes. Cash Flow Hedges: We utilize cash flow hedges for our exposure from changes in currency exchange rates for certain capital expenditures. We recognized losses of $3 million and $17 million and gains of $15 million for 2019, 2018, and 2017, respectively, in accumulated other comprehensive income from the effective portion of cash flow hedges. Neither the amount excluded from hedge effectiveness nor the reclassifications from accumulated other comprehensive income to earnings were material in 2019, 2018, or 2017. The amounts from cash flow hedges included in accumulated other comprehensive income that are expected to be reclassified into earnings in the next 12 months were also not material. (1) Included in receivables – other. (2) Included in accounts payable and accrued expenses – other for forward contracts and in current debt for convertible notes settlement obligations. (3) Notional amounts of convertible notes settlement obligations as of August 29, 2019 and August 30, 2018 were 4 million and 3 million shares of our common stock, respectively.
Fair Value of
Gross National AmountCurrent Assets(1)Current Liabilities(2)
As of August 29, 2019
Derivative instruments with hedge accounting designation
Cash flow currency hedges$146$1$—
Derivative instruments without hedge accounting designation
Non-designated currency hedges1,8711(9)
Convertible notes settlement obligation(3)—(179)
1(188)
$2$(188)
As of August 30, 2018
Derivative instruments with hedge accounting designation
Cash flow currency hedges$538$—$(13)
Derivative instruments without hedge accounting designation
Non-designated currency hedges1,91914(10)
Convertible notes settlement obligation(3)—(167)
14(177)
$14$(190)
"} {"question": "What would be the average gross national amount of non-designated currency hedges from 2018 to 2019 if the gross national amount of non-designated currency hedges in 2018 was $ 2,500?", "answer": ["2209.5"], "context": "Derivative Instruments Derivative Instruments with Hedge Accounting Designation We utilize currency forward contracts that generally mature within 12 months to hedge our exposure to changes in currency exchange rates. Currency forward contracts are measured at fair value based on market-based observable inputs including currency exchange spot and forward rates, interest rates, and credit-risk spreads (Level 2). We do not use derivative instruments for speculative purposes. Cash Flow Hedges: We utilize cash flow hedges for our exposure from changes in currency exchange rates for certain capital expenditures. We recognized losses of $3 million and $17 million and gains of $15 million for 2019, 2018, and 2017, respectively, in accumulated other comprehensive income from the effective portion of cash flow hedges. Neither the amount excluded from hedge effectiveness nor the reclassifications from accumulated other comprehensive income to earnings were material in 2019, 2018, or 2017. The amounts from cash flow hedges included in accumulated other comprehensive income that are expected to be reclassified into earnings in the next 12 months were also not material. (1) Included in receivables – other. (2) Included in accounts payable and accrued expenses – other for forward contracts and in current debt for convertible notes settlement obligations. (3) Notional amounts of convertible notes settlement obligations as of August 29, 2019 and August 30, 2018 were 4 million and 3 million shares of our common stock, respectively.
Fair Value of
Gross National AmountCurrent Assets(1)Current Liabilities(2)
As of August 29, 2019
Derivative instruments with hedge accounting designation
Cash flow currency hedges$146$1$—
Derivative instruments without hedge accounting designation
Non-designated currency hedges1,8711(9)
Convertible notes settlement obligation(3)—(179)
1(188)
$2$(188)
As of August 30, 2018
Derivative instruments with hedge accounting designation
Cash flow currency hedges$538$—$(13)
Derivative instruments without hedge accounting designation
Non-designated currency hedges1,91914(10)
Convertible notes settlement obligation(3)—(167)
14(177)
$14$(190)
"} {"question": "What would be the ratio of the fair value of the total current assets in 2019 to that of 2018 if the value in 2019 increased by 2?", "answer": ["0.29"], "context": "Derivative Instruments Derivative Instruments with Hedge Accounting Designation We utilize currency forward contracts that generally mature within 12 months to hedge our exposure to changes in currency exchange rates. Currency forward contracts are measured at fair value based on market-based observable inputs including currency exchange spot and forward rates, interest rates, and credit-risk spreads (Level 2). We do not use derivative instruments for speculative purposes. Cash Flow Hedges: We utilize cash flow hedges for our exposure from changes in currency exchange rates for certain capital expenditures. We recognized losses of $3 million and $17 million and gains of $15 million for 2019, 2018, and 2017, respectively, in accumulated other comprehensive income from the effective portion of cash flow hedges. Neither the amount excluded from hedge effectiveness nor the reclassifications from accumulated other comprehensive income to earnings were material in 2019, 2018, or 2017. The amounts from cash flow hedges included in accumulated other comprehensive income that are expected to be reclassified into earnings in the next 12 months were also not material. (1) Included in receivables – other. (2) Included in accounts payable and accrued expenses – other for forward contracts and in current debt for convertible notes settlement obligations. (3) Notional amounts of convertible notes settlement obligations as of August 29, 2019 and August 30, 2018 were 4 million and 3 million shares of our common stock, respectively.
Fair Value of
Gross National AmountCurrent Assets(1)Current Liabilities(2)
As of August 29, 2019
Derivative instruments with hedge accounting designation
Cash flow currency hedges$146$1$—
Derivative instruments without hedge accounting designation
Non-designated currency hedges1,8711(9)
Convertible notes settlement obligation(3)—(179)
1(188)
$2$(188)
As of August 30, 2018
Derivative instruments with hedge accounting designation
Cash flow currency hedges$538$—$(13)
Derivative instruments without hedge accounting designation
Non-designated currency hedges1,91914(10)
Convertible notes settlement obligation(3)—(167)
14(177)
$14$(190)
"} {"question": "What was the percentage change in Net cash provided by operating activities between 2018 and 2019 if net cash provided by operating activities in 2019 was $2,000 million instead?", "answer": ["11.73"], "context": "Liquidity and Capital Resources We believe our ability to generate cash flows from operating activities is one of our fundamental financial strengths. In the near term, we expect our business and financial condition to remain strong and to continue to generate significant operating cash flows, which, we believe, in combination with our existing balance of cash and cash equivalents and short-term investments of $5.9 billion, our access to capital, and the availability of our $1.5 billion revolving credit facility, will be sufficient to finance our operational and financing requirements for the next 12 months. Our primary sources of liquidity, which are available to us to fund cash outflows such as potential dividend payments or share repurchases, and scheduled debt maturities, include our cash and cash equivalents, short-term investments, and cash flows provided by operating activities. As of December 31, 2019, the amount of cash and cash equivalents held outside of the U.S. by our foreign subsidiaries was $2.8 billion, as compared to $1.4 billion as of December 31, 2018. These cash balances are generally available for use in the U.S., subject in some cases to certain restrictions. Our cash provided from operating activities is somewhat impacted by seasonality. Working capital needs are impacted by weekly sales, which are generally highest in the fourth quarter due to seasonal and holiday-related sales patterns. We consider, on a continuing basis, various transactions to increase shareholder value and enhance our business results, including acquisitions, divestitures, joint ventures, share repurchases, and other structural changes. These transactions may result in future cash proceeds or payments. Sources of Liquidity (amounts in millions)
For the Years EndedDecember 31,
20192018Increase (Decrease)
Net cash provided by operating activities$1,831$1,790$41
Net cash used in investing activities(22)(230)208
Net cash used in financing activities(237)(2,020)1,783
Effect of foreign exchange rate changes(3)(31)28
Net increase (decrease) in cash and cash equivalents and restricted cash$1,569$(491)$2,060
"} {"question": "What is the increase(decrease) in Net cash provided by operating activities as a percentage of Increase (Decrease) in Net cash used in investing activities if Increase (Decrease) in net cash used in investing activities was $300 million instead?", "answer": ["13.67"], "context": "Liquidity and Capital Resources We believe our ability to generate cash flows from operating activities is one of our fundamental financial strengths. In the near term, we expect our business and financial condition to remain strong and to continue to generate significant operating cash flows, which, we believe, in combination with our existing balance of cash and cash equivalents and short-term investments of $5.9 billion, our access to capital, and the availability of our $1.5 billion revolving credit facility, will be sufficient to finance our operational and financing requirements for the next 12 months. Our primary sources of liquidity, which are available to us to fund cash outflows such as potential dividend payments or share repurchases, and scheduled debt maturities, include our cash and cash equivalents, short-term investments, and cash flows provided by operating activities. As of December 31, 2019, the amount of cash and cash equivalents held outside of the U.S. by our foreign subsidiaries was $2.8 billion, as compared to $1.4 billion as of December 31, 2018. These cash balances are generally available for use in the U.S., subject in some cases to certain restrictions. Our cash provided from operating activities is somewhat impacted by seasonality. Working capital needs are impacted by weekly sales, which are generally highest in the fourth quarter due to seasonal and holiday-related sales patterns. We consider, on a continuing basis, various transactions to increase shareholder value and enhance our business results, including acquisitions, divestitures, joint ventures, share repurchases, and other structural changes. These transactions may result in future cash proceeds or payments. Sources of Liquidity (amounts in millions)
For the Years EndedDecember 31,
20192018Increase (Decrease)
Net cash provided by operating activities$1,831$1,790$41
Net cash used in investing activities(22)(230)208
Net cash used in financing activities(237)(2,020)1,783
Effect of foreign exchange rate changes(3)(31)28
Net increase (decrease) in cash and cash equivalents and restricted cash$1,569$(491)$2,060
"} {"question": "What is the increase(decrease) in Net cash provided by operating activities as a percentage of Increase (Decrease) in Net cash used in financing activities if Increase (Decrease) in Net cash used in financing activities was $2,000 million instead?", "answer": ["2.05"], "context": "Liquidity and Capital Resources We believe our ability to generate cash flows from operating activities is one of our fundamental financial strengths. In the near term, we expect our business and financial condition to remain strong and to continue to generate significant operating cash flows, which, we believe, in combination with our existing balance of cash and cash equivalents and short-term investments of $5.9 billion, our access to capital, and the availability of our $1.5 billion revolving credit facility, will be sufficient to finance our operational and financing requirements for the next 12 months. Our primary sources of liquidity, which are available to us to fund cash outflows such as potential dividend payments or share repurchases, and scheduled debt maturities, include our cash and cash equivalents, short-term investments, and cash flows provided by operating activities. As of December 31, 2019, the amount of cash and cash equivalents held outside of the U.S. by our foreign subsidiaries was $2.8 billion, as compared to $1.4 billion as of December 31, 2018. These cash balances are generally available for use in the U.S., subject in some cases to certain restrictions. Our cash provided from operating activities is somewhat impacted by seasonality. Working capital needs are impacted by weekly sales, which are generally highest in the fourth quarter due to seasonal and holiday-related sales patterns. We consider, on a continuing basis, various transactions to increase shareholder value and enhance our business results, including acquisitions, divestitures, joint ventures, share repurchases, and other structural changes. These transactions may result in future cash proceeds or payments. Sources of Liquidity (amounts in millions)
For the Years EndedDecember 31,
20192018Increase (Decrease)
Net cash provided by operating activities$1,831$1,790$41
Net cash used in investing activities(22)(230)208
Net cash used in financing activities(237)(2,020)1,783
Effect of foreign exchange rate changes(3)(31)28
Net increase (decrease) in cash and cash equivalents and restricted cash$1,569$(491)$2,060
"} {"question": "What would be the change in pro forma revenue between 2018 and 2019 if pro forma reenue in 2018 was $1,000,000 thousand instead?", "answer": ["382957"], "context": "Unaudited Pro Forma Financial Information The pro forma financial information in the table below presents the combined results of operations for ACI and Speedpay as if the acquisition had occurred January 1, 2018. The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transaction been in effect for the periods presented. This pro forma information is not intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period, and does not reflect potential synergies, integration costs, or other such costs or savings. Certain pro forma adjustments have been made to net income (loss) for the year ended December 31, 2019 and 2018, to give effect to estimated adjustments that remove the amortization expense on eliminated Speedpay historical identifiable intangible assets, add amortization expense for the value of acquired identified intangible assets (primarily acquired software, customer relationships, and trademarks), and add estimated interest expense on the Company’s additional Delayed Draw Term Loan and Revolving Credit Facility borrowings. Additionally, certain transaction expenses that are a direct result of the acquisition have been excluded from the year ended December 31, 2019. The following is the unaudited summarized pro forma financial information for the periods presented (in thousands, except per share data): Walletron On May 9, 2019, the Company also completed the acquisition of Walletron, which delivers patented mobile wallet technology. The Company has included the financial results of Walletron in the consolidated financial statements from the date of acquisition, which were not material. RevChip and TranSend On October 1, 2019, the Company acquired certain technology assets of RevChip, LLC (\"RevChip\") and TranSend Integrated Technologies Inc. (\"TranSend\") for a combined $7.0 million. As substantially all of the value was in the developed technology, the purchase was recognized as an asset acquisition. The Company has included the financial results of RevChip and TranSend in the consolidated financial statements from the date of acquisition, which were not material.
Years Ended December 31,
20192018
Pro forma revenue$1,382,957$1,361,729
Pro forma net income$82,003$88,428
Pro forma income per share:
Basic$ 0.71$ 0.76
Diluted$ 0.69$ 0.75
"} {"question": "What would be the change in pro forma net income between 2018 and 2019 if pro forma net income in 2018 was $80,000 thousand instead?", "answer": ["2003"], "context": "Unaudited Pro Forma Financial Information The pro forma financial information in the table below presents the combined results of operations for ACI and Speedpay as if the acquisition had occurred January 1, 2018. The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transaction been in effect for the periods presented. This pro forma information is not intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period, and does not reflect potential synergies, integration costs, or other such costs or savings. Certain pro forma adjustments have been made to net income (loss) for the year ended December 31, 2019 and 2018, to give effect to estimated adjustments that remove the amortization expense on eliminated Speedpay historical identifiable intangible assets, add amortization expense for the value of acquired identified intangible assets (primarily acquired software, customer relationships, and trademarks), and add estimated interest expense on the Company’s additional Delayed Draw Term Loan and Revolving Credit Facility borrowings. Additionally, certain transaction expenses that are a direct result of the acquisition have been excluded from the year ended December 31, 2019. The following is the unaudited summarized pro forma financial information for the periods presented (in thousands, except per share data): Walletron On May 9, 2019, the Company also completed the acquisition of Walletron, which delivers patented mobile wallet technology. The Company has included the financial results of Walletron in the consolidated financial statements from the date of acquisition, which were not material. RevChip and TranSend On October 1, 2019, the Company acquired certain technology assets of RevChip, LLC (\"RevChip\") and TranSend Integrated Technologies Inc. (\"TranSend\") for a combined $7.0 million. As substantially all of the value was in the developed technology, the purchase was recognized as an asset acquisition. The Company has included the financial results of RevChip and TranSend in the consolidated financial statements from the date of acquisition, which were not material.
Years Ended December 31,
20192018
Pro forma revenue$1,382,957$1,361,729
Pro forma net income$82,003$88,428
Pro forma income per share:
Basic$ 0.71$ 0.76
Diluted$ 0.69$ 0.75
"} {"question": "What would be the percentage change in pro forma net income between 2018 and 2019 if pro forma net income in 2019 was $90,000 thousand instead?", "answer": ["1.78"], "context": "Unaudited Pro Forma Financial Information The pro forma financial information in the table below presents the combined results of operations for ACI and Speedpay as if the acquisition had occurred January 1, 2018. The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transaction been in effect for the periods presented. This pro forma information is not intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period, and does not reflect potential synergies, integration costs, or other such costs or savings. Certain pro forma adjustments have been made to net income (loss) for the year ended December 31, 2019 and 2018, to give effect to estimated adjustments that remove the amortization expense on eliminated Speedpay historical identifiable intangible assets, add amortization expense for the value of acquired identified intangible assets (primarily acquired software, customer relationships, and trademarks), and add estimated interest expense on the Company’s additional Delayed Draw Term Loan and Revolving Credit Facility borrowings. Additionally, certain transaction expenses that are a direct result of the acquisition have been excluded from the year ended December 31, 2019. The following is the unaudited summarized pro forma financial information for the periods presented (in thousands, except per share data): Walletron On May 9, 2019, the Company also completed the acquisition of Walletron, which delivers patented mobile wallet technology. The Company has included the financial results of Walletron in the consolidated financial statements from the date of acquisition, which were not material. RevChip and TranSend On October 1, 2019, the Company acquired certain technology assets of RevChip, LLC (\"RevChip\") and TranSend Integrated Technologies Inc. (\"TranSend\") for a combined $7.0 million. As substantially all of the value was in the developed technology, the purchase was recognized as an asset acquisition. The Company has included the financial results of RevChip and TranSend in the consolidated financial statements from the date of acquisition, which were not material.
Years Ended December 31,
20192018
Pro forma revenue$1,382,957$1,361,729
Pro forma net income$82,003$88,428
Pro forma income per share:
Basic$ 0.71$ 0.76
Diluted$ 0.69$ 0.75
"} {"question": "Which year would the amount for Usage larger be if the amount for 2019 was 83?", "answer": ["2018"], "context": "CREDIT RISK We are exposed to credit risk from operating activities and certain financing activities, the maximum exposure of which is represented by the carrying amounts reported in the statements of financial position. We are exposed to credit risk if counterparties to our trade receivables and derivative instruments are unable to meet their obligations. The concentration of credit risk from our customers is minimized because we have a large and diverse customer base. There was minimal credit risk relating to derivative instruments at December 31, 2019 and 2018. We deal with institutions that have investment-grade credit ratings, and as such we expect that they will be able to meet their obligations. We regularly monitor our credit risk and credit exposure. The following table provides the change in allowance for doubtful accounts for trade receivables.
NOTE20192018
Balance, January 1(51)(54)
Adoption of IFRS 9–(4)
Additions(114)(84)
Usage10391
Balance, December 3110(62)(51)
"} {"question": "What would the change in the amount for Usage in 2019 be if the amount in 2019 is 101?", "answer": ["10"], "context": "CREDIT RISK We are exposed to credit risk from operating activities and certain financing activities, the maximum exposure of which is represented by the carrying amounts reported in the statements of financial position. We are exposed to credit risk if counterparties to our trade receivables and derivative instruments are unable to meet their obligations. The concentration of credit risk from our customers is minimized because we have a large and diverse customer base. There was minimal credit risk relating to derivative instruments at December 31, 2019 and 2018. We deal with institutions that have investment-grade credit ratings, and as such we expect that they will be able to meet their obligations. We regularly monitor our credit risk and credit exposure. The following table provides the change in allowance for doubtful accounts for trade receivables.
NOTE20192018
Balance, January 1(51)(54)
Adoption of IFRS 9–(4)
Additions(114)(84)
Usage10391
Balance, December 3110(62)(51)
"} {"question": "What would the average amount of Usage in 2018 and 2019 be if the amount in 2019 is 101?", "answer": ["96"], "context": "CREDIT RISK We are exposed to credit risk from operating activities and certain financing activities, the maximum exposure of which is represented by the carrying amounts reported in the statements of financial position. We are exposed to credit risk if counterparties to our trade receivables and derivative instruments are unable to meet their obligations. The concentration of credit risk from our customers is minimized because we have a large and diverse customer base. There was minimal credit risk relating to derivative instruments at December 31, 2019 and 2018. We deal with institutions that have investment-grade credit ratings, and as such we expect that they will be able to meet their obligations. We regularly monitor our credit risk and credit exposure. The following table provides the change in allowance for doubtful accounts for trade receivables.
NOTE20192018
Balance, January 1(51)(54)
Adoption of IFRS 9–(4)
Additions(114)(84)
Usage10391
Balance, December 3110(62)(51)
"} {"question": "Which year has the highest gross margin percentage if the gross margin percentage for 2019 is 32.5%? ", "answer": ["2019"], "context": "2019 vs 2018 Cost of revenue decreased for the year ended December 31, 2019, compared to the prior year, primarily due to net revenue declining. Gross margin decreased for the year ended December 31, 2019 compared to the prior year. Gross margin was negatively impacted by the imposition of Section 301 tariffs originally announced in late 2018 and cost inefficiencies experienced in our new manufacturing locations outside of China, an increase in channel promotional activities relative to revenue as well as foreign exchange headwinds due to the strengthening of the U.S. dollar. 2018 vs 2017 Cost of revenue decreased for the year ended December 31, 2018 primarily due to improved product margin performance, lower proportionate provisions for warranty expense, and lower air freight costs compared to the prior year. Gross margin increased for the year ended December 31, 2018 compared to the prior year primarily due to improved product margin performance, lower proportionate provisions for sales returns and warranty expense, favorable foreign exchange rate movements and lower air freight costs compared to the prior year. For fiscal 2020, we expect gross margins to improve from fiscal 2019 primarily as our U.S. bound inventory will primarily not be subject to Section 301 tariffs in fiscal 2020. Forecasting gross margin percentages is difficult, and there are a number of risks related to our ability to maintain or improve our current gross margin levels. Our cost of revenue as a percentage of net revenue can vary significantly based upon factors such as: uncertainties surrounding revenue levels, including future pricing and/or potential discounts as a result of the economy or in response to the strengthening of the U.S. dollar in our international markets, and related production level variances; import customs duties and imposed tariffs; competition; changes in technology; changes in product mix; variability of stockbased compensation costs; royalties to third parties; fluctuations in freight and repair costs; manufacturing and purchase price variances; changes in prices on commodity components; warranty costs; and the timing of sales, particularly to service provider customers. We expect that revenue derived from paid subscription service plans will increase in the future, which may have a positive impact on our gross margin. From time to time, however, we may experience fluctuations in our gross margin as a result of the factors discussed above.
Year Ended December 31
2019% Change2018% Change2017
(In thousands, except percentage data)
Cost of revenue$704,535(1.8)%$717,118(2.0)%$731,453
Gross margin percentage29.5%32.3%29.6%
"} {"question": "What is the gross margin percentage change from 2017 to 2018 if the gross margin percentage in 2017 is 33.1%?", "answer": ["-0.8"], "context": "2019 vs 2018 Cost of revenue decreased for the year ended December 31, 2019, compared to the prior year, primarily due to net revenue declining. Gross margin decreased for the year ended December 31, 2019 compared to the prior year. Gross margin was negatively impacted by the imposition of Section 301 tariffs originally announced in late 2018 and cost inefficiencies experienced in our new manufacturing locations outside of China, an increase in channel promotional activities relative to revenue as well as foreign exchange headwinds due to the strengthening of the U.S. dollar. 2018 vs 2017 Cost of revenue decreased for the year ended December 31, 2018 primarily due to improved product margin performance, lower proportionate provisions for warranty expense, and lower air freight costs compared to the prior year. Gross margin increased for the year ended December 31, 2018 compared to the prior year primarily due to improved product margin performance, lower proportionate provisions for sales returns and warranty expense, favorable foreign exchange rate movements and lower air freight costs compared to the prior year. For fiscal 2020, we expect gross margins to improve from fiscal 2019 primarily as our U.S. bound inventory will primarily not be subject to Section 301 tariffs in fiscal 2020. Forecasting gross margin percentages is difficult, and there are a number of risks related to our ability to maintain or improve our current gross margin levels. Our cost of revenue as a percentage of net revenue can vary significantly based upon factors such as: uncertainties surrounding revenue levels, including future pricing and/or potential discounts as a result of the economy or in response to the strengthening of the U.S. dollar in our international markets, and related production level variances; import customs duties and imposed tariffs; competition; changes in technology; changes in product mix; variability of stockbased compensation costs; royalties to third parties; fluctuations in freight and repair costs; manufacturing and purchase price variances; changes in prices on commodity components; warranty costs; and the timing of sales, particularly to service provider customers. We expect that revenue derived from paid subscription service plans will increase in the future, which may have a positive impact on our gross margin. From time to time, however, we may experience fluctuations in our gross margin as a result of the factors discussed above.
Year Ended December 31
2019% Change2018% Change2017
(In thousands, except percentage data)
Cost of revenue$704,535(1.8)%$717,118(2.0)%$731,453
Gross margin percentage29.5%32.3%29.6%
"} {"question": "What was the percentage change in cost of revenue from 2017 to 2019 if the cost of revenue is 742,365 in 2019?", "answer": ["1.49"], "context": "2019 vs 2018 Cost of revenue decreased for the year ended December 31, 2019, compared to the prior year, primarily due to net revenue declining. Gross margin decreased for the year ended December 31, 2019 compared to the prior year. Gross margin was negatively impacted by the imposition of Section 301 tariffs originally announced in late 2018 and cost inefficiencies experienced in our new manufacturing locations outside of China, an increase in channel promotional activities relative to revenue as well as foreign exchange headwinds due to the strengthening of the U.S. dollar. 2018 vs 2017 Cost of revenue decreased for the year ended December 31, 2018 primarily due to improved product margin performance, lower proportionate provisions for warranty expense, and lower air freight costs compared to the prior year. Gross margin increased for the year ended December 31, 2018 compared to the prior year primarily due to improved product margin performance, lower proportionate provisions for sales returns and warranty expense, favorable foreign exchange rate movements and lower air freight costs compared to the prior year. For fiscal 2020, we expect gross margins to improve from fiscal 2019 primarily as our U.S. bound inventory will primarily not be subject to Section 301 tariffs in fiscal 2020. Forecasting gross margin percentages is difficult, and there are a number of risks related to our ability to maintain or improve our current gross margin levels. Our cost of revenue as a percentage of net revenue can vary significantly based upon factors such as: uncertainties surrounding revenue levels, including future pricing and/or potential discounts as a result of the economy or in response to the strengthening of the U.S. dollar in our international markets, and related production level variances; import customs duties and imposed tariffs; competition; changes in technology; changes in product mix; variability of stockbased compensation costs; royalties to third parties; fluctuations in freight and repair costs; manufacturing and purchase price variances; changes in prices on commodity components; warranty costs; and the timing of sales, particularly to service provider customers. We expect that revenue derived from paid subscription service plans will increase in the future, which may have a positive impact on our gross margin. From time to time, however, we may experience fluctuations in our gross margin as a result of the factors discussed above.
Year Ended December 31
2019% Change2018% Change2017
(In thousands, except percentage data)
Cost of revenue$704,535(1.8)%$717,118(2.0)%$731,453
Gross margin percentage29.5%32.3%29.6%
"} {"question": "How many years did Capital lease and other financing obligations exceed $40,000 thousand if Capital lease and other financing obligations in 2018 was $45,000 thousand instead?", "answer": ["2"], "context": "4. Debt, Capital Lease Obligations and Other Financing Debt and capital lease obligations as of September 28, 2019 and September 29, 2018, consisted of the following (in thousands): On June 15, 2018, the Company entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which it issued an aggregate of$ 150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. The 2018 Notes may be prepaid in whole or in part at any time, subject to payment of a makewhole amount; interest on the 2018 Notes is payable semiannually. At September 28, 2019, the Company was in compliance with the covenants under the 2018 NPA. In connection with the issuance of the 2018 Notes, on June 15, 2018, the Company repaid, on maturity $175.0 million in principal amount of its previous 5.20% Senior Notes. On May 15, 2019, the Company refinanced its then-existing senior unsecured revolving credit facility (the \"Prior Credit Facility\") by entering into a new5 -year senior unsecured revolving credit facility (collectively with the Prior Credit Facility, referred to as the \"Credit Facility\"), which expanded the maximum commitment from $300.0 million to $350.0 million and extended the maturity from July 5, 2021 to May 15, 2024. The maximum commitment under the Credit Facility may be further increased to $600.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2019, the highest daily borrowing was $250.0 million; the average daily borrowings were $140.7 million. The Company borrowed $1,084.5 million and repaid $989.5 million of revolving borrowings under the Credit Facility during fiscal 2019. The Company was in compliance with all financial covenants relating to the Credit Agreement, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.125% as of September 28, 2019.
20192018
4.05% Senior Notes, due June 15, 2025$100,000$100,000
4.22% Senior Notes, due June 15, 202850,00050,000
Borrowings under the credit facility95,000—
Capital lease and other financing obligations44,49239,857
Unamortized deferred financing fees(1,512)(1,240)
Total obligations287,980188,617
Less: current portion(100,702)(5,532)
Long-term debt and capital lease obligations, net of current portion187,278183,085
"} {"question": "What would be the change in the Unamortized deferred financing fees between 2018 and 2019 if the Unamortized deferred financing fees in 2019 was -$1,000 thousand instead?", "answer": ["240"], "context": "4. Debt, Capital Lease Obligations and Other Financing Debt and capital lease obligations as of September 28, 2019 and September 29, 2018, consisted of the following (in thousands): On June 15, 2018, the Company entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which it issued an aggregate of$ 150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. The 2018 Notes may be prepaid in whole or in part at any time, subject to payment of a makewhole amount; interest on the 2018 Notes is payable semiannually. At September 28, 2019, the Company was in compliance with the covenants under the 2018 NPA. In connection with the issuance of the 2018 Notes, on June 15, 2018, the Company repaid, on maturity $175.0 million in principal amount of its previous 5.20% Senior Notes. On May 15, 2019, the Company refinanced its then-existing senior unsecured revolving credit facility (the \"Prior Credit Facility\") by entering into a new5 -year senior unsecured revolving credit facility (collectively with the Prior Credit Facility, referred to as the \"Credit Facility\"), which expanded the maximum commitment from $300.0 million to $350.0 million and extended the maturity from July 5, 2021 to May 15, 2024. The maximum commitment under the Credit Facility may be further increased to $600.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2019, the highest daily borrowing was $250.0 million; the average daily borrowings were $140.7 million. The Company borrowed $1,084.5 million and repaid $989.5 million of revolving borrowings under the Credit Facility during fiscal 2019. The Company was in compliance with all financial covenants relating to the Credit Agreement, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.125% as of September 28, 2019.
20192018
4.05% Senior Notes, due June 15, 2025$100,000$100,000
4.22% Senior Notes, due June 15, 202850,00050,000
Borrowings under the credit facility95,000—
Capital lease and other financing obligations44,49239,857
Unamortized deferred financing fees(1,512)(1,240)
Total obligations287,980188,617
Less: current portion(100,702)(5,532)
Long-term debt and capital lease obligations, net of current portion187,278183,085
"} {"question": "What would be the percentage change in Total obligations between 2018 and 2019 if total obligations in 2019 was $200,000 thousand instead?", "answer": ["6.03"], "context": "4. Debt, Capital Lease Obligations and Other Financing Debt and capital lease obligations as of September 28, 2019 and September 29, 2018, consisted of the following (in thousands): On June 15, 2018, the Company entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which it issued an aggregate of$ 150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. The 2018 Notes may be prepaid in whole or in part at any time, subject to payment of a makewhole amount; interest on the 2018 Notes is payable semiannually. At September 28, 2019, the Company was in compliance with the covenants under the 2018 NPA. In connection with the issuance of the 2018 Notes, on June 15, 2018, the Company repaid, on maturity $175.0 million in principal amount of its previous 5.20% Senior Notes. On May 15, 2019, the Company refinanced its then-existing senior unsecured revolving credit facility (the \"Prior Credit Facility\") by entering into a new5 -year senior unsecured revolving credit facility (collectively with the Prior Credit Facility, referred to as the \"Credit Facility\"), which expanded the maximum commitment from $300.0 million to $350.0 million and extended the maturity from July 5, 2021 to May 15, 2024. The maximum commitment under the Credit Facility may be further increased to $600.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2019, the highest daily borrowing was $250.0 million; the average daily borrowings were $140.7 million. The Company borrowed $1,084.5 million and repaid $989.5 million of revolving borrowings under the Credit Facility during fiscal 2019. The Company was in compliance with all financial covenants relating to the Credit Agreement, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.125% as of September 28, 2019.
20192018
4.05% Senior Notes, due June 15, 2025$100,000$100,000
4.22% Senior Notes, due June 15, 202850,00050,000
Borrowings under the credit facility95,000—
Capital lease and other financing obligations44,49239,857
Unamortized deferred financing fees(1,512)(1,240)
Total obligations287,980188,617
Less: current portion(100,702)(5,532)
Long-term debt and capital lease obligations, net of current portion187,278183,085
"} {"question": "What would be the increase/ (decrease) in system external revenue from 2017, if the value in 2018 is $8,456", "answer": ["262"], "context": "Systems revenue of $8,034 million decreased 2.0 percent year to year as reported (2 percent adjusted for currency) driven by strong IBM Z performance in 2017 and continued price pressures impacting Storage Systems in a competitive environment. Both hardware platforms were down year to year for the full year, as reported and adjusted for currency. This performance was partially offset by strong growth in Power Systems (which grew as reported and adjusted for currency in 2018) with strong performance in POWER9-based systems and Linux throughout the year. Within Systems, cloud revenue of $3.1 billion decreased 10 percent as reported and adjusted for currency compared to the prior year reflecting IBM Z product cycle dynamics.
($ in millions)
For the year ended December 31:2018Yr.-to-Yr. Percent ChangeYr.-to-Yr. Percent Change Adjusted for Currency
Systems external revenue$8,034$8,194(2.0)%(2.3)%
Systems Hardware$6,363$6,494(2.0)%(2.3)%
IBM Z(5.4)(5.6)
Power Systems8.88.7
Storage Systems(5.5)(5.9)
Operating Systems Software1,6711,701(1.7)(2.4)
"} {"question": "What would be the increase/ (decrease) in Systems Hardware from 2017, if the value in 2018 is $ 5,311", "answer": ["-1183"], "context": "Systems revenue of $8,034 million decreased 2.0 percent year to year as reported (2 percent adjusted for currency) driven by strong IBM Z performance in 2017 and continued price pressures impacting Storage Systems in a competitive environment. Both hardware platforms were down year to year for the full year, as reported and adjusted for currency. This performance was partially offset by strong growth in Power Systems (which grew as reported and adjusted for currency in 2018) with strong performance in POWER9-based systems and Linux throughout the year. Within Systems, cloud revenue of $3.1 billion decreased 10 percent as reported and adjusted for currency compared to the prior year reflecting IBM Z product cycle dynamics.
($ in millions)
For the year ended December 31:2018Yr.-to-Yr. Percent ChangeYr.-to-Yr. Percent Change Adjusted for Currency
Systems external revenue$8,034$8,194(2.0)%(2.3)%
Systems Hardware$6,363$6,494(2.0)%(2.3)%
IBM Z(5.4)(5.6)
Power Systems8.88.7
Storage Systems(5.5)(5.9)
Operating Systems Software1,6711,701(1.7)(2.4)
"} {"question": "What would be the increase/ (decrease) in Operating Systems Software from 2017, if the value in 2018 is 1,838", "answer": ["137"], "context": "Systems revenue of $8,034 million decreased 2.0 percent year to year as reported (2 percent adjusted for currency) driven by strong IBM Z performance in 2017 and continued price pressures impacting Storage Systems in a competitive environment. Both hardware platforms were down year to year for the full year, as reported and adjusted for currency. This performance was partially offset by strong growth in Power Systems (which grew as reported and adjusted for currency in 2018) with strong performance in POWER9-based systems and Linux throughout the year. Within Systems, cloud revenue of $3.1 billion decreased 10 percent as reported and adjusted for currency compared to the prior year reflecting IBM Z product cycle dynamics.
($ in millions)
For the year ended December 31:2018Yr.-to-Yr. Percent ChangeYr.-to-Yr. Percent Change Adjusted for Currency
Systems external revenue$8,034$8,194(2.0)%(2.3)%
Systems Hardware$6,363$6,494(2.0)%(2.3)%
IBM Z(5.4)(5.6)
Power Systems8.88.7
Storage Systems(5.5)(5.9)
Operating Systems Software1,6711,701(1.7)(2.4)
"} {"question": "What would be the average difference between EBITDA and NPAT for both FYs if NPAT for FY19 increase by 20%?", "answer": ["28.8"], "context": "Review of operations The Group’s operating performance for the fiscal year compared to last year is as follows: 1. The Directors believe the information additional to IFRS measures included in the report is relevant and useful in measuring the financial performance of the Group. These include: EBITDA, NPATA and EPSa. These measures have been defined in the Chairperson and Chief Executive Officer’s Joint Report on page 2. In 2019 the business continued to deliver strong results after the record 2018 year. Revenues and EBITDA were in line with guidance. Further details on the Group’s results are outlined in the Chairperson and Chief Executive Officer’s Joint Report on page 2. On 1 June 2019, Hansen acquired the Sigma Systems business (Sigma) and one month of these results are included in the FY19 result. Also included in the results are the transaction and other restructuring costs related to the acquisition, which we have identified as separately disclosed items in our results. This acquisition has also resulted in the re-balancing of the Group’s market portfolio which, post the acquisition of Enoro in FY18, was initially weighted towards the Utilities sector. With Sigma’s revenues concentrated in the Communications sector, the Group’s revenue portfolio is now re-balanced to ensure greater diversification across multiple industries, regions and clients. The Group has generated operating cash flows of $39.7 million, which has been used to retire external debt and fund dividends of $12.6 million during the financial year. With the introduction of a higher level of debt in June 2019 to fund the Sigma acquisition, the Group has, for the first time, used the strength of the Group’s balance sheet to fund 100% of an acquisition. With the Group’s strong cash generation, Hansen is well placed to service and retire the debt over the coming years.
20192018
A$ MillionA$ MillionVariance %
Operating revenue231.3230.80.2%
EBITDA153.059.3(10.6%)
NPAT21.528.9(25.6%)
NPATA131.238.0(17.9%)
Basic earnings per share (EPS) (cents)10.914.8(26.4%)
Basic EPSa1 (cents)15.819.4(18.6%)
"} {"question": "What would be the average basic EPSa if basic EPSa for FY18 is 19.8 cents?", "answer": ["17.8"], "context": "Review of operations The Group’s operating performance for the fiscal year compared to last year is as follows: 1. The Directors believe the information additional to IFRS measures included in the report is relevant and useful in measuring the financial performance of the Group. These include: EBITDA, NPATA and EPSa. These measures have been defined in the Chairperson and Chief Executive Officer’s Joint Report on page 2. In 2019 the business continued to deliver strong results after the record 2018 year. Revenues and EBITDA were in line with guidance. Further details on the Group’s results are outlined in the Chairperson and Chief Executive Officer’s Joint Report on page 2. On 1 June 2019, Hansen acquired the Sigma Systems business (Sigma) and one month of these results are included in the FY19 result. Also included in the results are the transaction and other restructuring costs related to the acquisition, which we have identified as separately disclosed items in our results. This acquisition has also resulted in the re-balancing of the Group’s market portfolio which, post the acquisition of Enoro in FY18, was initially weighted towards the Utilities sector. With Sigma’s revenues concentrated in the Communications sector, the Group’s revenue portfolio is now re-balanced to ensure greater diversification across multiple industries, regions and clients. The Group has generated operating cash flows of $39.7 million, which has been used to retire external debt and fund dividends of $12.6 million during the financial year. With the introduction of a higher level of debt in June 2019 to fund the Sigma acquisition, the Group has, for the first time, used the strength of the Group’s balance sheet to fund 100% of an acquisition. With the Group’s strong cash generation, Hansen is well placed to service and retire the debt over the coming years.
20192018
A$ MillionA$ MillionVariance %
Operating revenue231.3230.80.2%
EBITDA153.059.3(10.6%)
NPAT21.528.9(25.6%)
NPATA131.238.0(17.9%)
Basic earnings per share (EPS) (cents)10.914.8(26.4%)
Basic EPSa1 (cents)15.819.4(18.6%)
"} {"question": "What would be the average difference between basic EPS and basic EPSa for both FYs, if basic EPSa for FY19 is 17.2 cents?", "answer": ["5.45"], "context": "Review of operations The Group’s operating performance for the fiscal year compared to last year is as follows: 1. The Directors believe the information additional to IFRS measures included in the report is relevant and useful in measuring the financial performance of the Group. These include: EBITDA, NPATA and EPSa. These measures have been defined in the Chairperson and Chief Executive Officer’s Joint Report on page 2. In 2019 the business continued to deliver strong results after the record 2018 year. Revenues and EBITDA were in line with guidance. Further details on the Group’s results are outlined in the Chairperson and Chief Executive Officer’s Joint Report on page 2. On 1 June 2019, Hansen acquired the Sigma Systems business (Sigma) and one month of these results are included in the FY19 result. Also included in the results are the transaction and other restructuring costs related to the acquisition, which we have identified as separately disclosed items in our results. This acquisition has also resulted in the re-balancing of the Group’s market portfolio which, post the acquisition of Enoro in FY18, was initially weighted towards the Utilities sector. With Sigma’s revenues concentrated in the Communications sector, the Group’s revenue portfolio is now re-balanced to ensure greater diversification across multiple industries, regions and clients. The Group has generated operating cash flows of $39.7 million, which has been used to retire external debt and fund dividends of $12.6 million during the financial year. With the introduction of a higher level of debt in June 2019 to fund the Sigma acquisition, the Group has, for the first time, used the strength of the Group’s balance sheet to fund 100% of an acquisition. With the Group’s strong cash generation, Hansen is well placed to service and retire the debt over the coming years.
20192018
A$ MillionA$ MillionVariance %
Operating revenue231.3230.80.2%
EBITDA153.059.3(10.6%)
NPAT21.528.9(25.6%)
NPATA131.238.0(17.9%)
Basic earnings per share (EPS) (cents)10.914.8(26.4%)
Basic EPSa1 (cents)15.819.4(18.6%)
"} {"question": "In which year would the dividend declared be higher if the dividend declared in 2019 is (2,970) thousand?", "answer": ["2019"], "context": "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) Investment in associates and joint venture consist of the following: The additions of $158 relate to the investment in Gastrade (December 31, 2018: $136). On February 9, 2017, GasLog acquired a 20% shareholding in Gastrade, a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing an FSRU along with other fixed infrastructure. GasLog, as well as being a shareholder, will provide operations and maintenance (‘‘O&M’’) services for the FSRU through an O&M agreement which was signed on February 23, 2018.
Associates
20182019
As of January 1,20,80020,713
Additions136158
Share of profit of associates1,8001,627
Dividend declared(2,023)(878)
As of December 31,20,71321,620
"} {"question": "What would be the change in additions from 2018 to 2019 if the additions in 2019 is 200 thousand?", "answer": ["64"], "context": "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) Investment in associates and joint venture consist of the following: The additions of $158 relate to the investment in Gastrade (December 31, 2018: $136). On February 9, 2017, GasLog acquired a 20% shareholding in Gastrade, a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing an FSRU along with other fixed infrastructure. GasLog, as well as being a shareholder, will provide operations and maintenance (‘‘O&M’’) services for the FSRU through an O&M agreement which was signed on February 23, 2018.
Associates
20182019
As of January 1,20,80020,713
Additions136158
Share of profit of associates1,8001,627
Dividend declared(2,023)(878)
As of December 31,20,71321,620
"} {"question": "What would be the percentage change in share of profit of associates from 2018 to 2019 if the share of profit of associates was 1,930 thousand in 2019?", "answer": ["7.22"], "context": "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) Investment in associates and joint venture consist of the following: The additions of $158 relate to the investment in Gastrade (December 31, 2018: $136). On February 9, 2017, GasLog acquired a 20% shareholding in Gastrade, a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing an FSRU along with other fixed infrastructure. GasLog, as well as being a shareholder, will provide operations and maintenance (‘‘O&M’’) services for the FSRU through an O&M agreement which was signed on February 23, 2018.
Associates
20182019
As of January 1,20,80020,713
Additions136158
Share of profit of associates1,8001,627
Dividend declared(2,023)(878)
As of December 31,20,71321,620
"} {"question": "In which year would Materials processing be a larger percentage of total net sales if the amount in 2019 was 27.3% instead?", "answer": ["2018"], "context": "Net Sales Market Application The following table sets forth, for the periods indicated, the amount of net sales and their relative percentages of total net sales by market application (dollars in thousands): During fiscal 2019, net sales decreased by $471.9 million, or 25%, compared to fiscal 2018, with decreases in the microelectronics and materials processing markets, partially offset by increases in the OEM components and instrumentation market. Ondax, which we acquired on October 5, 2018, contributed $6.4 million in incremental net sales to the materials processing market in the ILS segment in fiscal 2019. In fiscal 2019, we continued to experience weaker demand in the microelectronics and materials processing markets. Entering fiscal 2020, we have started seeing indications which could lead to increased future demand in the microelectronics flat panel display market, but this is balanced by possible continuing headwinds in the global materials processing industry.
Fiscal 2019Fiscal 2018
AmountPercentage of total net salesAmountPercentage of total net sales
Microelectronics$632,17644.2%$1,036,35454.5%
Materials processing404,87828.3%520,90427.4%
OEM components and instrumentation266,78818.6%220,82311.6%
Scientific and government programs126,7988.9%124,4926.5%
Total$1,430,640100.0%$1,902,573100.0%
"} {"question": "What would the change in the amount of OEM components and instrumentation in 2019 from 2018 be if the amount in 2019 was $267,000 thousand instead?", "answer": ["46177"], "context": "Net Sales Market Application The following table sets forth, for the periods indicated, the amount of net sales and their relative percentages of total net sales by market application (dollars in thousands): During fiscal 2019, net sales decreased by $471.9 million, or 25%, compared to fiscal 2018, with decreases in the microelectronics and materials processing markets, partially offset by increases in the OEM components and instrumentation market. Ondax, which we acquired on October 5, 2018, contributed $6.4 million in incremental net sales to the materials processing market in the ILS segment in fiscal 2019. In fiscal 2019, we continued to experience weaker demand in the microelectronics and materials processing markets. Entering fiscal 2020, we have started seeing indications which could lead to increased future demand in the microelectronics flat panel display market, but this is balanced by possible continuing headwinds in the global materials processing industry.
Fiscal 2019Fiscal 2018
AmountPercentage of total net salesAmountPercentage of total net sales
Microelectronics$632,17644.2%$1,036,35454.5%
Materials processing404,87828.3%520,90427.4%
OEM components and instrumentation266,78818.6%220,82311.6%
Scientific and government programs126,7988.9%124,4926.5%
Total$1,430,640100.0%$1,902,573100.0%
"} {"question": "What would the percentage change in the amount of OEM components and instrumentation in 2019 from 2018 be if the amount in 2019 was $267,000 thousand instead?", "answer": ["20.91"], "context": "Net Sales Market Application The following table sets forth, for the periods indicated, the amount of net sales and their relative percentages of total net sales by market application (dollars in thousands): During fiscal 2019, net sales decreased by $471.9 million, or 25%, compared to fiscal 2018, with decreases in the microelectronics and materials processing markets, partially offset by increases in the OEM components and instrumentation market. Ondax, which we acquired on October 5, 2018, contributed $6.4 million in incremental net sales to the materials processing market in the ILS segment in fiscal 2019. In fiscal 2019, we continued to experience weaker demand in the microelectronics and materials processing markets. Entering fiscal 2020, we have started seeing indications which could lead to increased future demand in the microelectronics flat panel display market, but this is balanced by possible continuing headwinds in the global materials processing industry.
Fiscal 2019Fiscal 2018
AmountPercentage of total net salesAmountPercentage of total net sales
Microelectronics$632,17644.2%$1,036,35454.5%
Materials processing404,87828.3%520,90427.4%
OEM components and instrumentation266,78818.6%220,82311.6%
Scientific and government programs126,7988.9%124,4926.5%
Total$1,430,640100.0%$1,902,573100.0%
"} {"question": "If the defined benefit plans in 2019 increased to 584 million what is the revised change in defined benefit plans from 2019 to 2018?", "answer": ["208"], "context": "Amounts in the financial statements Group income statement The expense or income arising from all group retirement benefit arrangements recognised in the group income statement is shown below. a Relates to the removal of future indexation obligations following changes to the benefits provided under certain pension plans operating outside the UK in 2017/18. b All employees impacted by the closure of the BTPS receive transition payments into their BTRSS pot for a period linked to the employee’s age. There was no past service cost or credit on closure due to the assumed past service benefit link as an active member being the same as that assumed for a deferred member. c In October, a High Court judgment involving the Lloyds Banking Group’s defined benefit pension schemes was handed down, resulting in the group needing to recognise additional liability to equalise benefits between men and women due to GMPs, in common with most UK defined benefit schemes.
201920182017
Year ended 31 March£m£m£m
Recognised in the income statement before specific items
Service cost (including administration expenses & PPF levy:
defined benefit plans135376281
defined contribution plans476265240
Past service credit a–(17)–
Subtotal611624521
Recognised in the income statement as specific items (note 10)
Costs to close BT Pension Scheme and provide transition paymentsb for affected employees23––
Cost to equalise benefits between men and women due to guaranteed minimum pension (GMP) c26––
Net interest expense on pensions deficit included in specific items139218209
Subtotal188218209
Total recognised in the income statement799842730
"} {"question": "If the defined contribution plans in 2019 increased to 611 million what is the revised change in defined contribution plans from 2019 to 2018?", "answer": ["346"], "context": "Amounts in the financial statements Group income statement The expense or income arising from all group retirement benefit arrangements recognised in the group income statement is shown below. a Relates to the removal of future indexation obligations following changes to the benefits provided under certain pension plans operating outside the UK in 2017/18. b All employees impacted by the closure of the BTPS receive transition payments into their BTRSS pot for a period linked to the employee’s age. There was no past service cost or credit on closure due to the assumed past service benefit link as an active member being the same as that assumed for a deferred member. c In October, a High Court judgment involving the Lloyds Banking Group’s defined benefit pension schemes was handed down, resulting in the group needing to recognise additional liability to equalise benefits between men and women due to GMPs, in common with most UK defined benefit schemes.
201920182017
Year ended 31 March£m£m£m
Recognised in the income statement before specific items
Service cost (including administration expenses & PPF levy:
defined benefit plans135376281
defined contribution plans476265240
Past service credit a–(17)–
Subtotal611624521
Recognised in the income statement as specific items (note 10)
Costs to close BT Pension Scheme and provide transition paymentsb for affected employees23––
Cost to equalise benefits between men and women due to guaranteed minimum pension (GMP) c26––
Net interest expense on pensions deficit included in specific items139218209
Subtotal188218209
Total recognised in the income statement799842730
"} {"question": "If the Total recognised in the income statement in 2019 increased to 970 million what is the revised change in Total recognised in the income statement from 2019 to 2018?", "answer": ["128"], "context": "Amounts in the financial statements Group income statement The expense or income arising from all group retirement benefit arrangements recognised in the group income statement is shown below. a Relates to the removal of future indexation obligations following changes to the benefits provided under certain pension plans operating outside the UK in 2017/18. b All employees impacted by the closure of the BTPS receive transition payments into their BTRSS pot for a period linked to the employee’s age. There was no past service cost or credit on closure due to the assumed past service benefit link as an active member being the same as that assumed for a deferred member. c In October, a High Court judgment involving the Lloyds Banking Group’s defined benefit pension schemes was handed down, resulting in the group needing to recognise additional liability to equalise benefits between men and women due to GMPs, in common with most UK defined benefit schemes.
201920182017
Year ended 31 March£m£m£m
Recognised in the income statement before specific items
Service cost (including administration expenses & PPF levy:
defined benefit plans135376281
defined contribution plans476265240
Past service credit a–(17)–
Subtotal611624521
Recognised in the income statement as specific items (note 10)
Costs to close BT Pension Scheme and provide transition paymentsb for affected employees23––
Cost to equalise benefits between men and women due to guaranteed minimum pension (GMP) c26––
Net interest expense on pensions deficit included in specific items139218209
Subtotal188218209
Total recognised in the income statement799842730
"} {"question": "What would be the average net cash provided by operating activities for 2018 and 2019 if net cash provided by operating activities for year ended 2018 was $15,000 thousands?", "answer": ["42807.5"], "context": "Cash, Cash Equivalents and Marketable Securities Cash, cash equivalents, and marketable securities increased by $485.5 million to $2,455.2 million as at December 31, 2019 from $ 1,969.7 million as at December 31, 2018, primarily as a result of proceeds from the public offering in September 2019, cash provided by our operating activities, and proceeds from the exercise of stock options. Cash equivalents and marketable securities include money market funds, repurchase agreements, term deposits, U.S. and Canadian federal bonds, corporate bonds, and commercial paper, all maturing within the 12 months from December 31, 2019. The following table summarizes our total cash, cash equivalents and marketable securities as at December 31, 2019 and 2018 as well as our operating, investing and financing activities for the years ended December 31, 2019 and 2018: Cash Flows From Operating Activities Our largest source of operating cash is from subscription solutions. These payments are typically paid to us at the beginning of the applicable subscription period, except for our Shopify Plus merchants who typically pay us at the end of their monthly billing cycle. We also generate significant cash flows from our Shopify Payments processing fee arrangements, which are received on a daily basis as transactions are processed. Our primary uses of cash from operating activities are for third-party payment processing fees, employee-related expenditures, advancing funds to merchants through Shopify Capital, marketing programs, third-party shipping and fulfillment partners, outsourced hosting costs, and leased facilities. For the year ended December 31, 2019, cash provided by operating activities was $70.6 million. This was primarily as a result of our net loss of $124.8 million, which once adjusted for $158.5 million of stock-based compensation expense, $35.7 million of amortization and depreciation, a $37.9 million increase in deferred income taxes, a $15.9 million increase of our provision for uncollectible merchant cash advances and loans, and an unrealized foreign exchange loss of $3.2 million, contributed $50.4 million of positive cash flows. Additional cash of $162.9 million resulted from the following increases in operating liabilities: $84.6 million in accounts payable and accrued liabilities due to indirect taxes payable, payroll liabilities, and payment processing and interchange fees; $64.6 million in income tax assets and liabilities; $12.3 million in deferred revenue due to the growth in sales of our subscription solutions along with the acquisition of 6RS; and $1.5 million increase in net lease liabilities. These were offset by $142.8 million of cash used resulting from the following increases in operating assets: $74.2 million in merchant cash advances and loans as we continued to grow Shopify Capital; $56.2 million in trade and other receivables; and $12.4 million in other current assets driven primarily by an increase in prepaid expenses, forward contract assets designated for hedge accounting, and deposits. For the year ended December 31, 2018, cash provided by operating activities was $9.3 million. This was primarily as a result of our net loss of $64.6 million, which once adjusted for $95.7 million of stock-based compensation expense, $27.1 million of amortization and depreciation, a $5.9 million increase of our provision for uncollectible merchant cash advances, and an unrealized foreign exchange loss of $1.3 million, contributed $65.4 million of positive cash flows. Additional cash of $38.1 million resulted from the following increases in operating liabilities: $20.6 million in accounts payable and accrued liabilities; $9.0 million in deferred revenue; and $8.4 million in lease liabilities. These were offset by $94.2 million of cash used resulting from the following increases in operating assets: $50.7 million in merchant cash advances and loans; $32.6 million in trade and other receivables; and $10.8 million in other current assets. Cash Flows From Investing Activities Cash flows used in investing activities are primarily related to the purchase and sale of marketable securities, business acquisitions, purchases of leasehold improvements and furniture and fixtures to support our expanding infrastructure and workforce, purchases of computer equipment, and software development costs eligible for capitalization. Net cash used in investing activities in the year ended December 31, 2019 was $ 569.5 million, which was driven by $265.5 million used to make business acquisitions, most of which was for the 6RS acquisition on October 17, 2019, net purchases of $241.6 million in marketable securities, $ 56.8 million used to purchase property and equipment, which primarily consisted of expenditures on leasehold improvements, and $5.6 million used for purchasing and developing software to add functionality to our platform and support our expanding merchant base. Net cash used in investing activities in the year ended December 31, 2018 was $810.6 million, reflecting net purchases of $749.7 million in marketable securities. Cash used in investing activities also included $28.0 million used to purchase property and equipment, which primarily consisted of expenditures on leasehold improvements, $19.4 million used to make business acquisitions, and $13.6 million used for purchasing and developing software. Cash Flows From Financing Activities To date, cash flows from financing activities have related to proceeds from private placements, public offerings, and exercises of stock options. Net cash provided by financing activities in the year ended December 31, 2019 was $736.4 million driven mainly by the $688.0 million raised by our September 2019 public offering, and $48.3 million in proceeds from the issuance of Class A subordinate voting shares and Class B multiple voting shares as a result of stock option exercises. This compares to $1,072.2 million for the same period in 2018 of which $1,041.7 million was raised by our February and December 2018 public offerings while the remaining $30.5 million related to stock option exercises.
Years ended December 31,
20192018
(in thousands)
Cash, cash equivalents and marketable securities (end of period)$2,455,1941,969,670
Net cash provided by (used in):
Operating activities$70,615$9,324
Investing activities(569,475)(810,633)
Financing activities736,3511,072,182
Effect of foreign exchange on cash and cash equivalents1,742(1,867)
Net increase in cash and cash equivalents239,233269,006
Change in marketable securities246,291762,625
Net increase in cash, cash equivalents and marketable securities$485,524$1,031,631
"} {"question": "What would be the average net cash provided by financing activities for 2018 and 2019 if net cash provided by financing activities for year ended 2018 was $900,000 thousands?", "answer": ["818175.5"], "context": "Cash, Cash Equivalents and Marketable Securities Cash, cash equivalents, and marketable securities increased by $485.5 million to $2,455.2 million as at December 31, 2019 from $ 1,969.7 million as at December 31, 2018, primarily as a result of proceeds from the public offering in September 2019, cash provided by our operating activities, and proceeds from the exercise of stock options. Cash equivalents and marketable securities include money market funds, repurchase agreements, term deposits, U.S. and Canadian federal bonds, corporate bonds, and commercial paper, all maturing within the 12 months from December 31, 2019. The following table summarizes our total cash, cash equivalents and marketable securities as at December 31, 2019 and 2018 as well as our operating, investing and financing activities for the years ended December 31, 2019 and 2018: Cash Flows From Operating Activities Our largest source of operating cash is from subscription solutions. These payments are typically paid to us at the beginning of the applicable subscription period, except for our Shopify Plus merchants who typically pay us at the end of their monthly billing cycle. We also generate significant cash flows from our Shopify Payments processing fee arrangements, which are received on a daily basis as transactions are processed. Our primary uses of cash from operating activities are for third-party payment processing fees, employee-related expenditures, advancing funds to merchants through Shopify Capital, marketing programs, third-party shipping and fulfillment partners, outsourced hosting costs, and leased facilities. For the year ended December 31, 2019, cash provided by operating activities was $70.6 million. This was primarily as a result of our net loss of $124.8 million, which once adjusted for $158.5 million of stock-based compensation expense, $35.7 million of amortization and depreciation, a $37.9 million increase in deferred income taxes, a $15.9 million increase of our provision for uncollectible merchant cash advances and loans, and an unrealized foreign exchange loss of $3.2 million, contributed $50.4 million of positive cash flows. Additional cash of $162.9 million resulted from the following increases in operating liabilities: $84.6 million in accounts payable and accrued liabilities due to indirect taxes payable, payroll liabilities, and payment processing and interchange fees; $64.6 million in income tax assets and liabilities; $12.3 million in deferred revenue due to the growth in sales of our subscription solutions along with the acquisition of 6RS; and $1.5 million increase in net lease liabilities. These were offset by $142.8 million of cash used resulting from the following increases in operating assets: $74.2 million in merchant cash advances and loans as we continued to grow Shopify Capital; $56.2 million in trade and other receivables; and $12.4 million in other current assets driven primarily by an increase in prepaid expenses, forward contract assets designated for hedge accounting, and deposits. For the year ended December 31, 2018, cash provided by operating activities was $9.3 million. This was primarily as a result of our net loss of $64.6 million, which once adjusted for $95.7 million of stock-based compensation expense, $27.1 million of amortization and depreciation, a $5.9 million increase of our provision for uncollectible merchant cash advances, and an unrealized foreign exchange loss of $1.3 million, contributed $65.4 million of positive cash flows. Additional cash of $38.1 million resulted from the following increases in operating liabilities: $20.6 million in accounts payable and accrued liabilities; $9.0 million in deferred revenue; and $8.4 million in lease liabilities. These were offset by $94.2 million of cash used resulting from the following increases in operating assets: $50.7 million in merchant cash advances and loans; $32.6 million in trade and other receivables; and $10.8 million in other current assets. Cash Flows From Investing Activities Cash flows used in investing activities are primarily related to the purchase and sale of marketable securities, business acquisitions, purchases of leasehold improvements and furniture and fixtures to support our expanding infrastructure and workforce, purchases of computer equipment, and software development costs eligible for capitalization. Net cash used in investing activities in the year ended December 31, 2019 was $ 569.5 million, which was driven by $265.5 million used to make business acquisitions, most of which was for the 6RS acquisition on October 17, 2019, net purchases of $241.6 million in marketable securities, $ 56.8 million used to purchase property and equipment, which primarily consisted of expenditures on leasehold improvements, and $5.6 million used for purchasing and developing software to add functionality to our platform and support our expanding merchant base. Net cash used in investing activities in the year ended December 31, 2018 was $810.6 million, reflecting net purchases of $749.7 million in marketable securities. Cash used in investing activities also included $28.0 million used to purchase property and equipment, which primarily consisted of expenditures on leasehold improvements, $19.4 million used to make business acquisitions, and $13.6 million used for purchasing and developing software. Cash Flows From Financing Activities To date, cash flows from financing activities have related to proceeds from private placements, public offerings, and exercises of stock options. Net cash provided by financing activities in the year ended December 31, 2019 was $736.4 million driven mainly by the $688.0 million raised by our September 2019 public offering, and $48.3 million in proceeds from the issuance of Class A subordinate voting shares and Class B multiple voting shares as a result of stock option exercises. This compares to $1,072.2 million for the same period in 2018 of which $1,041.7 million was raised by our February and December 2018 public offerings while the remaining $30.5 million related to stock option exercises.
Years ended December 31,
20192018
(in thousands)
Cash, cash equivalents and marketable securities (end of period)$2,455,1941,969,670
Net cash provided by (used in):
Operating activities$70,615$9,324
Investing activities(569,475)(810,633)
Financing activities736,3511,072,182
Effect of foreign exchange on cash and cash equivalents1,742(1,867)
Net increase in cash and cash equivalents239,233269,006
Change in marketable securities246,291762,625
Net increase in cash, cash equivalents and marketable securities$485,524$1,031,631
"} {"question": "What would be the change in net increase in cash and cash equivalents for year ended 2018 and 2019 if net increase in cash and cash equivalents for year ended 2018 was $300,000 thousands?", "answer": ["-60767"], "context": "Cash, Cash Equivalents and Marketable Securities Cash, cash equivalents, and marketable securities increased by $485.5 million to $2,455.2 million as at December 31, 2019 from $ 1,969.7 million as at December 31, 2018, primarily as a result of proceeds from the public offering in September 2019, cash provided by our operating activities, and proceeds from the exercise of stock options. Cash equivalents and marketable securities include money market funds, repurchase agreements, term deposits, U.S. and Canadian federal bonds, corporate bonds, and commercial paper, all maturing within the 12 months from December 31, 2019. The following table summarizes our total cash, cash equivalents and marketable securities as at December 31, 2019 and 2018 as well as our operating, investing and financing activities for the years ended December 31, 2019 and 2018: Cash Flows From Operating Activities Our largest source of operating cash is from subscription solutions. These payments are typically paid to us at the beginning of the applicable subscription period, except for our Shopify Plus merchants who typically pay us at the end of their monthly billing cycle. We also generate significant cash flows from our Shopify Payments processing fee arrangements, which are received on a daily basis as transactions are processed. Our primary uses of cash from operating activities are for third-party payment processing fees, employee-related expenditures, advancing funds to merchants through Shopify Capital, marketing programs, third-party shipping and fulfillment partners, outsourced hosting costs, and leased facilities. For the year ended December 31, 2019, cash provided by operating activities was $70.6 million. This was primarily as a result of our net loss of $124.8 million, which once adjusted for $158.5 million of stock-based compensation expense, $35.7 million of amortization and depreciation, a $37.9 million increase in deferred income taxes, a $15.9 million increase of our provision for uncollectible merchant cash advances and loans, and an unrealized foreign exchange loss of $3.2 million, contributed $50.4 million of positive cash flows. Additional cash of $162.9 million resulted from the following increases in operating liabilities: $84.6 million in accounts payable and accrued liabilities due to indirect taxes payable, payroll liabilities, and payment processing and interchange fees; $64.6 million in income tax assets and liabilities; $12.3 million in deferred revenue due to the growth in sales of our subscription solutions along with the acquisition of 6RS; and $1.5 million increase in net lease liabilities. These were offset by $142.8 million of cash used resulting from the following increases in operating assets: $74.2 million in merchant cash advances and loans as we continued to grow Shopify Capital; $56.2 million in trade and other receivables; and $12.4 million in other current assets driven primarily by an increase in prepaid expenses, forward contract assets designated for hedge accounting, and deposits. For the year ended December 31, 2018, cash provided by operating activities was $9.3 million. This was primarily as a result of our net loss of $64.6 million, which once adjusted for $95.7 million of stock-based compensation expense, $27.1 million of amortization and depreciation, a $5.9 million increase of our provision for uncollectible merchant cash advances, and an unrealized foreign exchange loss of $1.3 million, contributed $65.4 million of positive cash flows. Additional cash of $38.1 million resulted from the following increases in operating liabilities: $20.6 million in accounts payable and accrued liabilities; $9.0 million in deferred revenue; and $8.4 million in lease liabilities. These were offset by $94.2 million of cash used resulting from the following increases in operating assets: $50.7 million in merchant cash advances and loans; $32.6 million in trade and other receivables; and $10.8 million in other current assets. Cash Flows From Investing Activities Cash flows used in investing activities are primarily related to the purchase and sale of marketable securities, business acquisitions, purchases of leasehold improvements and furniture and fixtures to support our expanding infrastructure and workforce, purchases of computer equipment, and software development costs eligible for capitalization. Net cash used in investing activities in the year ended December 31, 2019 was $ 569.5 million, which was driven by $265.5 million used to make business acquisitions, most of which was for the 6RS acquisition on October 17, 2019, net purchases of $241.6 million in marketable securities, $ 56.8 million used to purchase property and equipment, which primarily consisted of expenditures on leasehold improvements, and $5.6 million used for purchasing and developing software to add functionality to our platform and support our expanding merchant base. Net cash used in investing activities in the year ended December 31, 2018 was $810.6 million, reflecting net purchases of $749.7 million in marketable securities. Cash used in investing activities also included $28.0 million used to purchase property and equipment, which primarily consisted of expenditures on leasehold improvements, $19.4 million used to make business acquisitions, and $13.6 million used for purchasing and developing software. Cash Flows From Financing Activities To date, cash flows from financing activities have related to proceeds from private placements, public offerings, and exercises of stock options. Net cash provided by financing activities in the year ended December 31, 2019 was $736.4 million driven mainly by the $688.0 million raised by our September 2019 public offering, and $48.3 million in proceeds from the issuance of Class A subordinate voting shares and Class B multiple voting shares as a result of stock option exercises. This compares to $1,072.2 million for the same period in 2018 of which $1,041.7 million was raised by our February and December 2018 public offerings while the remaining $30.5 million related to stock option exercises.
Years ended December 31,
20192018
(in thousands)
Cash, cash equivalents and marketable securities (end of period)$2,455,1941,969,670
Net cash provided by (used in):
Operating activities$70,615$9,324
Investing activities(569,475)(810,633)
Financing activities736,3511,072,182
Effect of foreign exchange on cash and cash equivalents1,742(1,867)
Net increase in cash and cash equivalents239,233269,006
Change in marketable securities246,291762,625
Net increase in cash, cash equivalents and marketable securities$485,524$1,031,631
"} {"question": "If Sales and marketing expenses in 2019 was 140,000 thousands, what would be the average for 2018 and 2019?", "answer": ["18754"], "context": "Operating expenses nm—not meaningful Research and development expenses Research and development expenses increased $19.6 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in personnel-related costs of $11.8 million, share-based compensation expense of $3.6 million and information technology and facility costs of $1.6 million. Research and development expenses for the year ended March 31, 2019 as compared to the year ended March 31, 2018 were positively impacted by approximately $0.5 million primarily as a result of the strengthening of the U.S. dollar relative to the British pound. Personnel-related cost increased primarily as a result of salaries and benefits associated with increased headcount throughout the year, share-based compensation expense increased primarily as a result of share option grants since the prior year and information technology and facility costs increased primarily as a result of increased headcount. Sales and marketing expenses Sales and marketing expenses increased $17.9 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in information technology and facilities costs of $5.3 million, personnel-related costs of $4.0 million, share-based compensation expense of $3.4 million, professional services of $2.7 million, travel and other costs of $1.2 million and marketing costs of $1.1 million. Sales and marketing expenses for the year ended March 31, 2019 as compared to the year ended March 31, 2018 were positively impacted by approximately $1.5 million primarily as a result of the strengthening of the U.S. dollar relative to the Australian dollar, South African rand and British pound. Information technology and facilities costs and travel and other costs increased primarily as a result of increased headcount. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount and commissions, partially offset by the impact of adopting ASC 606, which resulted in capitalizing $13.8 million of commissions that would have been expensed under the prior accounting rules. Share-based compensation expense increased primarily as a result of share option grants since the prior year. Professional services costs increased primarily due to increased consulting fees. General and administrative expenses General and administrative expenses increased $16.8 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in personnel-related costs of $6.3 million, share-based compensation expense of $5.8 million, information technology and facilities costs of $1.9 million, professional services costs of $1.2 million and litigation-related expenses of $1.0 million. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount. Share-based compensation expense increased primarily as a result of share option grants since the prior year and to a lesser extent the impact of share option modifications. Information technology and facility costs increased primarily as a result of increased headcount. Professional services costs increased primarily due to acquisition-related expenses. Restructuring and Impairment of long-lived assets In the second quarter of fiscal 2019, we recorded a revision to restructuring expense of $0.2 million related to the exit of our Watertown, Massachusetts corporate office space. In the fourth quarter of fiscal 2018, upon the exit of our Watertown, Massachusetts corporate office space, we recorded a restructuring charge of $0.8 million for the remaining non-cancelable rent and estimated operating expenses for the vacated premises, net of sublease rentals and we recorded a non-cash impairment charge of $1.7 million primarily related to leasehold improvements.
Year ended March 31,Period-to-period change
20192018Amount% Change
(dollars in thousands)
Operating expenses:
Research and development$57,939$38,373$19,56651%
Sales and marketing139,194121,24617,94815%
General and administrative53,75936,98916,77045%
Impairment of long-lived assets—1,712(1,712)nm
Restructuring(170)832(1,002)nm
Total operating expenses$250,722$199,152$51,57026%
"} {"question": "If General and administrative in 2019 was 60,000 thousands, what percentage of total operating expenses would it be?", "answer": ["23.93"], "context": "Operating expenses nm—not meaningful Research and development expenses Research and development expenses increased $19.6 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in personnel-related costs of $11.8 million, share-based compensation expense of $3.6 million and information technology and facility costs of $1.6 million. Research and development expenses for the year ended March 31, 2019 as compared to the year ended March 31, 2018 were positively impacted by approximately $0.5 million primarily as a result of the strengthening of the U.S. dollar relative to the British pound. Personnel-related cost increased primarily as a result of salaries and benefits associated with increased headcount throughout the year, share-based compensation expense increased primarily as a result of share option grants since the prior year and information technology and facility costs increased primarily as a result of increased headcount. Sales and marketing expenses Sales and marketing expenses increased $17.9 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in information technology and facilities costs of $5.3 million, personnel-related costs of $4.0 million, share-based compensation expense of $3.4 million, professional services of $2.7 million, travel and other costs of $1.2 million and marketing costs of $1.1 million. Sales and marketing expenses for the year ended March 31, 2019 as compared to the year ended March 31, 2018 were positively impacted by approximately $1.5 million primarily as a result of the strengthening of the U.S. dollar relative to the Australian dollar, South African rand and British pound. Information technology and facilities costs and travel and other costs increased primarily as a result of increased headcount. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount and commissions, partially offset by the impact of adopting ASC 606, which resulted in capitalizing $13.8 million of commissions that would have been expensed under the prior accounting rules. Share-based compensation expense increased primarily as a result of share option grants since the prior year. Professional services costs increased primarily due to increased consulting fees. General and administrative expenses General and administrative expenses increased $16.8 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in personnel-related costs of $6.3 million, share-based compensation expense of $5.8 million, information technology and facilities costs of $1.9 million, professional services costs of $1.2 million and litigation-related expenses of $1.0 million. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount. Share-based compensation expense increased primarily as a result of share option grants since the prior year and to a lesser extent the impact of share option modifications. Information technology and facility costs increased primarily as a result of increased headcount. Professional services costs increased primarily due to acquisition-related expenses. Restructuring and Impairment of long-lived assets In the second quarter of fiscal 2019, we recorded a revision to restructuring expense of $0.2 million related to the exit of our Watertown, Massachusetts corporate office space. In the fourth quarter of fiscal 2018, upon the exit of our Watertown, Massachusetts corporate office space, we recorded a restructuring charge of $0.8 million for the remaining non-cancelable rent and estimated operating expenses for the vacated premises, net of sublease rentals and we recorded a non-cash impairment charge of $1.7 million primarily related to leasehold improvements.
Year ended March 31,Period-to-period change
20192018Amount% Change
(dollars in thousands)
Operating expenses:
Research and development$57,939$38,373$19,56651%
Sales and marketing139,194121,24617,94815%
General and administrative53,75936,98916,77045%
Impairment of long-lived assets—1,712(1,712)nm
Restructuring(170)832(1,002)nm
Total operating expenses$250,722$199,152$51,57026%
"} {"question": "If Total operating expenses in 2019 was 180,000 thousands, in which year would it be less than 200,000 thousands?", "answer": ["2019", "2018"], "context": "Operating expenses nm—not meaningful Research and development expenses Research and development expenses increased $19.6 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in personnel-related costs of $11.8 million, share-based compensation expense of $3.6 million and information technology and facility costs of $1.6 million. Research and development expenses for the year ended March 31, 2019 as compared to the year ended March 31, 2018 were positively impacted by approximately $0.5 million primarily as a result of the strengthening of the U.S. dollar relative to the British pound. Personnel-related cost increased primarily as a result of salaries and benefits associated with increased headcount throughout the year, share-based compensation expense increased primarily as a result of share option grants since the prior year and information technology and facility costs increased primarily as a result of increased headcount. Sales and marketing expenses Sales and marketing expenses increased $17.9 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in information technology and facilities costs of $5.3 million, personnel-related costs of $4.0 million, share-based compensation expense of $3.4 million, professional services of $2.7 million, travel and other costs of $1.2 million and marketing costs of $1.1 million. Sales and marketing expenses for the year ended March 31, 2019 as compared to the year ended March 31, 2018 were positively impacted by approximately $1.5 million primarily as a result of the strengthening of the U.S. dollar relative to the Australian dollar, South African rand and British pound. Information technology and facilities costs and travel and other costs increased primarily as a result of increased headcount. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount and commissions, partially offset by the impact of adopting ASC 606, which resulted in capitalizing $13.8 million of commissions that would have been expensed under the prior accounting rules. Share-based compensation expense increased primarily as a result of share option grants since the prior year. Professional services costs increased primarily due to increased consulting fees. General and administrative expenses General and administrative expenses increased $16.8 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in personnel-related costs of $6.3 million, share-based compensation expense of $5.8 million, information technology and facilities costs of $1.9 million, professional services costs of $1.2 million and litigation-related expenses of $1.0 million. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount. Share-based compensation expense increased primarily as a result of share option grants since the prior year and to a lesser extent the impact of share option modifications. Information technology and facility costs increased primarily as a result of increased headcount. Professional services costs increased primarily due to acquisition-related expenses. Restructuring and Impairment of long-lived assets In the second quarter of fiscal 2019, we recorded a revision to restructuring expense of $0.2 million related to the exit of our Watertown, Massachusetts corporate office space. In the fourth quarter of fiscal 2018, upon the exit of our Watertown, Massachusetts corporate office space, we recorded a restructuring charge of $0.8 million for the remaining non-cancelable rent and estimated operating expenses for the vacated premises, net of sublease rentals and we recorded a non-cash impairment charge of $1.7 million primarily related to leasehold improvements.
Year ended March 31,Period-to-period change
20192018Amount% Change
(dollars in thousands)
Operating expenses:
Research and development$57,939$38,373$19,56651%
Sales and marketing139,194121,24617,94815%
General and administrative53,75936,98916,77045%
Impairment of long-lived assets—1,712(1,712)nm
Restructuring(170)832(1,002)nm
Total operating expenses$250,722$199,152$51,57026%
"} {"question": "How many years did cash flows provided by operating activities exceed $100 million if Cash flows provided by operating activities in 2018 was $150 million instead?", "answer": ["2"], "context": "Free Cash Flow. We define free cash flow (\"FCF\"), a non-GAAP financial measure, as cash flow provided by operations less capital expenditures. FCF was$ 24.7 million for fiscal 2019 compared to $4.0 million for fiscal 2018, an increase of $20.7 million. Non-GAAP financial measures, including FCF, are used for internal management assessments because such measures provide additional insight to investors into ongoing financial performance. In particular, we provide FCF because we believe it offers insight into the metrics that are driving management decisions. We view FCF as an important financial metric as it demonstrates our ability to generate cash and can allow us to pursue opportunities that enhance shareholder value. FCF is a non-GAAP financial measure that should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with GAAP. A reconciliation of FCF to our financial statements that were prepared using GAAP follows (in millions):
20192018
Cash flows provided by operating activities$115.3$66.8
Payments for property, plant and equipment(90.6)(62.8)
Free cash flow24.74.0
"} {"question": "What would be the change in Payments for property, plant and equipment between 2018 and 2019 if Payments for property, plant and equipment in 2019 was -$60 million instead?", "answer": ["2.8"], "context": "Free Cash Flow. We define free cash flow (\"FCF\"), a non-GAAP financial measure, as cash flow provided by operations less capital expenditures. FCF was$ 24.7 million for fiscal 2019 compared to $4.0 million for fiscal 2018, an increase of $20.7 million. Non-GAAP financial measures, including FCF, are used for internal management assessments because such measures provide additional insight to investors into ongoing financial performance. In particular, we provide FCF because we believe it offers insight into the metrics that are driving management decisions. We view FCF as an important financial metric as it demonstrates our ability to generate cash and can allow us to pursue opportunities that enhance shareholder value. FCF is a non-GAAP financial measure that should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with GAAP. A reconciliation of FCF to our financial statements that were prepared using GAAP follows (in millions):
20192018
Cash flows provided by operating activities$115.3$66.8
Payments for property, plant and equipment(90.6)(62.8)
Free cash flow24.74.0
"} {"question": "What would be the percentage change in the free cash flow between 2018 and 2019 if the free cash flow in 2019 was $10 million instead?", "answer": ["150"], "context": "Free Cash Flow. We define free cash flow (\"FCF\"), a non-GAAP financial measure, as cash flow provided by operations less capital expenditures. FCF was$ 24.7 million for fiscal 2019 compared to $4.0 million for fiscal 2018, an increase of $20.7 million. Non-GAAP financial measures, including FCF, are used for internal management assessments because such measures provide additional insight to investors into ongoing financial performance. In particular, we provide FCF because we believe it offers insight into the metrics that are driving management decisions. We view FCF as an important financial metric as it demonstrates our ability to generate cash and can allow us to pursue opportunities that enhance shareholder value. FCF is a non-GAAP financial measure that should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with GAAP. A reconciliation of FCF to our financial statements that were prepared using GAAP follows (in millions):
20192018
Cash flows provided by operating activities$115.3$66.8
Payments for property, plant and equipment(90.6)(62.8)
Free cash flow24.74.0
"} {"question": "What would be the average net cash provided by operating activities in 2017 and 2018 if the amount in 2018 is decreased by $500,000?", "answer": ["122561.5"], "context": "Liquidity and Capital Resources In assessing our short term and long term liquidity, management reviews and analyzes our current cash balances, short-term investments, accounts receivable, accounts payable, accrued liabilities, capital expenditure and operating expense commitments, and required finance lease, interest and debt payments and other obligations. In assessing our short term and long term liquidity, management reviews and analyzes our current cash balances, short-term investments, accounts receivable, accounts payable, accrued liabilities, capital expenditure and operating expense commitments, and required finance lease, interest and debt payments and other obligations. The following table sets forth our consolidated cash flows. Net Cash Provided By Operating Activities. Our primary source of operating cash is receipts from our customers who are billed on a monthly basis for our services. Our primary uses of operating cash are payments made to our vendors, employees and interest payments made to our finance lease vendors and our note holders. Our changes in cash provided by operating activities are primarily due to changes in our operating profit and changes in our interest payments. Cash provided by operating activities for 2019, 2018 and 2017 includes interest payments on our note obligations of $38.0 million, $32.7 million and $30.8 million, respectively. Net Cash Used In Investing Activities. Our primary use of investing cash is for purchases of property and equipment. These amounts were $47.0 million, $49.9 million and $45.8 million for 2019, 2018 and 2017, respectively. The annual changes in purchases of property and equipment are primarily due to the timing and scope of our network expansion activities including geographic expansion and adding buildings to our network. In 2019, 2018 and 2017 we obtained $11.3 million, $9.9 million and $9.0 million, respectively, of network equipment and software in non-cash exchanges for notes payable under an installment payment agreement. Net Cash Provided By (Used In) Financing Activities. Our primary uses of cash for financing activities are for dividend payments, stock purchases and principal payments under our finance lease obligations. Amounts paid under our stock buyback program were $6.6 million for 2018 and $1.8 million for 2017. There were no stock purchases for 2019. During 2019, 2018 and 2017 we paid $112.6 million, $97.9 million and $81.7 million, respectively, for our quarterly dividend payments. Our quarterly dividend payments have increased due to regular quarterly increases in our quarterly dividend per share amounts. Principal payments under our finance lease obligations were $9.1 million, $10.3 million and $11.2 million for 2019, 2018 and 2017, respectively, and are impacted by the timing and extent of our network expansion activities. Our financing activities also include proceeds from and repayments of our debt offerings. In June 2019 we received net proceeds of $152.1 million from the issuance of our €135.0 million of 2024 Notes. In August 2018 we received net proceeds of $69.9 million from the issuance of our $70.0 million of senior secured notes. Total installment payment agreement principal payments were $10.0 million, $9.4 million and $3.8 million for 2019, 2018 and 2017, respectively.
Year Ended December 31,
201920182017
(in thousands)
Net cash provided by operating activities$ 148,809$ 133,921$ 111,702
Net cash used in investing activities(46,958)(49,937)(45,801)
Net cash provided by (used in) financing activities22,020(52,545)(97,267)
Effect of exchange rates on cash(542)(2,357)4,058
Net increase (decrease) in cash and cash equivalents
during the year$ 123,329$ 29,082$ (27,308)
"} {"question": "What would be the average net cash provided by operating activities in 2018 and 2019 if the net cash provided in 2019 is doubled?", "answer": ["215769.5"], "context": "Liquidity and Capital Resources In assessing our short term and long term liquidity, management reviews and analyzes our current cash balances, short-term investments, accounts receivable, accounts payable, accrued liabilities, capital expenditure and operating expense commitments, and required finance lease, interest and debt payments and other obligations. In assessing our short term and long term liquidity, management reviews and analyzes our current cash balances, short-term investments, accounts receivable, accounts payable, accrued liabilities, capital expenditure and operating expense commitments, and required finance lease, interest and debt payments and other obligations. The following table sets forth our consolidated cash flows. Net Cash Provided By Operating Activities. Our primary source of operating cash is receipts from our customers who are billed on a monthly basis for our services. Our primary uses of operating cash are payments made to our vendors, employees and interest payments made to our finance lease vendors and our note holders. Our changes in cash provided by operating activities are primarily due to changes in our operating profit and changes in our interest payments. Cash provided by operating activities for 2019, 2018 and 2017 includes interest payments on our note obligations of $38.0 million, $32.7 million and $30.8 million, respectively. Net Cash Used In Investing Activities. Our primary use of investing cash is for purchases of property and equipment. These amounts were $47.0 million, $49.9 million and $45.8 million for 2019, 2018 and 2017, respectively. The annual changes in purchases of property and equipment are primarily due to the timing and scope of our network expansion activities including geographic expansion and adding buildings to our network. In 2019, 2018 and 2017 we obtained $11.3 million, $9.9 million and $9.0 million, respectively, of network equipment and software in non-cash exchanges for notes payable under an installment payment agreement. Net Cash Provided By (Used In) Financing Activities. Our primary uses of cash for financing activities are for dividend payments, stock purchases and principal payments under our finance lease obligations. Amounts paid under our stock buyback program were $6.6 million for 2018 and $1.8 million for 2017. There were no stock purchases for 2019. During 2019, 2018 and 2017 we paid $112.6 million, $97.9 million and $81.7 million, respectively, for our quarterly dividend payments. Our quarterly dividend payments have increased due to regular quarterly increases in our quarterly dividend per share amounts. Principal payments under our finance lease obligations were $9.1 million, $10.3 million and $11.2 million for 2019, 2018 and 2017, respectively, and are impacted by the timing and extent of our network expansion activities. Our financing activities also include proceeds from and repayments of our debt offerings. In June 2019 we received net proceeds of $152.1 million from the issuance of our €135.0 million of 2024 Notes. In August 2018 we received net proceeds of $69.9 million from the issuance of our $70.0 million of senior secured notes. Total installment payment agreement principal payments were $10.0 million, $9.4 million and $3.8 million for 2019, 2018 and 2017, respectively.
Year Ended December 31,
201920182017
(in thousands)
Net cash provided by operating activities$ 148,809$ 133,921$ 111,702
Net cash used in investing activities(46,958)(49,937)(45,801)
Net cash provided by (used in) financing activities22,020(52,545)(97,267)
Effect of exchange rates on cash(542)(2,357)4,058
Net increase (decrease) in cash and cash equivalents
during the year$ 123,329$ 29,082$ (27,308)
"} {"question": "What would be the average net cash used in investing activities between 2017 and 2018 if the amount used in 2018 is increased by 10%?", "answer": ["50365.85"], "context": "Liquidity and Capital Resources In assessing our short term and long term liquidity, management reviews and analyzes our current cash balances, short-term investments, accounts receivable, accounts payable, accrued liabilities, capital expenditure and operating expense commitments, and required finance lease, interest and debt payments and other obligations. In assessing our short term and long term liquidity, management reviews and analyzes our current cash balances, short-term investments, accounts receivable, accounts payable, accrued liabilities, capital expenditure and operating expense commitments, and required finance lease, interest and debt payments and other obligations. The following table sets forth our consolidated cash flows. Net Cash Provided By Operating Activities. Our primary source of operating cash is receipts from our customers who are billed on a monthly basis for our services. Our primary uses of operating cash are payments made to our vendors, employees and interest payments made to our finance lease vendors and our note holders. Our changes in cash provided by operating activities are primarily due to changes in our operating profit and changes in our interest payments. Cash provided by operating activities for 2019, 2018 and 2017 includes interest payments on our note obligations of $38.0 million, $32.7 million and $30.8 million, respectively. Net Cash Used In Investing Activities. Our primary use of investing cash is for purchases of property and equipment. These amounts were $47.0 million, $49.9 million and $45.8 million for 2019, 2018 and 2017, respectively. The annual changes in purchases of property and equipment are primarily due to the timing and scope of our network expansion activities including geographic expansion and adding buildings to our network. In 2019, 2018 and 2017 we obtained $11.3 million, $9.9 million and $9.0 million, respectively, of network equipment and software in non-cash exchanges for notes payable under an installment payment agreement. Net Cash Provided By (Used In) Financing Activities. Our primary uses of cash for financing activities are for dividend payments, stock purchases and principal payments under our finance lease obligations. Amounts paid under our stock buyback program were $6.6 million for 2018 and $1.8 million for 2017. There were no stock purchases for 2019. During 2019, 2018 and 2017 we paid $112.6 million, $97.9 million and $81.7 million, respectively, for our quarterly dividend payments. Our quarterly dividend payments have increased due to regular quarterly increases in our quarterly dividend per share amounts. Principal payments under our finance lease obligations were $9.1 million, $10.3 million and $11.2 million for 2019, 2018 and 2017, respectively, and are impacted by the timing and extent of our network expansion activities. Our financing activities also include proceeds from and repayments of our debt offerings. In June 2019 we received net proceeds of $152.1 million from the issuance of our €135.0 million of 2024 Notes. In August 2018 we received net proceeds of $69.9 million from the issuance of our $70.0 million of senior secured notes. Total installment payment agreement principal payments were $10.0 million, $9.4 million and $3.8 million for 2019, 2018 and 2017, respectively.
Year Ended December 31,
201920182017
(in thousands)
Net cash provided by operating activities$ 148,809$ 133,921$ 111,702
Net cash used in investing activities(46,958)(49,937)(45,801)
Net cash provided by (used in) financing activities22,020(52,545)(97,267)
Effect of exchange rates on cash(542)(2,357)4,058
Net increase (decrease) in cash and cash equivalents
during the year$ 123,329$ 29,082$ (27,308)
"} {"question": "What is the difference in restaurant facility expenditures between 2018 and 2019 if the restaurant facility expenditures in 2019 was $10,000 instead?", "answer": ["7949"], "context": "Investing Activities. Cash flows (used in) provided by investing activities changed from a source of$65.7 million in 2018 to a use of $13.8 million in 2019. This change of$79.5 million primarily resulted from a decrease of$62.9 million in cash proceeds from the sale of company-operated restaurants, including repayments of notes issued in connection with 2018 refranchising transactions, and an increase of $9.8 million in capital expenditures. Capital Expenditures — The composition of capital expenditures in each fiscal year is summarized in the table below (in thousands): Our capital expenditure program includes, among other things, restaurant remodeling, information technology enhancements, and investments in new locations and equipment. In 2019, capital expenditures increased by $9.8 million primarily due to an increase of $16.2 million in purchases of assets intended for sale or sale and leaseback, partially offset by a $8.7 million decrease in restaurant capital maintenance and facility improvement spending mainly from a decrease in the average number of company-operated restaurants compared to the prior year. The increase in purchases of assets intended for sale or sale and leaseback was primarily due to the Company’s purchase of a commercial property in Los Angeles, California, on which an existing company restaurant and another retail tenant are located. The purchase price was $17.3 million, and we currently intend to sell the entire property and lease back the parcel on which our company operated restaurant is located within the next 12 months.
20192018
Restaurants:
Restaurant facility expenditures$9,202$17,949
Purchases of assets intended for sale or sale and leaseback21,6605,497
New restaurants1,3812,088
Other, including information technology3,5977,572
35,84033,106
Corporate Services:
Information technology9,4054,584
Other, including facility improvements2,404152
11,8094,736
Total capital expenditures$47,649$37,842
"} {"question": "What is the average capital expenditure spent on information technology for 2018 and 2019 if the capital expenditure spent on information technology in 2018 was $6,000 instead?", "answer": ["7702.5"], "context": "Investing Activities. Cash flows (used in) provided by investing activities changed from a source of$65.7 million in 2018 to a use of $13.8 million in 2019. This change of$79.5 million primarily resulted from a decrease of$62.9 million in cash proceeds from the sale of company-operated restaurants, including repayments of notes issued in connection with 2018 refranchising transactions, and an increase of $9.8 million in capital expenditures. Capital Expenditures — The composition of capital expenditures in each fiscal year is summarized in the table below (in thousands): Our capital expenditure program includes, among other things, restaurant remodeling, information technology enhancements, and investments in new locations and equipment. In 2019, capital expenditures increased by $9.8 million primarily due to an increase of $16.2 million in purchases of assets intended for sale or sale and leaseback, partially offset by a $8.7 million decrease in restaurant capital maintenance and facility improvement spending mainly from a decrease in the average number of company-operated restaurants compared to the prior year. The increase in purchases of assets intended for sale or sale and leaseback was primarily due to the Company’s purchase of a commercial property in Los Angeles, California, on which an existing company restaurant and another retail tenant are located. The purchase price was $17.3 million, and we currently intend to sell the entire property and lease back the parcel on which our company operated restaurant is located within the next 12 months.
20192018
Restaurants:
Restaurant facility expenditures$9,202$17,949
Purchases of assets intended for sale or sale and leaseback21,6605,497
New restaurants1,3812,088
Other, including information technology3,5977,572
35,84033,106
Corporate Services:
Information technology9,4054,584
Other, including facility improvements2,404152
11,8094,736
Total capital expenditures$47,649$37,842
"} {"question": "What is the difference in total capital expenditure for restaurants and total capital expenditure for corporate services in 2018 if the total capital expenditure for corporate services is $10,000 instead?", "answer": ["23106"], "context": "Investing Activities. Cash flows (used in) provided by investing activities changed from a source of$65.7 million in 2018 to a use of $13.8 million in 2019. This change of$79.5 million primarily resulted from a decrease of$62.9 million in cash proceeds from the sale of company-operated restaurants, including repayments of notes issued in connection with 2018 refranchising transactions, and an increase of $9.8 million in capital expenditures. Capital Expenditures — The composition of capital expenditures in each fiscal year is summarized in the table below (in thousands): Our capital expenditure program includes, among other things, restaurant remodeling, information technology enhancements, and investments in new locations and equipment. In 2019, capital expenditures increased by $9.8 million primarily due to an increase of $16.2 million in purchases of assets intended for sale or sale and leaseback, partially offset by a $8.7 million decrease in restaurant capital maintenance and facility improvement spending mainly from a decrease in the average number of company-operated restaurants compared to the prior year. The increase in purchases of assets intended for sale or sale and leaseback was primarily due to the Company’s purchase of a commercial property in Los Angeles, California, on which an existing company restaurant and another retail tenant are located. The purchase price was $17.3 million, and we currently intend to sell the entire property and lease back the parcel on which our company operated restaurant is located within the next 12 months.
20192018
Restaurants:
Restaurant facility expenditures$9,202$17,949
Purchases of assets intended for sale or sale and leaseback21,6605,497
New restaurants1,3812,088
Other, including information technology3,5977,572
35,84033,106
Corporate Services:
Information technology9,4054,584
Other, including facility improvements2,404152
11,8094,736
Total capital expenditures$47,649$37,842
"} {"question": "What would be the change in Foreign income (loss) between 2018 and 2019 if foreign income (loss) in 2019 was $900,000 thousand instead?", "answer": ["99702"], "context": "4. Income Taxes Provision for Income Taxes Income (loss) before income tax expense is summarized below (in thousands): (1) Includes the elimination of intercompany foreign dividends paid to the U.S.
Fiscal Year Ended August 31,
201920182017
Domestic (1)$(415,707)$(426,897)$(373,690)
Foreign (1)866,411800,298629,923
$450,704$373,401$256,233
"} {"question": "How many years would Foreign income (loss) exceed $800,000 thousand if foreign income (loss) in 2019 was $750,000 thousand instead?", "answer": ["1"], "context": "4. Income Taxes Provision for Income Taxes Income (loss) before income tax expense is summarized below (in thousands): (1) Includes the elimination of intercompany foreign dividends paid to the U.S.
Fiscal Year Ended August 31,
201920182017
Domestic (1)$(415,707)$(426,897)$(373,690)
Foreign (1)866,411800,298629,923
$450,704$373,401$256,233
"} {"question": "What would be the percentage change in total income (loss) between 2017 and 2018 if total income (loss) in 2018 was $400,000 thousand instead?", "answer": ["56.11"], "context": "4. Income Taxes Provision for Income Taxes Income (loss) before income tax expense is summarized below (in thousands): (1) Includes the elimination of intercompany foreign dividends paid to the U.S.
Fiscal Year Ended August 31,
201920182017
Domestic (1)$(415,707)$(426,897)$(373,690)
Foreign (1)866,411800,298629,923
$450,704$373,401$256,233
"} {"question": "If Professional services in 2018 was 21.0% of net revenue, what would be the increase / (decrease) in the percentage of Professional services of net revenue from 2017 to 2018?", "answer": ["0.6"], "context": "The following table presents the percentage relationship of our Consolidated Statement of Operations line items to our consolidated net revenues for the periods presented: Net revenue. Total revenue decreased $0.3 million, or 0.2% in fiscal 2018 compared to fiscal 2017. Products revenue decreased $4.6 million or 12.1% while support, maintenance and subscription services revenue increased 5.8 million, or 9.1%, as a result of continued focus on selling hosted perpetual and subscription services which increased 35% year over year. Hosted perpetual and subscription services revenue comprised 16% of total consolidated revenues in 2018 compared to 12% in 2017. Professional services revenue decreased $1.4 million, or 5.5%, primarily as a result of a decrease in proprietary services of $1.5 million offset by an increase in remarketed services of $0.1 million. Gross profit and gross profit margin. Our total gross profit increased $0.6 million, or 1.0%, in fiscal 2018 and total gross profit margin increased 0.6% to 50.6%. Products gross profit decreased $2.8 million and gross profit margin decreased 4.6% to 21.7% primarily as a result of lower product revenue coupled with higher amortization of developed technology by $2.0 million related to the previously announced general availability of the latest version of our rGuest Buy and rGuest Stay software that were placed into service in the first and second quarters of fiscal 2017, and the second quarter of fiscal 2018. Support, maintenance and subscription services gross profit increased $6.0 million and gross profit margin increased 260 basis points to 75.8% due to the scalable nature of our infrastructure supporting and hosting customers. Professional services gross profit decreased $2.6 million and gross profit margin decreased 9.0% to 19.2% due to lower professional services revenues on higher cost structure following a recent alignment toward enabling the Company to provide more customer-centric services going forward. Operating expenses Operating expenses, excluding legal settlements and restructuring, severance and other charges, increased $1.0 million, or 1.4%, in fiscal 2018 compared with fiscal 2017. As a percent of total revenue, operating expenses have increased 0.9% in fiscal 2018 compared with fiscal 2017 Product development. Product development includes all expenses associated with research and development. Product development decreased $1.1 million, or 3.8%, during fiscal 2018 as compared to fiscal 2017. This decrease is primarily driven by our shift from contract labor to internal resources resulting in a decrease in contract labor of $5.9 million and an increase in payroll related expenses of $4.7 million. Sales and marketing. Sales and marketing decreased $2.7 million, or 13.2%, in fiscal 2018 compared with fiscal 2017. The change is due primarily to a decrease of $2.2 million in incentive commissions related to revision of our commission plan from total contract value to annual contract value coupled with lower sales in fiscal 2018. Depreciation of fixed assets. Depreciation of fixed assets increased $0.2 million or 9.2% in fiscal 2018 as compared to fiscal 2017. Amortization of intangibles. Amortization of intangibles increased $0.5 million, or 35.0%, in fiscal 2018 as compared to fiscal 2017 due to our latest version of rGuest Pay being placed into service on March 31, 2017. Restructuring, severance and other charges. Restructuring, severance, and other charges increased $0.2 million during fiscal 2018 compared to fiscal 2017 related to our ongoing efforts to create more efficient teams across the business, which included certain executive changes during the year. Our restructuring actions are discussed further in Note 4, Restructuring Charges. Legal settlements. During fiscal 2018 and 2017, we recorded $0.2 million and $0.1 million, respectively, in legal settlements for employment and other business-related matters.
Year ended March 31,
20182017
Net revenue:
Products26.5%30.0%
Support, maintenance and subscription services54.249.6
Professional services19.320.4
Total net revenue100.0100.0
Cost of goods sold:
Products (inclusive of developed technology amortization)20.722.1
Support, maintenance and subscription services13.113.3
Professional services15.614.6
Total cost of goods sold49.450.0
Gross profit50.650.0
Operating expenses:
Product development21.922.8
Sales and marketing14.216.3
General and administrative18.915.6
Depreciation of fixed assets2.11.9
Amortization of intangibles1.51.1
Restructuring, severance and other charges1.41.2
Legal settlements0.10.1
Operating loss(9.5)%(8.9)%
"} {"question": "If total gross profit increased $2.0 million, or 1.0%, in fiscal 2018, What would be total gross profit in 2017?", "answer": ["200"], "context": "The following table presents the percentage relationship of our Consolidated Statement of Operations line items to our consolidated net revenues for the periods presented: Net revenue. Total revenue decreased $0.3 million, or 0.2% in fiscal 2018 compared to fiscal 2017. Products revenue decreased $4.6 million or 12.1% while support, maintenance and subscription services revenue increased 5.8 million, or 9.1%, as a result of continued focus on selling hosted perpetual and subscription services which increased 35% year over year. Hosted perpetual and subscription services revenue comprised 16% of total consolidated revenues in 2018 compared to 12% in 2017. Professional services revenue decreased $1.4 million, or 5.5%, primarily as a result of a decrease in proprietary services of $1.5 million offset by an increase in remarketed services of $0.1 million. Gross profit and gross profit margin. Our total gross profit increased $0.6 million, or 1.0%, in fiscal 2018 and total gross profit margin increased 0.6% to 50.6%. Products gross profit decreased $2.8 million and gross profit margin decreased 4.6% to 21.7% primarily as a result of lower product revenue coupled with higher amortization of developed technology by $2.0 million related to the previously announced general availability of the latest version of our rGuest Buy and rGuest Stay software that were placed into service in the first and second quarters of fiscal 2017, and the second quarter of fiscal 2018. Support, maintenance and subscription services gross profit increased $6.0 million and gross profit margin increased 260 basis points to 75.8% due to the scalable nature of our infrastructure supporting and hosting customers. Professional services gross profit decreased $2.6 million and gross profit margin decreased 9.0% to 19.2% due to lower professional services revenues on higher cost structure following a recent alignment toward enabling the Company to provide more customer-centric services going forward. Operating expenses Operating expenses, excluding legal settlements and restructuring, severance and other charges, increased $1.0 million, or 1.4%, in fiscal 2018 compared with fiscal 2017. As a percent of total revenue, operating expenses have increased 0.9% in fiscal 2018 compared with fiscal 2017 Product development. Product development includes all expenses associated with research and development. Product development decreased $1.1 million, or 3.8%, during fiscal 2018 as compared to fiscal 2017. This decrease is primarily driven by our shift from contract labor to internal resources resulting in a decrease in contract labor of $5.9 million and an increase in payroll related expenses of $4.7 million. Sales and marketing. Sales and marketing decreased $2.7 million, or 13.2%, in fiscal 2018 compared with fiscal 2017. The change is due primarily to a decrease of $2.2 million in incentive commissions related to revision of our commission plan from total contract value to annual contract value coupled with lower sales in fiscal 2018. Depreciation of fixed assets. Depreciation of fixed assets increased $0.2 million or 9.2% in fiscal 2018 as compared to fiscal 2017. Amortization of intangibles. Amortization of intangibles increased $0.5 million, or 35.0%, in fiscal 2018 as compared to fiscal 2017 due to our latest version of rGuest Pay being placed into service on March 31, 2017. Restructuring, severance and other charges. Restructuring, severance, and other charges increased $0.2 million during fiscal 2018 compared to fiscal 2017 related to our ongoing efforts to create more efficient teams across the business, which included certain executive changes during the year. Our restructuring actions are discussed further in Note 4, Restructuring Charges. Legal settlements. During fiscal 2018 and 2017, we recorded $0.2 million and $0.1 million, respectively, in legal settlements for employment and other business-related matters.
Year ended March 31,
20182017
Net revenue:
Products26.5%30.0%
Support, maintenance and subscription services54.249.6
Professional services19.320.4
Total net revenue100.0100.0
Cost of goods sold:
Products (inclusive of developed technology amortization)20.722.1
Support, maintenance and subscription services13.113.3
Professional services15.614.6
Total cost of goods sold49.450.0
Gross profit50.650.0
Operating expenses:
Product development21.922.8
Sales and marketing14.216.3
General and administrative18.915.6
Depreciation of fixed assets2.11.9
Amortization of intangibles1.51.1
Restructuring, severance and other charges1.41.2
Legal settlements0.10.1
Operating loss(9.5)%(8.9)%
"} {"question": "If total gross profit increased $2.0 million, or 1.0%, in fiscal 2018, What would be total gross profit in 2018?", "answer": ["202"], "context": "The following table presents the percentage relationship of our Consolidated Statement of Operations line items to our consolidated net revenues for the periods presented: Net revenue. Total revenue decreased $0.3 million, or 0.2% in fiscal 2018 compared to fiscal 2017. Products revenue decreased $4.6 million or 12.1% while support, maintenance and subscription services revenue increased 5.8 million, or 9.1%, as a result of continued focus on selling hosted perpetual and subscription services which increased 35% year over year. Hosted perpetual and subscription services revenue comprised 16% of total consolidated revenues in 2018 compared to 12% in 2017. Professional services revenue decreased $1.4 million, or 5.5%, primarily as a result of a decrease in proprietary services of $1.5 million offset by an increase in remarketed services of $0.1 million. Gross profit and gross profit margin. Our total gross profit increased $0.6 million, or 1.0%, in fiscal 2018 and total gross profit margin increased 0.6% to 50.6%. Products gross profit decreased $2.8 million and gross profit margin decreased 4.6% to 21.7% primarily as a result of lower product revenue coupled with higher amortization of developed technology by $2.0 million related to the previously announced general availability of the latest version of our rGuest Buy and rGuest Stay software that were placed into service in the first and second quarters of fiscal 2017, and the second quarter of fiscal 2018. Support, maintenance and subscription services gross profit increased $6.0 million and gross profit margin increased 260 basis points to 75.8% due to the scalable nature of our infrastructure supporting and hosting customers. Professional services gross profit decreased $2.6 million and gross profit margin decreased 9.0% to 19.2% due to lower professional services revenues on higher cost structure following a recent alignment toward enabling the Company to provide more customer-centric services going forward. Operating expenses Operating expenses, excluding legal settlements and restructuring, severance and other charges, increased $1.0 million, or 1.4%, in fiscal 2018 compared with fiscal 2017. As a percent of total revenue, operating expenses have increased 0.9% in fiscal 2018 compared with fiscal 2017 Product development. Product development includes all expenses associated with research and development. Product development decreased $1.1 million, or 3.8%, during fiscal 2018 as compared to fiscal 2017. This decrease is primarily driven by our shift from contract labor to internal resources resulting in a decrease in contract labor of $5.9 million and an increase in payroll related expenses of $4.7 million. Sales and marketing. Sales and marketing decreased $2.7 million, or 13.2%, in fiscal 2018 compared with fiscal 2017. The change is due primarily to a decrease of $2.2 million in incentive commissions related to revision of our commission plan from total contract value to annual contract value coupled with lower sales in fiscal 2018. Depreciation of fixed assets. Depreciation of fixed assets increased $0.2 million or 9.2% in fiscal 2018 as compared to fiscal 2017. Amortization of intangibles. Amortization of intangibles increased $0.5 million, or 35.0%, in fiscal 2018 as compared to fiscal 2017 due to our latest version of rGuest Pay being placed into service on March 31, 2017. Restructuring, severance and other charges. Restructuring, severance, and other charges increased $0.2 million during fiscal 2018 compared to fiscal 2017 related to our ongoing efforts to create more efficient teams across the business, which included certain executive changes during the year. Our restructuring actions are discussed further in Note 4, Restructuring Charges. Legal settlements. During fiscal 2018 and 2017, we recorded $0.2 million and $0.1 million, respectively, in legal settlements for employment and other business-related matters.
Year ended March 31,
20182017
Net revenue:
Products26.5%30.0%
Support, maintenance and subscription services54.249.6
Professional services19.320.4
Total net revenue100.0100.0
Cost of goods sold:
Products (inclusive of developed technology amortization)20.722.1
Support, maintenance and subscription services13.113.3
Professional services15.614.6
Total cost of goods sold49.450.0
Gross profit50.650.0
Operating expenses:
Product development21.922.8
Sales and marketing14.216.3
General and administrative18.915.6
Depreciation of fixed assets2.11.9
Amortization of intangibles1.51.1
Restructuring, severance and other charges1.41.2
Legal settlements0.10.1
Operating loss(9.5)%(8.9)%
"} {"question": "What would be the change in operating income between 2017 and 2018 if the operating income in 2017 was $200 million instead?", "answer": ["65"], "context": "Results of Operations Consolidated Results of Operations The following tables present certain financial data for the periods indicated (dollars in millions):
Year ended December 31,
201920182017
Revenues$1,177.2$1,114.0$1,051.6
Expenses:
Operating expenses646.0625.4569.5
Depreciation and amortization236.2217.0206.5
Transition and integration costs5.46.613.1
Total expenses887.6849.0789.1
Operating income289.6265.0262.5
Operating margin24.6%23.8%25.0%
Interest expense, net(63.5)(51.7)(57.5)
Other expense, net(1.4)(7.1)(12.6)
Earnings before income taxes and equity in losses of unconsolidated affiliates224.7206.2192.4
Income tax expense (benefit)41.937.7(61.8)
Earnings before equity in losses of unconsolidated affiliates182.8168.5254.2
Equity in losses of unconsolidated affiliates, net of tax(74.0)——
Net earnings$108.8$168.5$254.2
Earnings per share:
Net earnings per share attributable to Black Knight common shareholders:
Diluted$0.73$1.14$1.47
Weighted average shares of common stock outstanding:
Diluted148.6148.2152.4
"} {"question": "How many years did the operating margin exceed 20.0% if the operating margin in 2019 was 19.5% instead?", "answer": ["2"], "context": "Results of Operations Consolidated Results of Operations The following tables present certain financial data for the periods indicated (dollars in millions):
Year ended December 31,
201920182017
Revenues$1,177.2$1,114.0$1,051.6
Expenses:
Operating expenses646.0625.4569.5
Depreciation and amortization236.2217.0206.5
Transition and integration costs5.46.613.1
Total expenses887.6849.0789.1
Operating income289.6265.0262.5
Operating margin24.6%23.8%25.0%
Interest expense, net(63.5)(51.7)(57.5)
Other expense, net(1.4)(7.1)(12.6)
Earnings before income taxes and equity in losses of unconsolidated affiliates224.7206.2192.4
Income tax expense (benefit)41.937.7(61.8)
Earnings before equity in losses of unconsolidated affiliates182.8168.5254.2
Equity in losses of unconsolidated affiliates, net of tax(74.0)——
Net earnings$108.8$168.5$254.2
Earnings per share:
Net earnings per share attributable to Black Knight common shareholders:
Diluted$0.73$1.14$1.47
Weighted average shares of common stock outstanding:
Diluted148.6148.2152.4
"} {"question": "What would be the change in net earnings between 2018 and 2019 if net earnings in 2019 was $200 million instead?", "answer": ["18.69"], "context": "Results of Operations Consolidated Results of Operations The following tables present certain financial data for the periods indicated (dollars in millions):
Year ended December 31,
201920182017
Revenues$1,177.2$1,114.0$1,051.6
Expenses:
Operating expenses646.0625.4569.5
Depreciation and amortization236.2217.0206.5
Transition and integration costs5.46.613.1
Total expenses887.6849.0789.1
Operating income289.6265.0262.5
Operating margin24.6%23.8%25.0%
Interest expense, net(63.5)(51.7)(57.5)
Other expense, net(1.4)(7.1)(12.6)
Earnings before income taxes and equity in losses of unconsolidated affiliates224.7206.2192.4
Income tax expense (benefit)41.937.7(61.8)
Earnings before equity in losses of unconsolidated affiliates182.8168.5254.2
Equity in losses of unconsolidated affiliates, net of tax(74.0)——
Net earnings$108.8$168.5$254.2
Earnings per share:
Net earnings per share attributable to Black Knight common shareholders:
Diluted$0.73$1.14$1.47
Weighted average shares of common stock outstanding:
Diluted148.6148.2152.4
"} {"question": "What would be the price of outstanding shares as of August 29, 2019, if the Weighted-Average Exercise Price Per Share is $27?", "answer": ["324"], "context": "Stock Options Our stock options are generally exercisable in increments of either one-fourth or one-third per year beginning one year from the date of grant. Stock options issued after February 2014 expire eight years from the date of grant. Options issued prior to February 2014 expire six years from the date of grant. Option activity for 2019 is summarized as follows: The total intrinsic value was $108 million, $446 million, and $198 million for options exercised in 2019, 2018, and 2017, respectively.
Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Life (In Years)Aggregate Intrinsic Value
Outstanding as of August 30, 201818$23.38
Granted—44.30
Exercised(5)17.50
Canceled or expired(1)22.60
Outstanding as of August 29, 20191225.944.3$220
Exercisable as of August 29, 20197$25.373.7$143
Unvested as of August 29, 2019526.945.577
"} {"question": "What is the proportion of exercisable shares among the total outstanding shares as of August 29, 2019, if the number of exercisable shares increased by 1?", "answer": ["0.67"], "context": "Stock Options Our stock options are generally exercisable in increments of either one-fourth or one-third per year beginning one year from the date of grant. Stock options issued after February 2014 expire eight years from the date of grant. Options issued prior to February 2014 expire six years from the date of grant. Option activity for 2019 is summarized as follows: The total intrinsic value was $108 million, $446 million, and $198 million for options exercised in 2019, 2018, and 2017, respectively.
Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Life (In Years)Aggregate Intrinsic Value
Outstanding as of August 30, 201818$23.38
Granted—44.30
Exercised(5)17.50
Canceled or expired(1)22.60
Outstanding as of August 29, 20191225.944.3$220
Exercisable as of August 29, 20197$25.373.7$143
Unvested as of August 29, 2019526.945.577
"} {"question": "What would be the total price of shares that were exercised, canceled, or expired if the Weighted-Average Exercise Price Per Share of canceled or expired share is $25?", "answer": ["112.5"], "context": "Stock Options Our stock options are generally exercisable in increments of either one-fourth or one-third per year beginning one year from the date of grant. Stock options issued after February 2014 expire eight years from the date of grant. Options issued prior to February 2014 expire six years from the date of grant. Option activity for 2019 is summarized as follows: The total intrinsic value was $108 million, $446 million, and $198 million for options exercised in 2019, 2018, and 2017, respectively.
Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Life (In Years)Aggregate Intrinsic Value
Outstanding as of August 30, 201818$23.38
Granted—44.30
Exercised(5)17.50
Canceled or expired(1)22.60
Outstanding as of August 29, 20191225.944.3$220
Exercisable as of August 29, 20197$25.373.7$143
Unvested as of August 29, 2019526.945.577
"} {"question": "What would be the change in the cash and cash equivalents between 2019 and 2018 if the value in 2019 increased by $100 thousand?", "answer": ["1588"], "context": "(l) Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of highly liquid investments with maturities of three months or less on the date of purchase. Restricted cash includes cash and cash equivalents that is restricted through legal contracts, regulations or our intention to use the cash for a specific purpose. Our restricted cash primarily relates to refundable deposits and funds held in escrow. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total amounts shown in the statements of cash flows (in thousands):
December 31, 2019December 31, 2018
Cash and cash equivalents$19,505$18,017
Restricted cash1,2051,444
Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows$20,710$19,461
"} {"question": "What would be the average restricted cash amount in 2018 and 2019 if the value in 2018 decreased by $200 thousand?", "answer": ["1224.5"], "context": "(l) Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of highly liquid investments with maturities of three months or less on the date of purchase. Restricted cash includes cash and cash equivalents that is restricted through legal contracts, regulations or our intention to use the cash for a specific purpose. Our restricted cash primarily relates to refundable deposits and funds held in escrow. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total amounts shown in the statements of cash flows (in thousands):
December 31, 2019December 31, 2018
Cash and cash equivalents$19,505$18,017
Restricted cash1,2051,444
Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows$20,710$19,461
"} {"question": "Which year would have the higher amount of cash and cash equivalents if the value in 2019 was $18,000 thousand instead?", "answer": ["2018"], "context": "(l) Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of highly liquid investments with maturities of three months or less on the date of purchase. Restricted cash includes cash and cash equivalents that is restricted through legal contracts, regulations or our intention to use the cash for a specific purpose. Our restricted cash primarily relates to refundable deposits and funds held in escrow. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total amounts shown in the statements of cash flows (in thousands):
December 31, 2019December 31, 2018
Cash and cash equivalents$19,505$18,017
Restricted cash1,2051,444
Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows$20,710$19,461
"} {"question": "What would the percentage change in the revenue from 2018 to 2019 be if the amount in 2019 was 500 thousand instead?", "answer": ["-58.61"], "context": "6.3 Changes in group structure Discontinued operations On 21 December 2018, the Group executed a share sale agreement to sell Infochoice Pty Ltd, a wholly owned subsidiary. At 30 June 2019, Infochoice Pty Ltd was classified as a discontinued operation. The business of Infochoice Pty Ltd represented the Group’s financial services and products comparison operating segment. With Infochoice Pty Ltd being classified as a discontinued operation, its operating results are no longer presented in the segment note. The sale of Infochoice Pty Ltd was completed on 18 February 2019. The results of Infochoice Pty Ltd for the period are presented below:
CONSOLIDATED
JUN 2019 $’000JUN 2018 $’000
Revenue4261,208
Expenses(1,035)(989)
Operating income(609)219
Interest revenue59
Impairment of other intangible assets(603)(16,902)
Profit/(loss) before tax from discontinued operations(1,207)(16,674)
Tax benefit/(expense) related to current pre-tax loss(1,150)(55)
Post-tax profit/(loss) of discontinued operations(2,357)(16,729)
"} {"question": "What would the percentage change in the interest revenue from 2018 to 2019 be if the amount in 2019 was 6 thousand instead?", "answer": ["-33.33"], "context": "6.3 Changes in group structure Discontinued operations On 21 December 2018, the Group executed a share sale agreement to sell Infochoice Pty Ltd, a wholly owned subsidiary. At 30 June 2019, Infochoice Pty Ltd was classified as a discontinued operation. The business of Infochoice Pty Ltd represented the Group’s financial services and products comparison operating segment. With Infochoice Pty Ltd being classified as a discontinued operation, its operating results are no longer presented in the segment note. The sale of Infochoice Pty Ltd was completed on 18 February 2019. The results of Infochoice Pty Ltd for the period are presented below:
CONSOLIDATED
JUN 2019 $’000JUN 2018 $’000
Revenue4261,208
Expenses(1,035)(989)
Operating income(609)219
Interest revenue59
Impairment of other intangible assets(603)(16,902)
Profit/(loss) before tax from discontinued operations(1,207)(16,674)
Tax benefit/(expense) related to current pre-tax loss(1,150)(55)
Post-tax profit/(loss) of discontinued operations(2,357)(16,729)
"} {"question": "In which year would there be a higher revenue if the amount in 2019 was 1,300 thousand instead?", "answer": ["2019"], "context": "6.3 Changes in group structure Discontinued operations On 21 December 2018, the Group executed a share sale agreement to sell Infochoice Pty Ltd, a wholly owned subsidiary. At 30 June 2019, Infochoice Pty Ltd was classified as a discontinued operation. The business of Infochoice Pty Ltd represented the Group’s financial services and products comparison operating segment. With Infochoice Pty Ltd being classified as a discontinued operation, its operating results are no longer presented in the segment note. The sale of Infochoice Pty Ltd was completed on 18 February 2019. The results of Infochoice Pty Ltd for the period are presented below:
CONSOLIDATED
JUN 2019 $’000JUN 2018 $’000
Revenue4261,208
Expenses(1,035)(989)
Operating income(609)219
Interest revenue59
Impairment of other intangible assets(603)(16,902)
Profit/(loss) before tax from discontinued operations(1,207)(16,674)
Tax benefit/(expense) related to current pre-tax loss(1,150)(55)
Post-tax profit/(loss) of discontinued operations(2,357)(16,729)
"} {"question": "Which intangible assets would have the highest proportion of accumulated amortization over cost in 2019 if the accumulated amortization of trade names was $250 thousand?", "answer": ["Trade names"], "context": "Intangible assets Intangible assets include the value assigned to completed technologies, customer relationships, and trade names. The estimated useful lives for all of these intangible assets, range from two to seven years. Intangible assets as of September 30, 2019 and 2018 are summarized as follows(amounts shown in thousands, except for years): Amortization expense related to acquired intangible assets was $7.0 million, $4.0 million, and $0.6 million for fiscal years ended September 30, 2019, 2018, and 2017, respectively and is recorded in acquisition-related costs and expenses in the consolidated statements of operations.
September 30, 2019:Weighted Average Amortization PeriodCostAccumulated AmortizationNet
Completed technologies6.4 years$20,341$7,104$13,237
Customer relationships4.8 years17,6286,70110,927
Trade names4.5 years618377241
Total intangible assets$38,587$14,182$24,405
"} {"question": "What would be the percentage constitution of the cost of customer relationships among the total cost of the total intangible assets in 2019 if the total cost was $40,000 thousand instead while the cost of customer relationships remains constant?", "answer": ["44.07"], "context": "Intangible assets Intangible assets include the value assigned to completed technologies, customer relationships, and trade names. The estimated useful lives for all of these intangible assets, range from two to seven years. Intangible assets as of September 30, 2019 and 2018 are summarized as follows(amounts shown in thousands, except for years): Amortization expense related to acquired intangible assets was $7.0 million, $4.0 million, and $0.6 million for fiscal years ended September 30, 2019, 2018, and 2017, respectively and is recorded in acquisition-related costs and expenses in the consolidated statements of operations.
September 30, 2019:Weighted Average Amortization PeriodCostAccumulated AmortizationNet
Completed technologies6.4 years$20,341$7,104$13,237
Customer relationships4.8 years17,6286,70110,927
Trade names4.5 years618377241
Total intangible assets$38,587$14,182$24,405
"} {"question": "What would be the average net value of the three categories of intangible assets in 2019 if the net value of trade names was $3,450 thousand?", "answer": ["9204.67"], "context": "Intangible assets Intangible assets include the value assigned to completed technologies, customer relationships, and trade names. The estimated useful lives for all of these intangible assets, range from two to seven years. Intangible assets as of September 30, 2019 and 2018 are summarized as follows(amounts shown in thousands, except for years): Amortization expense related to acquired intangible assets was $7.0 million, $4.0 million, and $0.6 million for fiscal years ended September 30, 2019, 2018, and 2017, respectively and is recorded in acquisition-related costs and expenses in the consolidated statements of operations.
September 30, 2019:Weighted Average Amortization PeriodCostAccumulated AmortizationNet
Completed technologies6.4 years$20,341$7,104$13,237
Customer relationships4.8 years17,6286,70110,927
Trade names4.5 years618377241
Total intangible assets$38,587$14,182$24,405
"} {"question": "In which year would the Number of shares as adjusted for purposes of computing diluted (loss) earnings per common share the largest if number of shares for 2019 were 1,000,000 thousand instead?", "answer": ["2018"], "context": "(13) (Loss) Earnings Per Common Share Basic and diluted (loss) earnings per common share for the years ended December 31, 2019, 2018 and 2017 were calculated as follows: (1) For the year ended December 31, 2019 and December 31, 2018, we excluded from the calculation of diluted loss per share 3.0 million shares and 4.6 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive. Our calculation of diluted (loss) earnings per common share excludes shares of common stock that are issuable upon exercise of stock options when the exercise price is greater than the average market price of our common stock. We also exclude unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares were 6.8 million, 2.7 million and 4.7 million for 2019, 2018 and 2017, respectively.
Years Ended December, 31
201920182017
(Dollars in millions, except per share amounts, shares in thousands)
Loss income (Numerator):
Net (loss) income$(5,269)(1,733)1,389
Net (loss) income applicable to common stock for computing basic earnings per common share(5,269)(1,733)1,389
Net (loss) income as adjusted for purposes of computing diluted earnings per common share$(5,269)(1,733)1,389
Shares (Denominator):
Weighted average number of shares:
Outstanding during period1,088,7301,078,409635,576
Non-vested restricted stock(17,289)(12,543)(7,768)
Weighted average shares outstanding for computing basic earnings per common share1,071,4411,065,866627,808
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities——10
Shares issuable under incentive compensation plans——875
Number of shares as adjusted for purposes of computing diluted (loss) earnings per common share1,071,4411,065,866628,693
Basic (loss) earnings per common share$(4.92)(1.63)2.21
Diluted (loss) earnings per common share(1)$(4.92)(1.63)2.21
"} {"question": "What would the total amount of unvested restricted stock awards that are antidilutive excluded in 2017, 2018 and 2019 be if the amount in 2019 is 7.8 million shares instead?", "answer": ["15.2"], "context": "(13) (Loss) Earnings Per Common Share Basic and diluted (loss) earnings per common share for the years ended December 31, 2019, 2018 and 2017 were calculated as follows: (1) For the year ended December 31, 2019 and December 31, 2018, we excluded from the calculation of diluted loss per share 3.0 million shares and 4.6 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive. Our calculation of diluted (loss) earnings per common share excludes shares of common stock that are issuable upon exercise of stock options when the exercise price is greater than the average market price of our common stock. We also exclude unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares were 6.8 million, 2.7 million and 4.7 million for 2019, 2018 and 2017, respectively.
Years Ended December, 31
201920182017
(Dollars in millions, except per share amounts, shares in thousands)
Loss income (Numerator):
Net (loss) income$(5,269)(1,733)1,389
Net (loss) income applicable to common stock for computing basic earnings per common share(5,269)(1,733)1,389
Net (loss) income as adjusted for purposes of computing diluted earnings per common share$(5,269)(1,733)1,389
Shares (Denominator):
Weighted average number of shares:
Outstanding during period1,088,7301,078,409635,576
Non-vested restricted stock(17,289)(12,543)(7,768)
Weighted average shares outstanding for computing basic earnings per common share1,071,4411,065,866627,808
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities——10
Shares issuable under incentive compensation plans——875
Number of shares as adjusted for purposes of computing diluted (loss) earnings per common share1,071,4411,065,866628,693
Basic (loss) earnings per common share$(4.92)(1.63)2.21
Diluted (loss) earnings per common share(1)$(4.92)(1.63)2.21
"} {"question": "What would the average annual amount of unvested restricted stock awards that are antidilutive excluded in 2017, 2018 and 2019 be if the amount in 2019 is 7.8 million shares instead?", "answer": ["5.07"], "context": "(13) (Loss) Earnings Per Common Share Basic and diluted (loss) earnings per common share for the years ended December 31, 2019, 2018 and 2017 were calculated as follows: (1) For the year ended December 31, 2019 and December 31, 2018, we excluded from the calculation of diluted loss per share 3.0 million shares and 4.6 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive. Our calculation of diluted (loss) earnings per common share excludes shares of common stock that are issuable upon exercise of stock options when the exercise price is greater than the average market price of our common stock. We also exclude unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares were 6.8 million, 2.7 million and 4.7 million for 2019, 2018 and 2017, respectively.
Years Ended December, 31
201920182017
(Dollars in millions, except per share amounts, shares in thousands)
Loss income (Numerator):
Net (loss) income$(5,269)(1,733)1,389
Net (loss) income applicable to common stock for computing basic earnings per common share(5,269)(1,733)1,389
Net (loss) income as adjusted for purposes of computing diluted earnings per common share$(5,269)(1,733)1,389
Shares (Denominator):
Weighted average number of shares:
Outstanding during period1,088,7301,078,409635,576
Non-vested restricted stock(17,289)(12,543)(7,768)
Weighted average shares outstanding for computing basic earnings per common share1,071,4411,065,866627,808
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities——10
Shares issuable under incentive compensation plans——875
Number of shares as adjusted for purposes of computing diluted (loss) earnings per common share1,071,4411,065,866628,693
Basic (loss) earnings per common share$(4.92)(1.63)2.21
Diluted (loss) earnings per common share(1)$(4.92)(1.63)2.21
"} {"question": "If the Balance at January 1 in 2019 increases to 7,871, what is the revised average?", "answer": ["6214"], "context": "The amount of unrecognized tax benefits at December 31, 2019 increased by $387 million in 2019 to $7,146 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: The additions to unrecognized tax benefits related to the current and prior years were primarily attributable to U.S. federal and state tax matters, as well as non-U.S. tax matters, including transfer pricing, credits and incentives. The settlements and reductions to unrecognized tax benefits for tax positions of prior years were primarily attributable to U.S. federal and state tax matters, non-U.S. audits and impacts due to lapse of statute of limitations. The unrecognized tax benefits at December 31, 2019 of $7,146 million can be reduced by $584 million associated with timing adjustments, U.S. tax credits, potential transfer pricing adjustments and state income taxes. The net amount of $6,562 million, if recognized, would favorably affect the company’s effective tax rate. The net amounts at December 31, 2018 and 2017 were $6,041 million and $6,064 million, respectively.
($ in millions)
201920182017
Balance at January 1$6,759$ 7,031$3,740
Additions based on tax positions related to the current year8163943,029
Additions for tax positions of prior years7791,201803
Reductions for tax positions of prior years (including impacts due to a lapse of statute)(922)(1,686)(367)
Settlements(286)(181)(174)
Balance at December 31$7,146$ 6,759$7,031
"} {"question": "If the Balance at December 31 in 2019 increases to 7,961, what is the revised average?", "answer": ["7250.33"], "context": "The amount of unrecognized tax benefits at December 31, 2019 increased by $387 million in 2019 to $7,146 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: The additions to unrecognized tax benefits related to the current and prior years were primarily attributable to U.S. federal and state tax matters, as well as non-U.S. tax matters, including transfer pricing, credits and incentives. The settlements and reductions to unrecognized tax benefits for tax positions of prior years were primarily attributable to U.S. federal and state tax matters, non-U.S. audits and impacts due to lapse of statute of limitations. The unrecognized tax benefits at December 31, 2019 of $7,146 million can be reduced by $584 million associated with timing adjustments, U.S. tax credits, potential transfer pricing adjustments and state income taxes. The net amount of $6,562 million, if recognized, would favorably affect the company’s effective tax rate. The net amounts at December 31, 2018 and 2017 were $6,041 million and $6,064 million, respectively.
($ in millions)
201920182017
Balance at January 1$6,759$ 7,031$3,740
Additions based on tax positions related to the current year8163943,029
Additions for tax positions of prior years7791,201803
Reductions for tax positions of prior years (including impacts due to a lapse of statute)(922)(1,686)(367)
Settlements(286)(181)(174)
Balance at December 31$7,146$ 6,759$7,031
"} {"question": "If the Settlements in 2019 increases to 334, what is the revised average?", "answer": ["-257.5"], "context": "The amount of unrecognized tax benefits at December 31, 2019 increased by $387 million in 2019 to $7,146 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: The additions to unrecognized tax benefits related to the current and prior years were primarily attributable to U.S. federal and state tax matters, as well as non-U.S. tax matters, including transfer pricing, credits and incentives. The settlements and reductions to unrecognized tax benefits for tax positions of prior years were primarily attributable to U.S. federal and state tax matters, non-U.S. audits and impacts due to lapse of statute of limitations. The unrecognized tax benefits at December 31, 2019 of $7,146 million can be reduced by $584 million associated with timing adjustments, U.S. tax credits, potential transfer pricing adjustments and state income taxes. The net amount of $6,562 million, if recognized, would favorably affect the company’s effective tax rate. The net amounts at December 31, 2018 and 2017 were $6,041 million and $6,064 million, respectively.
($ in millions)
201920182017
Balance at January 1$6,759$ 7,031$3,740
Additions based on tax positions related to the current year8163943,029
Additions for tax positions of prior years7791,201803
Reductions for tax positions of prior years (including impacts due to a lapse of statute)(922)(1,686)(367)
Settlements(286)(181)(174)
Balance at December 31$7,146$ 6,759$7,031
"} {"question": "If the Deposits and restricted cash as of June 30, 2019 was $12,523(in thousands) instead, What is the percentage difference of Deposits and restricted cash for June 30, 2019 vs June 30, 2018?", "answer": ["32.11"], "context": "NOTE 8—OTHER ASSETS Deposits and restricted cash primarily relate to security deposits provided to landlords in accordance with facility lease agreements and cash restricted per the terms of certain contractual-based agreements. Deferred implementation costs relate to direct and relevant costs on implementation of long-term contracts, to the extent such costs can be recovered through guaranteed contract revenues. As a result of the adoption of Topic 606, deferred implementation costs are no longer capitalized, but rather expensed as incurred as these costs do not relate to future performance obligations. Accordingly, these costs were adjusted through opening retained earnings as of July 1, 2018 (see note 3 \"Revenues\"). Capitalized costs to obtain a contract relate to incremental costs of obtaining a contract, such as sales commissions, which are eligible for capitalization on contracts to the extent that such costs are expected to be recovered (see note 3 \"Revenues\"). Investments relate to certain non-marketable equity securities in which we are a limited partner. Our interests in each of these investees range from 4% to below 20%. These investments are accounted for using the equity method. Our share of net income or losses based on our interest in these investments is recorded as a component of other income (expense), net in our Consolidated Statements of Income. During the year ended June 30, 2019, our share of income (loss) from these investments was $13.7 million (year ended June 30, 2018 and 2017 — $6.0 million and $6.0 million, respectively). Long-term prepaid expenses and other long-term assets includes advance payments on long-term licenses that are being amortized over the applicable terms of the licenses and other miscellaneous assets.
As of June 30, 2019As of June 30, 2018
Deposits and restricted cash$13,671$9,479
Deferred implementation costs—13,740
Capitalized costs to obtain a contract35,59313,027
Investments67,00249,635
Long-term prepaid expenses and other long-term assets32,71125,386
Total$148,977$111,267
"} {"question": "If total costs as of June 30, 2019 was $123,564(in thousands) instead, What is the Average annual total costs for both Fiscal years?", "answer": ["117415.5"], "context": "NOTE 8—OTHER ASSETS Deposits and restricted cash primarily relate to security deposits provided to landlords in accordance with facility lease agreements and cash restricted per the terms of certain contractual-based agreements. Deferred implementation costs relate to direct and relevant costs on implementation of long-term contracts, to the extent such costs can be recovered through guaranteed contract revenues. As a result of the adoption of Topic 606, deferred implementation costs are no longer capitalized, but rather expensed as incurred as these costs do not relate to future performance obligations. Accordingly, these costs were adjusted through opening retained earnings as of July 1, 2018 (see note 3 \"Revenues\"). Capitalized costs to obtain a contract relate to incremental costs of obtaining a contract, such as sales commissions, which are eligible for capitalization on contracts to the extent that such costs are expected to be recovered (see note 3 \"Revenues\"). Investments relate to certain non-marketable equity securities in which we are a limited partner. Our interests in each of these investees range from 4% to below 20%. These investments are accounted for using the equity method. Our share of net income or losses based on our interest in these investments is recorded as a component of other income (expense), net in our Consolidated Statements of Income. During the year ended June 30, 2019, our share of income (loss) from these investments was $13.7 million (year ended June 30, 2018 and 2017 — $6.0 million and $6.0 million, respectively). Long-term prepaid expenses and other long-term assets includes advance payments on long-term licenses that are being amortized over the applicable terms of the licenses and other miscellaneous assets.
As of June 30, 2019As of June 30, 2018
Deposits and restricted cash$13,671$9,479
Deferred implementation costs—13,740
Capitalized costs to obtain a contract35,59313,027
Investments67,00249,635
Long-term prepaid expenses and other long-term assets32,71125,386
Total$148,977$111,267
"} {"question": "If investment costs as of June 30, 2019 increased by 10,000(in thousands), what is the Investment cost expressed as a percentage of total costs?", "answer": ["48.44"], "context": "NOTE 8—OTHER ASSETS Deposits and restricted cash primarily relate to security deposits provided to landlords in accordance with facility lease agreements and cash restricted per the terms of certain contractual-based agreements. Deferred implementation costs relate to direct and relevant costs on implementation of long-term contracts, to the extent such costs can be recovered through guaranteed contract revenues. As a result of the adoption of Topic 606, deferred implementation costs are no longer capitalized, but rather expensed as incurred as these costs do not relate to future performance obligations. Accordingly, these costs were adjusted through opening retained earnings as of July 1, 2018 (see note 3 \"Revenues\"). Capitalized costs to obtain a contract relate to incremental costs of obtaining a contract, such as sales commissions, which are eligible for capitalization on contracts to the extent that such costs are expected to be recovered (see note 3 \"Revenues\"). Investments relate to certain non-marketable equity securities in which we are a limited partner. Our interests in each of these investees range from 4% to below 20%. These investments are accounted for using the equity method. Our share of net income or losses based on our interest in these investments is recorded as a component of other income (expense), net in our Consolidated Statements of Income. During the year ended June 30, 2019, our share of income (loss) from these investments was $13.7 million (year ended June 30, 2018 and 2017 — $6.0 million and $6.0 million, respectively). Long-term prepaid expenses and other long-term assets includes advance payments on long-term licenses that are being amortized over the applicable terms of the licenses and other miscellaneous assets.
As of June 30, 2019As of June 30, 2018
Deposits and restricted cash$13,671$9,479
Deferred implementation costs—13,740
Capitalized costs to obtain a contract35,59313,027
Investments67,00249,635
Long-term prepaid expenses and other long-term assets32,71125,386
Total$148,977$111,267
"} {"question": "If the total operating expense for fiscal year was $3,500 million instead, What would be the total operating expense of fiscal years 2018 and 2019?", "answer": ["7253"], "context": "Operating expenses Sales and marketing expense decreased primarily due to a $51 million decrease in stock-based compensation expense and a $41 million decrease as a result of the divestiture of our WSS and PKI solutions. Research and development expense decreased primarily due to a $66 million decrease in stockbased compensation expense. General and administrative expense decreased primarily due to a $130 million decrease in stock-based compensation expense. Amortization of intangible assets decreased primarily due to the intangible assets sold with the divestiture of WSS and PKI solutions. Restructuring, transition and other costs reflect a decrease of $70 million in fiscal 2019 compared to fiscal 2018 in severance and other restructuring costs. In addition, fiscal 2018 costs included $88 million of transition related costs related to our fiscal 2018 divestiture of our WSS and PKI solutions compared to $3 million in fiscal 2019.
Fiscal YearVariance in
20192018DollarsPercent
(In millions, except for percentages)
Sales and marketing$1,493$1,593$(100)(6)%
Research and development913956(43)(4)%
General and administrative447574(127)(22)%
Amortization of intangible assets207220(13)(6)%
Restructuring, transition and other costs241410(169)(41)%
Total$3,301$3,753$(452)(12)%
"} {"question": "If there was a $60 million decrease in stock-based compensation expense, What would be the total impact on the decrease in Sales and marketing expense from stock-based compensation expense and divestiture of our WSS and PKI solutions?", "answer": ["101"], "context": "Operating expenses Sales and marketing expense decreased primarily due to a $51 million decrease in stock-based compensation expense and a $41 million decrease as a result of the divestiture of our WSS and PKI solutions. Research and development expense decreased primarily due to a $66 million decrease in stockbased compensation expense. General and administrative expense decreased primarily due to a $130 million decrease in stock-based compensation expense. Amortization of intangible assets decreased primarily due to the intangible assets sold with the divestiture of WSS and PKI solutions. Restructuring, transition and other costs reflect a decrease of $70 million in fiscal 2019 compared to fiscal 2018 in severance and other restructuring costs. In addition, fiscal 2018 costs included $88 million of transition related costs related to our fiscal 2018 divestiture of our WSS and PKI solutions compared to $3 million in fiscal 2019.
Fiscal YearVariance in
20192018DollarsPercent
(In millions, except for percentages)
Sales and marketing$1,493$1,593$(100)(6)%
Research and development913956(43)(4)%
General and administrative447574(127)(22)%
Amortization of intangible assets207220(13)(6)%
Restructuring, transition and other costs241410(169)(41)%
Total$3,301$3,753$(452)(12)%
"} {"question": "If for fiscal 2019, the Sales and marketing expense was $1,000 million instead, What would be the average Sales and marketing expenses for fiscal years 2019 and 2018? ", "answer": ["1296.5"], "context": "Operating expenses Sales and marketing expense decreased primarily due to a $51 million decrease in stock-based compensation expense and a $41 million decrease as a result of the divestiture of our WSS and PKI solutions. Research and development expense decreased primarily due to a $66 million decrease in stockbased compensation expense. General and administrative expense decreased primarily due to a $130 million decrease in stock-based compensation expense. Amortization of intangible assets decreased primarily due to the intangible assets sold with the divestiture of WSS and PKI solutions. Restructuring, transition and other costs reflect a decrease of $70 million in fiscal 2019 compared to fiscal 2018 in severance and other restructuring costs. In addition, fiscal 2018 costs included $88 million of transition related costs related to our fiscal 2018 divestiture of our WSS and PKI solutions compared to $3 million in fiscal 2019.
Fiscal YearVariance in
20192018DollarsPercent
(In millions, except for percentages)
Sales and marketing$1,493$1,593$(100)(6)%
Research and development913956(43)(4)%
General and administrative447574(127)(22)%
Amortization of intangible assets207220(13)(6)%
Restructuring, transition and other costs241410(169)(41)%
Total$3,301$3,753$(452)(12)%
"} {"question": "If Total consolidated research, development and engineering increased to 6,000 million in 2019, what was the increase / (decrease) from 2018?", "answer": ["621"], "context": "Research, Development and Engineering Expense NM—Not meaningful Research, development and engineering (RD&E) expense was 7.8 percent of revenue in 2019 and 6.8 percent of revenue in 2018. RD&E expense increased 11.3 percent in 2019 versus 2018 primarily driven by: • Higher spending (11 points) including investment in the z15 and Red Hat spending in the second half of 2019 (8 points); and • Higher acquisition-related charges associated with the Red Hat transaction (1 point); partially offset by • The effects of currency (1 point). Operating (non-GAAP) expense increased 10.4 percent year to year primarily driven by the same factors excluding the acquisition-related charges associated with the Red Hat transaction.
($ in million)
For the year ended December 31:20192018Yr.-to-Yr. Percent Change
Total consolidated research, development and engineering$5,989$5,37911.3%
Non-operating adjustment
Acquisition-related charges(53)-NM
Operating (non-GAAP) research, development and engineering$5,936$5,37910.4%
"} {"question": "If the Acquisition-related charges in 2018 increased to -50 million, what is the revised average?", "answer": ["-51.5"], "context": "Research, Development and Engineering Expense NM—Not meaningful Research, development and engineering (RD&E) expense was 7.8 percent of revenue in 2019 and 6.8 percent of revenue in 2018. RD&E expense increased 11.3 percent in 2019 versus 2018 primarily driven by: • Higher spending (11 points) including investment in the z15 and Red Hat spending in the second half of 2019 (8 points); and • Higher acquisition-related charges associated with the Red Hat transaction (1 point); partially offset by • The effects of currency (1 point). Operating (non-GAAP) expense increased 10.4 percent year to year primarily driven by the same factors excluding the acquisition-related charges associated with the Red Hat transaction.
($ in million)
For the year ended December 31:20192018Yr.-to-Yr. Percent Change
Total consolidated research, development and engineering$5,989$5,37911.3%
Non-operating adjustment
Acquisition-related charges(53)-NM
Operating (non-GAAP) research, development and engineering$5,936$5,37910.4%
"} {"question": "If Operating (non-GAAP) research, development and engineering in 2019 increased to 6,000 million, what is the revised average?", "answer": ["5689.5"], "context": "Research, Development and Engineering Expense NM—Not meaningful Research, development and engineering (RD&E) expense was 7.8 percent of revenue in 2019 and 6.8 percent of revenue in 2018. RD&E expense increased 11.3 percent in 2019 versus 2018 primarily driven by: • Higher spending (11 points) including investment in the z15 and Red Hat spending in the second half of 2019 (8 points); and • Higher acquisition-related charges associated with the Red Hat transaction (1 point); partially offset by • The effects of currency (1 point). Operating (non-GAAP) expense increased 10.4 percent year to year primarily driven by the same factors excluding the acquisition-related charges associated with the Red Hat transaction.
($ in million)
For the year ended December 31:20192018Yr.-to-Yr. Percent Change
Total consolidated research, development and engineering$5,989$5,37911.3%
Non-operating adjustment
Acquisition-related charges(53)-NM
Operating (non-GAAP) research, development and engineering$5,936$5,37910.4%
"} {"question": "If the operating profit in 2019 decreases by 10%, what is the revised increase / (decrease) in operating profit in 2019 compared to 2018?", "answer": ["-4801.8"], "context": "Underlying operating profit and underlying operating margin Underlying operating profit and underlying operating margin mean operating profit and operating margin before the impact of non-underlying items within operating profit. Underlying operating profit represents our measure of segment profit or loss as it is the primary measure used for making decisions about allocating resources and assessing performance of the segments. The Group reconciliation of operating profit to underlying operating profit is as follows: Further details of non-underlying items can be found in note 3 on page 96 of the consolidated financial statements. Refer to Note 2 on page 94 for the reconciliation of operating profit to underlying operating profit by Division. For each Division operating margin is computed as operating profit divided by turnover and underlying operating margin is computed as underlying operating profit divided by turnover.
€ million€ million€ million
201920182017
(Restated)(a)(Restated)(a)
Operating profit8,70812,6398,957
Non-underlying items within
operating profit (see note 3)1,239(3,176)543
Underlying operating profit9,9479,4639,500
Turnover51,98050,98253,715
Operating margin16.8%24.8%16.7%
Underlying operating margin19.1%18.6%17.7%
"} {"question": "If the operating margin in 2018 decreases by 2.5%, what is the revised increase / (decrease) in operating margin in 2019 compared to 2018?", "answer": ["-5.5"], "context": "Underlying operating profit and underlying operating margin Underlying operating profit and underlying operating margin mean operating profit and operating margin before the impact of non-underlying items within operating profit. Underlying operating profit represents our measure of segment profit or loss as it is the primary measure used for making decisions about allocating resources and assessing performance of the segments. The Group reconciliation of operating profit to underlying operating profit is as follows: Further details of non-underlying items can be found in note 3 on page 96 of the consolidated financial statements. Refer to Note 2 on page 94 for the reconciliation of operating profit to underlying operating profit by Division. For each Division operating margin is computed as operating profit divided by turnover and underlying operating margin is computed as underlying operating profit divided by turnover.
€ million€ million€ million
201920182017
(Restated)(a)(Restated)(a)
Operating profit8,70812,6398,957
Non-underlying items within
operating profit (see note 3)1,239(3,176)543
Underlying operating profit9,9479,4639,500
Turnover51,98050,98253,715
Operating margin16.8%24.8%16.7%
Underlying operating margin19.1%18.6%17.7%
"} {"question": "If the turnover in 2018 increases by 10%, what is the revised average turnover?", "answer": ["53925.07"], "context": "Underlying operating profit and underlying operating margin Underlying operating profit and underlying operating margin mean operating profit and operating margin before the impact of non-underlying items within operating profit. Underlying operating profit represents our measure of segment profit or loss as it is the primary measure used for making decisions about allocating resources and assessing performance of the segments. The Group reconciliation of operating profit to underlying operating profit is as follows: Further details of non-underlying items can be found in note 3 on page 96 of the consolidated financial statements. Refer to Note 2 on page 94 for the reconciliation of operating profit to underlying operating profit by Division. For each Division operating margin is computed as operating profit divided by turnover and underlying operating margin is computed as underlying operating profit divided by turnover.
€ million€ million€ million
201920182017
(Restated)(a)(Restated)(a)
Operating profit8,70812,6398,957
Non-underlying items within
operating profit (see note 3)1,239(3,176)543
Underlying operating profit9,9479,4639,500
Turnover51,98050,98253,715
Operating margin16.8%24.8%16.7%
Underlying operating margin19.1%18.6%17.7%
"} {"question": "How many quarters had operating revenues that was below $2,000 million if the operating revenue at the end of September was $2,100 million instead?", "answer": ["2"], "context": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data): (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.
Three Months Ended
March 31,June 30,September 30,December 31,Year Ended December 31,
2018:
Operating revenues$1,741.8$1,780.9$1,785.5$2,131.9$7,440.1
Costs of operations (1)519.9560.3556.7540.92,177.8
Operating income402.9546.0567.2388.91,905.0
Net income280.3314.4377.3292.71,264.7
Net income attributable to American Tower Corporation stockholders285.2306.7366.9277.61,236.4
Dividends on preferred stock(9.4)———(9.4)
Net income attributable to American Tower Corporation common stockholders275.8306.7366.9277.61,227.0
Basic net income per share attributable to American Tower Corporation common stockholders0.630.690.830.632.79
Diluted net income per share attributable to American Tower Corporation common stockholders0.630.690.830.622.77
"} {"question": "What was the change in Operating revenues between Three Months Ended March and June if the Operating revenues Three Months Ended in June was $1,500 million instead?", "answer": ["-241.8"], "context": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data): (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.
Three Months Ended
March 31,June 30,September 30,December 31,Year Ended December 31,
2018:
Operating revenues$1,741.8$1,780.9$1,785.5$2,131.9$7,440.1
Costs of operations (1)519.9560.3556.7540.92,177.8
Operating income402.9546.0567.2388.91,905.0
Net income280.3314.4377.3292.71,264.7
Net income attributable to American Tower Corporation stockholders285.2306.7366.9277.61,236.4
Dividends on preferred stock(9.4)———(9.4)
Net income attributable to American Tower Corporation common stockholders275.8306.7366.9277.61,227.0
Basic net income per share attributable to American Tower Corporation common stockholders0.630.690.830.632.79
Diluted net income per share attributable to American Tower Corporation common stockholders0.630.690.830.622.77
"} {"question": "What was the percentage change in operating revenues between Three Months Ended September and December if the operating revenue in Three Months Ended December was $2,000 million instead?", "answer": ["12.01"], "context": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data): (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.
Three Months Ended
March 31,June 30,September 30,December 31,Year Ended December 31,
2018:
Operating revenues$1,741.8$1,780.9$1,785.5$2,131.9$7,440.1
Costs of operations (1)519.9560.3556.7540.92,177.8
Operating income402.9546.0567.2388.91,905.0
Net income280.3314.4377.3292.71,264.7
Net income attributable to American Tower Corporation stockholders285.2306.7366.9277.61,236.4
Dividends on preferred stock(9.4)———(9.4)
Net income attributable to American Tower Corporation common stockholders275.8306.7366.9277.61,227.0
Basic net income per share attributable to American Tower Corporation common stockholders0.630.690.830.632.79
Diluted net income per share attributable to American Tower Corporation common stockholders0.630.690.830.622.77
"} {"question": "If Payable in the year ending 31 March in 2019 were 1,000 million, what would be the difference in the payables in year 31 March 2019 for 2018 and 2019?", "answer": ["400"], "context": "Future minimum operating lease payments were as follows: Operating lease commitments were mainly in respect of land and buildings which arose from a sale and operating leaseback transaction in 2001. Leases have an average term of 13 years (2017/18: 14 years) and rentals are fixed for an average of 13 years (2017/18: 14 years). Other than as disclosed below, there were no contingent liabilities or guarantees at 31 March 2018 other than those arising in the ordinary course of the group’s business and on these no material losses are anticipated. We have insurance cover to certain limits for major risks on property and major claims in connection with legal liabilities arising in the course of our operations. Otherwise, the group generally carries its own risks.
Payable in the year ending 31 March:2019 £m2018 £m
2019-600
2020755550
2021641513
2022599486
2023555463
2024512449
Thereafter3,5573,536
Total future minimum operating lease payments6,6196,597
"} {"question": "For which year would the Total future minimum operating lease payments be higher if Total future minimum operating lease payments for 2019 was 6,600 million?", "answer": ["2019"], "context": "Future minimum operating lease payments were as follows: Operating lease commitments were mainly in respect of land and buildings which arose from a sale and operating leaseback transaction in 2001. Leases have an average term of 13 years (2017/18: 14 years) and rentals are fixed for an average of 13 years (2017/18: 14 years). Other than as disclosed below, there were no contingent liabilities or guarantees at 31 March 2018 other than those arising in the ordinary course of the group’s business and on these no material losses are anticipated. We have insurance cover to certain limits for major risks on property and major claims in connection with legal liabilities arising in the course of our operations. Otherwise, the group generally carries its own risks.
Payable in the year ending 31 March:2019 £m2018 £m
2019-600
2020755550
2021641513
2022599486
2023555463
2024512449
Thereafter3,5573,536
Total future minimum operating lease payments6,6196,597
"} {"question": "If in 2021, the amount payable for 2018 was 560 million instead, which year from 2019 to 2024 would have the largest payable amount for 2018?", "answer": ["2021"], "context": "Future minimum operating lease payments were as follows: Operating lease commitments were mainly in respect of land and buildings which arose from a sale and operating leaseback transaction in 2001. Leases have an average term of 13 years (2017/18: 14 years) and rentals are fixed for an average of 13 years (2017/18: 14 years). Other than as disclosed below, there were no contingent liabilities or guarantees at 31 March 2018 other than those arising in the ordinary course of the group’s business and on these no material losses are anticipated. We have insurance cover to certain limits for major risks on property and major claims in connection with legal liabilities arising in the course of our operations. Otherwise, the group generally carries its own risks.
Payable in the year ending 31 March:2019 £m2018 £m
2019-600
2020755550
2021641513
2022599486
2023555463
2024512449
Thereafter3,5573,536
Total future minimum operating lease payments6,6196,597
"} {"question": "What would be the change in cost of sales between 2017 and 2018 if the cost of sales in 2017 was $600 million instead?", "answer": ["40"], "context": "5. Goodwill and Purchased Intangible Assets (b) Purchased Intangible Assets The following table presents the amortization of purchased intangible assets (in millions):
Years EndedJuly 27, 2019July 28, 2018July 29, 2017
Amortization of purchased intangible assets:
Cost of sales .$624$640$556
Operating expenses
Amortization of purchased intangible assets150221259
Restructuring and other charges——38
Total .$774$861$853
"} {"question": "How many years would Amortization of purchased intangible assets exceed $200 million if the Amortization of purchased intangible assets in 2019 was $250 million instead?", "answer": ["3"], "context": "5. Goodwill and Purchased Intangible Assets (b) Purchased Intangible Assets The following table presents the amortization of purchased intangible assets (in millions):
Years EndedJuly 27, 2019July 28, 2018July 29, 2017
Amortization of purchased intangible assets:
Cost of sales .$624$640$556
Operating expenses
Amortization of purchased intangible assets150221259
Restructuring and other charges——38
Total .$774$861$853
"} {"question": "What would be the percentage change in total amortization of purchased intangible assets between 2018 and 2019 if the total in 2019 was $1,000 million instead?", "answer": ["16.14"], "context": "5. Goodwill and Purchased Intangible Assets (b) Purchased Intangible Assets The following table presents the amortization of purchased intangible assets (in millions):
Years EndedJuly 27, 2019July 28, 2018July 29, 2017
Amortization of purchased intangible assets:
Cost of sales .$624$640$556
Operating expenses
Amortization of purchased intangible assets150221259
Restructuring and other charges——38
Total .$774$861$853
"} {"question": "What would be the difference in the fair value of cash paid for acquisition between Trek and Electrostatic Product Line if the cash paid for acquisition of Trek was $12,000 thousand instead?", "answer": ["9000"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) In February 2018, Advanced Energy acquired Trek Holding Co., LTD (\"Trek\"), a privately held company with operations in Tokyo, Japan and Lockport, New York, for $6.1 million, net of cash acquired. Trek has a 95% ownership interest in its U.S. subsidiary which is also its primary operation. The components of the fair value of the total consideration transferred for our 2018 acquisitions are as follows:
TrekElectrostatic Product LineLumaSenseTotal
Cash paid for acquisition$11,723$3,000$94,946$ 109,669
Less cash acquired(5,651)—(10,262)(15,913)
Total purchase price$6,072$3,000$84,684$ 93,756
"} {"question": "What would be the sum of the two highest total purchase prices if the purchase price for Electrostatic Product Line was $10,000 thousand instead?", "answer": ["94684"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) In February 2018, Advanced Energy acquired Trek Holding Co., LTD (\"Trek\"), a privately held company with operations in Tokyo, Japan and Lockport, New York, for $6.1 million, net of cash acquired. Trek has a 95% ownership interest in its U.S. subsidiary which is also its primary operation. The components of the fair value of the total consideration transferred for our 2018 acquisitions are as follows:
TrekElectrostatic Product LineLumaSenseTotal
Cash paid for acquisition$11,723$3,000$94,946$ 109,669
Less cash acquired(5,651)—(10,262)(15,913)
Total purchase price$6,072$3,000$84,684$ 93,756
"} {"question": "What would be the average total purchase price amongst the three companies if the total purchase price of Electrostatic Product Line was $10,000 thousand instead?", "answer": ["33585.33"], "context": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts) In February 2018, Advanced Energy acquired Trek Holding Co., LTD (\"Trek\"), a privately held company with operations in Tokyo, Japan and Lockport, New York, for $6.1 million, net of cash acquired. Trek has a 95% ownership interest in its U.S. subsidiary which is also its primary operation. The components of the fair value of the total consideration transferred for our 2018 acquisitions are as follows:
TrekElectrostatic Product LineLumaSenseTotal
Cash paid for acquisition$11,723$3,000$94,946$ 109,669
Less cash acquired(5,651)—(10,262)(15,913)
Total purchase price$6,072$3,000$84,684$ 93,756
"} {"question": "What would the difference between EBITDA and adjusted EBITDA for three months ended 31 December 2019 be if adjusted EBITDA was 38,000?", "answer": ["2325"], "context": "(a) EBITDA is calculated as operating profit less interest income and other gains/losses, net and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses. (b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues. (c) Net debt represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, minus borrowings and notes payable. (d) Capital expenditures consist of additions (excluding business combinations) to property, plant and equipment, construction in progress, investment properties, land use rights and intangible assets (excluding video and music contents, game licences and other contents).
Unaudited
Three months endedYear ended
31 December30 September31 December31 December31 December
20192019201820192018
(RMB in millions, unless specified)
EBITDA (a)35,67535,37827,180137,268110,404
Adjusted EBITDA (a)38,57238,12329,701147,395118,273
Adjusted EBITDA margin (b)36%39%35%39%38%
Interest and related expenses2,3482,0861,3457,6904,898
Net debt (c)(15,552)(7,173)(12,170)(15,552)(12,170)
Capital expenditures (d)16,8696,6324,56432,36923,941
"} {"question": "What would the difference between EBITDA and adjusted EBITDA for three months ended 30 September 2019 be if adjusted EBITDA was 38,500?", "answer": ["3122"], "context": "(a) EBITDA is calculated as operating profit less interest income and other gains/losses, net and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses. (b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues. (c) Net debt represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, minus borrowings and notes payable. (d) Capital expenditures consist of additions (excluding business combinations) to property, plant and equipment, construction in progress, investment properties, land use rights and intangible assets (excluding video and music contents, game licences and other contents).
Unaudited
Three months endedYear ended
31 December30 September31 December31 December31 December
20192019201820192018
(RMB in millions, unless specified)
EBITDA (a)35,67535,37827,180137,268110,404
Adjusted EBITDA (a)38,57238,12329,701147,395118,273
Adjusted EBITDA margin (b)36%39%35%39%38%
Interest and related expenses2,3482,0861,3457,6904,898
Net debt (c)(15,552)(7,173)(12,170)(15,552)(12,170)
Capital expenditures (d)16,8696,6324,56432,36923,941
"} {"question": "What would the difference between EBITDA and adjusted EBITDA for three months ended 31 December 2018 be if adjusted EBITDA was 29,000?", "answer": ["1820"], "context": "(a) EBITDA is calculated as operating profit less interest income and other gains/losses, net and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses. (b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues. (c) Net debt represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, minus borrowings and notes payable. (d) Capital expenditures consist of additions (excluding business combinations) to property, plant and equipment, construction in progress, investment properties, land use rights and intangible assets (excluding video and music contents, game licences and other contents).
Unaudited
Three months endedYear ended
31 December30 September31 December31 December31 December
20192019201820192018
(RMB in millions, unless specified)
EBITDA (a)35,67535,37827,180137,268110,404
Adjusted EBITDA (a)38,57238,12329,701147,395118,273
Adjusted EBITDA margin (b)36%39%35%39%38%
Interest and related expenses2,3482,0861,3457,6904,898
Net debt (c)(15,552)(7,173)(12,170)(15,552)(12,170)
Capital expenditures (d)16,8696,6324,56432,36923,941
"} {"question": "If net revenue in 2019 was 200.0 million, what would be the percentage change in net revenue from 2018 to 2019?", "answer": ["2.93"], "context": "Segment Results of Operations In the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii) asset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating segments and compares the amount of the change between the periods presented (in millions). Marine Services Segment Net revenue: Net revenue from our Marine Services segment for the year ended December 31, 2019 decreased $21.8 million to $172.5 million from $194.3 million for the year ended December 31, 2018. The decrease was primarily driven by a decline in the volume of projects under execution across multiple reporting lines, including power cable repair in offshore renewables, telecom installation work, and a reduction in CWind Group revenue due to focusing on a mix of more profitable projects. Cost of revenue: Cost of revenue from our Marine Services segment for the year ended December 31, 2019 decreased $35.9 million to $127.1 million from $163.0 million for the year ended December 31, 2018. The decrease was driven by the reduction in revenue, improved vessel utilization, and higher than expected costs on a certain power construction project in the comparable period that were not repeated. Selling, general and administrative: Selling, general and administrative expenses from our Marine Services segment for the year ended December 31, 2019 increased $5.6 million to $25.8 million from $20.2 million for the year ended December 31, 2018. The increase was primarily due to higher disposition costs in the fourth quarter of 2019 related to the sale of the Marine Services segment. This was partially offset by a reversal of an accrual of bad debt expense in the current period due to a favorable receivable settlement during the quarter. See Note 24. Subsequent Events for the summary of the subsequent events. Depreciation and amortization: Depreciation and amortization from our Marine Services segment for the year ended December 31, 2019 decreased $1.5 million to $25.7 million from $27.2 million for the year ended December 31, 2018. The decrease was largely attributable to the disposal of assets during the year. Other operating income: Other operating income decreased $0.7 million from $0.7 million of income for the year ended December 31, 2018, as a result of an impairment expense recorded in 2019 due to the under-utilization of assets on one of the segment's barges.
Years Ended December 31,
20192018Increase / (Decrease)
Net revenue$172.5$194.3$(21.8)
Cost of revenue127.1163.0(35.9)
Selling, general and administrative25.820.25.6
Depreciation and amortization25.727.2(1.5)
Other operating income—(0.7)0.7
Income (loss) from operations$(6.1)$(15.4)$9.3
"} {"question": "If cost of revenue in 2019 was 200.0 million, what would be the average cost of revenue for 2018 and 2019?", "answer": ["181.5"], "context": "Segment Results of Operations In the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii) asset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating segments and compares the amount of the change between the periods presented (in millions). Marine Services Segment Net revenue: Net revenue from our Marine Services segment for the year ended December 31, 2019 decreased $21.8 million to $172.5 million from $194.3 million for the year ended December 31, 2018. The decrease was primarily driven by a decline in the volume of projects under execution across multiple reporting lines, including power cable repair in offshore renewables, telecom installation work, and a reduction in CWind Group revenue due to focusing on a mix of more profitable projects. Cost of revenue: Cost of revenue from our Marine Services segment for the year ended December 31, 2019 decreased $35.9 million to $127.1 million from $163.0 million for the year ended December 31, 2018. The decrease was driven by the reduction in revenue, improved vessel utilization, and higher than expected costs on a certain power construction project in the comparable period that were not repeated. Selling, general and administrative: Selling, general and administrative expenses from our Marine Services segment for the year ended December 31, 2019 increased $5.6 million to $25.8 million from $20.2 million for the year ended December 31, 2018. The increase was primarily due to higher disposition costs in the fourth quarter of 2019 related to the sale of the Marine Services segment. This was partially offset by a reversal of an accrual of bad debt expense in the current period due to a favorable receivable settlement during the quarter. See Note 24. Subsequent Events for the summary of the subsequent events. Depreciation and amortization: Depreciation and amortization from our Marine Services segment for the year ended December 31, 2019 decreased $1.5 million to $25.7 million from $27.2 million for the year ended December 31, 2018. The decrease was largely attributable to the disposal of assets during the year. Other operating income: Other operating income decreased $0.7 million from $0.7 million of income for the year ended December 31, 2018, as a result of an impairment expense recorded in 2019 due to the under-utilization of assets on one of the segment's barges.
Years Ended December 31,
20192018Increase / (Decrease)
Net revenue$172.5$194.3$(21.8)
Cost of revenue127.1163.0(35.9)
Selling, general and administrative25.820.25.6
Depreciation and amortization25.727.2(1.5)
Other operating income—(0.7)0.7
Income (loss) from operations$(6.1)$(15.4)$9.3
"} {"question": "If Depreciation and amortization in 2019 was 30.0 million, what would be the percentage change from 2018 to 2019?", "answer": ["10.29"], "context": "Segment Results of Operations In the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii) asset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating segments and compares the amount of the change between the periods presented (in millions). Marine Services Segment Net revenue: Net revenue from our Marine Services segment for the year ended December 31, 2019 decreased $21.8 million to $172.5 million from $194.3 million for the year ended December 31, 2018. The decrease was primarily driven by a decline in the volume of projects under execution across multiple reporting lines, including power cable repair in offshore renewables, telecom installation work, and a reduction in CWind Group revenue due to focusing on a mix of more profitable projects. Cost of revenue: Cost of revenue from our Marine Services segment for the year ended December 31, 2019 decreased $35.9 million to $127.1 million from $163.0 million for the year ended December 31, 2018. The decrease was driven by the reduction in revenue, improved vessel utilization, and higher than expected costs on a certain power construction project in the comparable period that were not repeated. Selling, general and administrative: Selling, general and administrative expenses from our Marine Services segment for the year ended December 31, 2019 increased $5.6 million to $25.8 million from $20.2 million for the year ended December 31, 2018. The increase was primarily due to higher disposition costs in the fourth quarter of 2019 related to the sale of the Marine Services segment. This was partially offset by a reversal of an accrual of bad debt expense in the current period due to a favorable receivable settlement during the quarter. See Note 24. Subsequent Events for the summary of the subsequent events. Depreciation and amortization: Depreciation and amortization from our Marine Services segment for the year ended December 31, 2019 decreased $1.5 million to $25.7 million from $27.2 million for the year ended December 31, 2018. The decrease was largely attributable to the disposal of assets during the year. Other operating income: Other operating income decreased $0.7 million from $0.7 million of income for the year ended December 31, 2018, as a result of an impairment expense recorded in 2019 due to the under-utilization of assets on one of the segment's barges.
Years Ended December 31,
20192018Increase / (Decrease)
Net revenue$172.5$194.3$(21.8)
Cost of revenue127.1163.0(35.9)
Selling, general and administrative25.820.25.6
Depreciation and amortization25.727.2(1.5)
Other operating income—(0.7)0.7
Income (loss) from operations$(6.1)$(15.4)$9.3
"} {"question": "What is the difference in company restaurant sales between 2017 and 2018 if the value in 2018 was $300,000 instead?", "answer": ["136558"], "context": "
201920182017
Company restaurant sales$—$192,620$436,558
Franchise revenues—9,33720,065
Company restaurant costs (excluding depreciation and amortization)—(166,122)(357,370)
Franchise costs (excluding depreciation and amortization)—(2,338)(4,993)
Selling, general and administrative expenses174(19,286)(36,706)
Depreciation and amortization—(5,012)(21,500)
Impairment and other charges, net(262)(2,305)(15,061)
Interest expense, net—(4,787)(9,025)
Operating (loss) earnings from discontinued operations before income taxes(88)2,10711,968
(Loss) gain on Qdoba Sale(85)30,717—
(Loss) earnings from discontinued operations before income taxes(173)32,82411,968
Income tax benefit (expense)2,863(15,726)(4,518)
Earnings from discontinued operations, net of income taxes$2,690$17,098$7,450
Net earnings per share from discontinued operations:
Basic$0.10$0.60$0.24
Diluted$0.10$0.59$0.24
The following table summarizes the Qdoba results for each period (in thousands, except per share data): Selling, general and administrative expenses presented in the table above include corporate costs directly in support of Qdoba operations. All other corporate costs were classified in results of continuing operations. Our credit facility required us to make a mandatory prepayment (“Qdoba Prepayment”) on our term loan upon the closing of the Qdoba Sale, which was $260.0 million. Interest expense associated with our credit facility was allocated to discontinued operations based on our estimate of the mandatory prepayment that was made upon closing of the Qdoba Sale. Lease guarantees — While all operating leases held in the name of Qdoba were part of the Qdoba Sale, some of the leases remain guaranteed by the Company pursuant to one or more written guarantees (the “Guarantees”). In the event Qdoba fails to meet its payment and performance obligations under such guaranteed leases, we may be required to make rent and other payments to the landlord under the requirements of the Guarantees. Should we, as guarantor of the lease obligations, be required to make any lease payments due for the remaining term of the subject lease(s) subsequent to March 21, 2018, the maximum amount we may be required to pay is approximately$32.1 million as ofSeptember 29, 2019. The lease terms extend for a maximum of approximately16 more years as of September 29, 2019, and we would remain a guarantor of the leases in the event the leases are extended for any established renewal periods. In the event that we are obligated to make payments under the Guarantees, we believe the exposure is limited due to contractual protections and recourse available in the lease agreements, as well as the Qdoba Purchase Agreement, including a requirement of the landlord to mitigate damages by re-letting the properties in default, and indemnity from the Buyer. Qdoba continues to meet its obligations under these leases and there have not been any events that would indicate that Qdoba will not continue to meet the obligations of the leases. As such, we have not recorded a liability for the Guarantees as of September 29, 2019 as the likelihood of Qdoba defaulting on the assigned agreements was deemed to be less than probable."} {"question": "What is the average basic net earnings per share from discontinued operations from 2017-2019 if the value in 2017 is $0.50 instead?", "answer": ["0.4"], "context": "
201920182017
Company restaurant sales$—$192,620$436,558
Franchise revenues—9,33720,065
Company restaurant costs (excluding depreciation and amortization)—(166,122)(357,370)
Franchise costs (excluding depreciation and amortization)—(2,338)(4,993)
Selling, general and administrative expenses174(19,286)(36,706)
Depreciation and amortization—(5,012)(21,500)
Impairment and other charges, net(262)(2,305)(15,061)
Interest expense, net—(4,787)(9,025)
Operating (loss) earnings from discontinued operations before income taxes(88)2,10711,968
(Loss) gain on Qdoba Sale(85)30,717—
(Loss) earnings from discontinued operations before income taxes(173)32,82411,968
Income tax benefit (expense)2,863(15,726)(4,518)
Earnings from discontinued operations, net of income taxes$2,690$17,098$7,450
Net earnings per share from discontinued operations:
Basic$0.10$0.60$0.24
Diluted$0.10$0.59$0.24
The following table summarizes the Qdoba results for each period (in thousands, except per share data): Selling, general and administrative expenses presented in the table above include corporate costs directly in support of Qdoba operations. All other corporate costs were classified in results of continuing operations. Our credit facility required us to make a mandatory prepayment (“Qdoba Prepayment”) on our term loan upon the closing of the Qdoba Sale, which was $260.0 million. Interest expense associated with our credit facility was allocated to discontinued operations based on our estimate of the mandatory prepayment that was made upon closing of the Qdoba Sale. Lease guarantees — While all operating leases held in the name of Qdoba were part of the Qdoba Sale, some of the leases remain guaranteed by the Company pursuant to one or more written guarantees (the “Guarantees”). In the event Qdoba fails to meet its payment and performance obligations under such guaranteed leases, we may be required to make rent and other payments to the landlord under the requirements of the Guarantees. Should we, as guarantor of the lease obligations, be required to make any lease payments due for the remaining term of the subject lease(s) subsequent to March 21, 2018, the maximum amount we may be required to pay is approximately$32.1 million as ofSeptember 29, 2019. The lease terms extend for a maximum of approximately16 more years as of September 29, 2019, and we would remain a guarantor of the leases in the event the leases are extended for any established renewal periods. In the event that we are obligated to make payments under the Guarantees, we believe the exposure is limited due to contractual protections and recourse available in the lease agreements, as well as the Qdoba Purchase Agreement, including a requirement of the landlord to mitigate damages by re-letting the properties in default, and indemnity from the Buyer. Qdoba continues to meet its obligations under these leases and there have not been any events that would indicate that Qdoba will not continue to meet the obligations of the leases. As such, we have not recorded a liability for the Guarantees as of September 29, 2019 as the likelihood of Qdoba defaulting on the assigned agreements was deemed to be less than probable."} {"question": "What is the difference in franchise revenues between 2017 and 2018 if the value in 2018 was $15,000 instead?", "answer": ["5065"], "context": "
201920182017
Company restaurant sales$—$192,620$436,558
Franchise revenues—9,33720,065
Company restaurant costs (excluding depreciation and amortization)—(166,122)(357,370)
Franchise costs (excluding depreciation and amortization)—(2,338)(4,993)
Selling, general and administrative expenses174(19,286)(36,706)
Depreciation and amortization—(5,012)(21,500)
Impairment and other charges, net(262)(2,305)(15,061)
Interest expense, net—(4,787)(9,025)
Operating (loss) earnings from discontinued operations before income taxes(88)2,10711,968
(Loss) gain on Qdoba Sale(85)30,717—
(Loss) earnings from discontinued operations before income taxes(173)32,82411,968
Income tax benefit (expense)2,863(15,726)(4,518)
Earnings from discontinued operations, net of income taxes$2,690$17,098$7,450
Net earnings per share from discontinued operations:
Basic$0.10$0.60$0.24
Diluted$0.10$0.59$0.24
The following table summarizes the Qdoba results for each period (in thousands, except per share data): Selling, general and administrative expenses presented in the table above include corporate costs directly in support of Qdoba operations. All other corporate costs were classified in results of continuing operations. Our credit facility required us to make a mandatory prepayment (“Qdoba Prepayment”) on our term loan upon the closing of the Qdoba Sale, which was $260.0 million. Interest expense associated with our credit facility was allocated to discontinued operations based on our estimate of the mandatory prepayment that was made upon closing of the Qdoba Sale. Lease guarantees — While all operating leases held in the name of Qdoba were part of the Qdoba Sale, some of the leases remain guaranteed by the Company pursuant to one or more written guarantees (the “Guarantees”). In the event Qdoba fails to meet its payment and performance obligations under such guaranteed leases, we may be required to make rent and other payments to the landlord under the requirements of the Guarantees. Should we, as guarantor of the lease obligations, be required to make any lease payments due for the remaining term of the subject lease(s) subsequent to March 21, 2018, the maximum amount we may be required to pay is approximately$32.1 million as ofSeptember 29, 2019. The lease terms extend for a maximum of approximately16 more years as of September 29, 2019, and we would remain a guarantor of the leases in the event the leases are extended for any established renewal periods. In the event that we are obligated to make payments under the Guarantees, we believe the exposure is limited due to contractual protections and recourse available in the lease agreements, as well as the Qdoba Purchase Agreement, including a requirement of the landlord to mitigate damages by re-letting the properties in default, and indemnity from the Buyer. Qdoba continues to meet its obligations under these leases and there have not been any events that would indicate that Qdoba will not continue to meet the obligations of the leases. As such, we have not recorded a liability for the Guarantees as of September 29, 2019 as the likelihood of Qdoba defaulting on the assigned agreements was deemed to be less than probable."} {"question": "What would be the increase/ (decrease) in External revenue, if the value in 2018 is increased to 1,800 million", "answer": ["104"], "context": "The increase in Global Financing total revenue was driven by an increase in internal revenue, partially offset by a decrease in external revenue. Internal revenue grew 9.5 percent driven by increases in internal financing (up 17.6 percent) and internal used equipment sales (up 6.8 percent). External revenue declined 6.3 percent due to a decrease in external used equipment sales (down 30.8 percent), partially offset by an increase in external financing (up 4.9 percent). The increase in Global Financing pre-tax income was primarily driven by an increase in gross profit and a decrease in total expense.
($ in millions)
For the year ended December 31:20182017Yr.-to-Yr. Percent Change
Results of Operations
External revenue$1,590$1,696(6.3)%
Internal revenue1,6101,4719.5
Total revenue$3,200$3,1681.0%
Pre-tax income$1,361$1,2786.5%
"} {"question": "What would be the increase/ (decrease) in Internal Revenue, if the value in 2018 is increased to 1,798 million", "answer": ["327"], "context": "The increase in Global Financing total revenue was driven by an increase in internal revenue, partially offset by a decrease in external revenue. Internal revenue grew 9.5 percent driven by increases in internal financing (up 17.6 percent) and internal used equipment sales (up 6.8 percent). External revenue declined 6.3 percent due to a decrease in external used equipment sales (down 30.8 percent), partially offset by an increase in external financing (up 4.9 percent). The increase in Global Financing pre-tax income was primarily driven by an increase in gross profit and a decrease in total expense.
($ in millions)
For the year ended December 31:20182017Yr.-to-Yr. Percent Change
Results of Operations
External revenue$1,590$1,696(6.3)%
Internal revenue1,6101,4719.5
Total revenue$3,200$3,1681.0%
Pre-tax income$1,361$1,2786.5%
"} {"question": "If the Internal Revenue in 2018 increases to 1,798 million, what is the revised average?", "answer": ["1634.5"], "context": "The increase in Global Financing total revenue was driven by an increase in internal revenue, partially offset by a decrease in external revenue. Internal revenue grew 9.5 percent driven by increases in internal financing (up 17.6 percent) and internal used equipment sales (up 6.8 percent). External revenue declined 6.3 percent due to a decrease in external used equipment sales (down 30.8 percent), partially offset by an increase in external financing (up 4.9 percent). The increase in Global Financing pre-tax income was primarily driven by an increase in gross profit and a decrease in total expense.
($ in millions)
For the year ended December 31:20182017Yr.-to-Yr. Percent Change
Results of Operations
External revenue$1,590$1,696(6.3)%
Internal revenue1,6101,4719.5
Total revenue$3,200$3,1681.0%
Pre-tax income$1,361$1,2786.5%
"} {"question": "What would be the change in current lease liability between January and December if current lease liability in December was $3,000 thousand instead?", "answer": ["52"], "context": "Note 9 – Leases We have operating leases for office space, automobiles and various other equipment in the U.S. and in certain international locations. We also reviewed other contracts, such as manufacturing agreements and service agreements, for potential embedded leases. We specifically reviewed these other contracts to determine whether we have the right to substantially all of the economic benefit from the use of any specified assets or the right to direct the use of any specified assets, either of which would indicate the existence of a lease. As of December 31, 2019, our operating leases had remaining lease terms of one month to six years, some of which included options to extend the leases for up to nine years, and some of which included options to terminate the leases within three months. For those leases that are reasonably assured to be renewed, we have included the option to extend as part of our right of use asset and lease liability. Leases with an initial term of 12 months or less were not recorded on the balance sheet and lease expense for these leases is recognized on a straight-line basis over the lease term. Lease expense related to these short-term leases was $0.4 million for the twelve months ended December 31, 2019, and is included in cost of sales, selling, general and administrative expenses and research and development expenses in the Consolidated Statements of Income. Lease expense related to variable lease payments that do not depend on an index or rate, such as real estate taxes and insurance reimbursements, was $0.9 million for the twelve months ended December 31, 2019. For lease agreements entered into or reassessed after the adoption of Topic 842, we elected to not separate lease and nonlease components. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to operating leases is as follows: (1) Reflects the adoption of the new lease accounting standard on January 1, 2019.
(In thousands)ClassificationDecember 31, 2019January 1, 2019 (1)
Assets
Right of use lease assetsOther Assets$8,452$10,322
Total lease asset$8,452$10,322
Liabilities
Current lease liabilityAccrued expenses$2,676$2,948
Non-current lease liabilityOther non-current liabilities5,8187,374
Total lease liability$8,494$10,322
"} {"question": "What would be the change in total lease asset between January and December if total lease asset in December was $12,000 thousand instead?", "answer": ["1678"], "context": "Note 9 – Leases We have operating leases for office space, automobiles and various other equipment in the U.S. and in certain international locations. We also reviewed other contracts, such as manufacturing agreements and service agreements, for potential embedded leases. We specifically reviewed these other contracts to determine whether we have the right to substantially all of the economic benefit from the use of any specified assets or the right to direct the use of any specified assets, either of which would indicate the existence of a lease. As of December 31, 2019, our operating leases had remaining lease terms of one month to six years, some of which included options to extend the leases for up to nine years, and some of which included options to terminate the leases within three months. For those leases that are reasonably assured to be renewed, we have included the option to extend as part of our right of use asset and lease liability. Leases with an initial term of 12 months or less were not recorded on the balance sheet and lease expense for these leases is recognized on a straight-line basis over the lease term. Lease expense related to these short-term leases was $0.4 million for the twelve months ended December 31, 2019, and is included in cost of sales, selling, general and administrative expenses and research and development expenses in the Consolidated Statements of Income. Lease expense related to variable lease payments that do not depend on an index or rate, such as real estate taxes and insurance reimbursements, was $0.9 million for the twelve months ended December 31, 2019. For lease agreements entered into or reassessed after the adoption of Topic 842, we elected to not separate lease and nonlease components. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to operating leases is as follows: (1) Reflects the adoption of the new lease accounting standard on January 1, 2019.
(In thousands)ClassificationDecember 31, 2019January 1, 2019 (1)
Assets
Right of use lease assetsOther Assets$8,452$10,322
Total lease asset$8,452$10,322
Liabilities
Current lease liabilityAccrued expenses$2,676$2,948
Non-current lease liabilityOther non-current liabilities5,8187,374
Total lease liability$8,494$10,322
"} {"question": "What would be the percentage change in total lease liability between January and December if the total lease liability in December was $12,000 thousand instead?", "answer": ["16.26"], "context": "Note 9 – Leases We have operating leases for office space, automobiles and various other equipment in the U.S. and in certain international locations. We also reviewed other contracts, such as manufacturing agreements and service agreements, for potential embedded leases. We specifically reviewed these other contracts to determine whether we have the right to substantially all of the economic benefit from the use of any specified assets or the right to direct the use of any specified assets, either of which would indicate the existence of a lease. As of December 31, 2019, our operating leases had remaining lease terms of one month to six years, some of which included options to extend the leases for up to nine years, and some of which included options to terminate the leases within three months. For those leases that are reasonably assured to be renewed, we have included the option to extend as part of our right of use asset and lease liability. Leases with an initial term of 12 months or less were not recorded on the balance sheet and lease expense for these leases is recognized on a straight-line basis over the lease term. Lease expense related to these short-term leases was $0.4 million for the twelve months ended December 31, 2019, and is included in cost of sales, selling, general and administrative expenses and research and development expenses in the Consolidated Statements of Income. Lease expense related to variable lease payments that do not depend on an index or rate, such as real estate taxes and insurance reimbursements, was $0.9 million for the twelve months ended December 31, 2019. For lease agreements entered into or reassessed after the adoption of Topic 842, we elected to not separate lease and nonlease components. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to operating leases is as follows: (1) Reflects the adoption of the new lease accounting standard on January 1, 2019.
(In thousands)ClassificationDecember 31, 2019January 1, 2019 (1)
Assets
Right of use lease assetsOther Assets$8,452$10,322
Total lease asset$8,452$10,322
Liabilities
Current lease liabilityAccrued expenses$2,676$2,948
Non-current lease liabilityOther non-current liabilities5,8187,374
Total lease liability$8,494$10,322
"} {"question": "What would the percentage change in the interest income from 2018 to 2019 be if the amount in 2019 was 100,000 thousand instead?", "answer": ["16.53"], "context": "Note 6: Other Expense, Net The significant components of other expense, net, were as follows: Interest income in the year ended June 30, 2019, increased compared to the years ended June 24, 2018, and June 25, 2017, primarily as a result of higher yield. Interest expense in the year ended June 30, 2019, increased compared to the year ended June 24, 2018, primarily due to issuance of the $2.5 billion of senior notes. Interest expense in the year ended June 24, 2018, decreased compared to the year ended June 25, 2017, primarily due to the conversions of 2018 and 2041 Convertible Notes as well as the retirement of the 2018 Convertible Notes in May 2018. The gain on deferred compensation plan related assets in fiscal years 2019, 2018 and 2017 was driven by an improvement in the fair market value of the underlying funds. The loss on impairment of investments in the year ended June 24, 2018 was the result of a decision to sell selected investments held in foreign jurisdictions in connection with the Company’s cash repatriation strategy following the December 2017 U.S. tax reform. Net loss on extinguishment of debt realized in the year ended June 25, 2017, was primarily a result of the special mandatory redemption of the Senior Notes due 2023 and 2026, as well as the termination of the Term Loan Agreement.
June 30, 2019June 24, 2018June 25, 2017
(in thousands)
Interest income$98,771$85,813$57,858
Interest expense(117,263)(97,387)(117,734)
Gains on deferred compensation plan related assets, net10,46414,69217,880
Loss on impairment of investments—(42,456)—
Gains (losses) on extinguishment of debt, net118542(36,252)
Foreign exchange gains (losses), net826(3,382)(569)
Other, net(11,077)(19,332)(11,642)
$(18,161)$(61,510)$(90,459)
"} {"question": "What would the percentage change in the net gains on extinguishment of debt from 2018 to 2019 be if the amount in 2019 was 200 thousand instead?", "answer": ["-63.1"], "context": "Note 6: Other Expense, Net The significant components of other expense, net, were as follows: Interest income in the year ended June 30, 2019, increased compared to the years ended June 24, 2018, and June 25, 2017, primarily as a result of higher yield. Interest expense in the year ended June 30, 2019, increased compared to the year ended June 24, 2018, primarily due to issuance of the $2.5 billion of senior notes. Interest expense in the year ended June 24, 2018, decreased compared to the year ended June 25, 2017, primarily due to the conversions of 2018 and 2041 Convertible Notes as well as the retirement of the 2018 Convertible Notes in May 2018. The gain on deferred compensation plan related assets in fiscal years 2019, 2018 and 2017 was driven by an improvement in the fair market value of the underlying funds. The loss on impairment of investments in the year ended June 24, 2018 was the result of a decision to sell selected investments held in foreign jurisdictions in connection with the Company’s cash repatriation strategy following the December 2017 U.S. tax reform. Net loss on extinguishment of debt realized in the year ended June 25, 2017, was primarily a result of the special mandatory redemption of the Senior Notes due 2023 and 2026, as well as the termination of the Term Loan Agreement.
June 30, 2019June 24, 2018June 25, 2017
(in thousands)
Interest income$98,771$85,813$57,858
Interest expense(117,263)(97,387)(117,734)
Gains on deferred compensation plan related assets, net10,46414,69217,880
Loss on impairment of investments—(42,456)—
Gains (losses) on extinguishment of debt, net118542(36,252)
Foreign exchange gains (losses), net826(3,382)(569)
Other, net(11,077)(19,332)(11,642)
$(18,161)$(61,510)$(90,459)
"} {"question": "What would the percentage change in the foreign exchange losses from 2017 to 2018 be if the amount in 2018 was (2,000) thousand instead?", "answer": ["251.49"], "context": "Note 6: Other Expense, Net The significant components of other expense, net, were as follows: Interest income in the year ended June 30, 2019, increased compared to the years ended June 24, 2018, and June 25, 2017, primarily as a result of higher yield. Interest expense in the year ended June 30, 2019, increased compared to the year ended June 24, 2018, primarily due to issuance of the $2.5 billion of senior notes. Interest expense in the year ended June 24, 2018, decreased compared to the year ended June 25, 2017, primarily due to the conversions of 2018 and 2041 Convertible Notes as well as the retirement of the 2018 Convertible Notes in May 2018. The gain on deferred compensation plan related assets in fiscal years 2019, 2018 and 2017 was driven by an improvement in the fair market value of the underlying funds. The loss on impairment of investments in the year ended June 24, 2018 was the result of a decision to sell selected investments held in foreign jurisdictions in connection with the Company’s cash repatriation strategy following the December 2017 U.S. tax reform. Net loss on extinguishment of debt realized in the year ended June 25, 2017, was primarily a result of the special mandatory redemption of the Senior Notes due 2023 and 2026, as well as the termination of the Term Loan Agreement.
June 30, 2019June 24, 2018June 25, 2017
(in thousands)
Interest income$98,771$85,813$57,858
Interest expense(117,263)(97,387)(117,734)
Gains on deferred compensation plan related assets, net10,46414,69217,880
Loss on impairment of investments—(42,456)—
Gains (losses) on extinguishment of debt, net118542(36,252)
Foreign exchange gains (losses), net826(3,382)(569)
Other, net(11,077)(19,332)(11,642)
$(18,161)$(61,510)$(90,459)
"} {"question": "What would be the percentage change in plan asset fair value allocated in Canada equity securities between 2018 and 2019 if the percentage accorded in 2019 is doubled and then increased by 5%?", "answer": ["28.8"], "context": "30. EMPLOYEE BENEFIT PLANS (cont.) The fair value of the plan assets were allocated as follows between the various types of investments: Plan assets are valued at the measurement date of December 31 each year. The investments are made in accordance with the Statement of Investment Policies and Procedures. The Statement of Investment Policies and Procedures is reviewed on an annual basis by the Management Level Pension Fund Investment Committee with approval of the policy being provided by the Audit Committee.
As at December 31,20192018
Equity securities
Canada22.3%20.8%
United States19.8%12.7%
International (other than United States)14.1%18.1%
Fixed income instruments
Canada41.2%45.7%
Cash and cash equivalents
Canada2.6%2.7%
"} {"question": "What would be the total percentage of plan asset fair value allocated to fixed income instruments in 2018 and 2019 if the total is halved and then decreased by 50%?", "answer": ["-6.55"], "context": "30. EMPLOYEE BENEFIT PLANS (cont.) The fair value of the plan assets were allocated as follows between the various types of investments: Plan assets are valued at the measurement date of December 31 each year. The investments are made in accordance with the Statement of Investment Policies and Procedures. The Statement of Investment Policies and Procedures is reviewed on an annual basis by the Management Level Pension Fund Investment Committee with approval of the policy being provided by the Audit Committee.
As at December 31,20192018
Equity securities
Canada22.3%20.8%
United States19.8%12.7%
International (other than United States)14.1%18.1%
Fixed income instruments
Canada41.2%45.7%
Cash and cash equivalents
Canada2.6%2.7%
"} {"question": "What would be the total percentage of plan asset fair value allocated to cash and cash equivalents in 2019 if the total is decreased by 10%?", "answer": ["4.77"], "context": "30. EMPLOYEE BENEFIT PLANS (cont.) The fair value of the plan assets were allocated as follows between the various types of investments: Plan assets are valued at the measurement date of December 31 each year. The investments are made in accordance with the Statement of Investment Policies and Procedures. The Statement of Investment Policies and Procedures is reviewed on an annual basis by the Management Level Pension Fund Investment Committee with approval of the policy being provided by the Audit Committee.
As at December 31,20192018
Equity securities
Canada22.3%20.8%
United States19.8%12.7%
International (other than United States)14.1%18.1%
Fixed income instruments
Canada41.2%45.7%
Cash and cash equivalents
Canada2.6%2.7%
"} {"question": "What would be the average total cash, cash equivalents, and marketable securities in 2015 and 2016 if the amount in 2016 is decreased by $50,000?", "answer": ["176394.5"], "context": "ITEM 6. SELECTED FINANCIAL DATA The selected financial data presented below has been derived from our audited consolidated financial statements. This data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data” of this Annual Report. (2) We retrospectively adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” in 2018. As a result, we have adjusted balances for 2017 and 2016. We have not adjusted 2015 for ASU 2014-09. (3) On January 1, 2019, we adopted Accounting Standards Codification 842 “Leases” (“ASC 842”) using the modified retrospective method, reflecting any cumulative effect as an adjustment to equity. Results for reporting periods beginning on or after January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historical accounting under ASC 840 “Leases.”
December 31.
(in thousands)20192018201720162015
Consolidated Balance Sheet Data (2) (3):
Total cash, cash equivalents, and marketable securities$68,363$207,423$223,748$133,761$219,078
Goodwill$79,039$72,858$72,952$73,164$46,776
Total assets$984,812$982,553$1,012,753$867,135$627,758
Total stockholders’ equity$539,010$621,531$655,870$548,940$322,859
"} {"question": "What would be the percentage change in the company's goodwill between 2017 and 2018 if goodwill in 2018 is increased by $500,000?", "answer": ["0.56"], "context": "ITEM 6. SELECTED FINANCIAL DATA The selected financial data presented below has been derived from our audited consolidated financial statements. This data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data” of this Annual Report. (2) We retrospectively adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” in 2018. As a result, we have adjusted balances for 2017 and 2016. We have not adjusted 2015 for ASU 2014-09. (3) On January 1, 2019, we adopted Accounting Standards Codification 842 “Leases” (“ASC 842”) using the modified retrospective method, reflecting any cumulative effect as an adjustment to equity. Results for reporting periods beginning on or after January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historical accounting under ASC 840 “Leases.”
December 31.
(in thousands)20192018201720162015
Consolidated Balance Sheet Data (2) (3):
Total cash, cash equivalents, and marketable securities$68,363$207,423$223,748$133,761$219,078
Goodwill$79,039$72,858$72,952$73,164$46,776
Total assets$984,812$982,553$1,012,753$867,135$627,758
Total stockholders’ equity$539,010$621,531$655,870$548,940$322,859
"} {"question": "What would be the percentage change in the company's goodwill between 2018 and 2019 if goodwill in 2019 is increased by 10%?", "answer": ["19.33"], "context": "ITEM 6. SELECTED FINANCIAL DATA The selected financial data presented below has been derived from our audited consolidated financial statements. This data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data” of this Annual Report. (2) We retrospectively adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” in 2018. As a result, we have adjusted balances for 2017 and 2016. We have not adjusted 2015 for ASU 2014-09. (3) On January 1, 2019, we adopted Accounting Standards Codification 842 “Leases” (“ASC 842”) using the modified retrospective method, reflecting any cumulative effect as an adjustment to equity. Results for reporting periods beginning on or after January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historical accounting under ASC 840 “Leases.”
December 31.
(in thousands)20192018201720162015
Consolidated Balance Sheet Data (2) (3):
Total cash, cash equivalents, and marketable securities$68,363$207,423$223,748$133,761$219,078
Goodwill$79,039$72,858$72,952$73,164$46,776
Total assets$984,812$982,553$1,012,753$867,135$627,758
Total stockholders’ equity$539,010$621,531$655,870$548,940$322,859
"} {"question": "What would be the company's average sales and marketing expenses in 2018 and 2019 if its 2018 expenses is decreased by $10,000,000?", "answer": ["14630.5"], "context": "Sales and Marketing Sales and marketing expenses in 2019 decreased by $7.6 million, or 32%, as compared to 2018. This decrease was primarily due to a reduction in the global sales support and marketing headcount, including reductions that were part of our restructuring activities during 2019 (refer to Note 4 of the accompanying consolidated financial statements), contributing to net decreases of $4.8 million in personnel-related costs, and $1.0 million in allocated facilities and information technology costs as compared to 2018. Restructuring costs in 2019 decreased $0.4 million, as there were additional restructuring activities in 2018, including a headcount reduction of approximately 13% of our workforce and the closure of certain leased facilities. The remaining decrease during 2019 was primarily the result of lower marketing costs of $0.6 million, as we eliminated or shifted the timing of certain of our marketing activities.
Years Ended December 31,Change
20192018$%
(dollars in thousands)
Sales and marketing$15,836$23,425$(7,589)(32)%
Percent of revenues, net32%40%
"} {"question": "What would be the value of the change between 2018 and 2019's sales and marketing expenses as a percentage of the 2018 sales and marketing expenses if the value of change is $8,000,000 while the value in 2018 remains constant?", "answer": ["34.15"], "context": "Sales and Marketing Sales and marketing expenses in 2019 decreased by $7.6 million, or 32%, as compared to 2018. This decrease was primarily due to a reduction in the global sales support and marketing headcount, including reductions that were part of our restructuring activities during 2019 (refer to Note 4 of the accompanying consolidated financial statements), contributing to net decreases of $4.8 million in personnel-related costs, and $1.0 million in allocated facilities and information technology costs as compared to 2018. Restructuring costs in 2019 decreased $0.4 million, as there were additional restructuring activities in 2018, including a headcount reduction of approximately 13% of our workforce and the closure of certain leased facilities. The remaining decrease during 2019 was primarily the result of lower marketing costs of $0.6 million, as we eliminated or shifted the timing of certain of our marketing activities.
Years Ended December 31,Change
20192018$%
(dollars in thousands)
Sales and marketing$15,836$23,425$(7,589)(32)%
Percent of revenues, net32%40%
"} {"question": "What would be the value of the change in 2018 and 2019's sales and marketing expenses as a percentage of the 2019 sales and marketing expenses if the value of change is $8,000,000 while the value in 2019 remains constant?", "answer": ["50.52"], "context": "Sales and Marketing Sales and marketing expenses in 2019 decreased by $7.6 million, or 32%, as compared to 2018. This decrease was primarily due to a reduction in the global sales support and marketing headcount, including reductions that were part of our restructuring activities during 2019 (refer to Note 4 of the accompanying consolidated financial statements), contributing to net decreases of $4.8 million in personnel-related costs, and $1.0 million in allocated facilities and information technology costs as compared to 2018. Restructuring costs in 2019 decreased $0.4 million, as there were additional restructuring activities in 2018, including a headcount reduction of approximately 13% of our workforce and the closure of certain leased facilities. The remaining decrease during 2019 was primarily the result of lower marketing costs of $0.6 million, as we eliminated or shifted the timing of certain of our marketing activities.
Years Ended December 31,Change
20192018$%
(dollars in thousands)
Sales and marketing$15,836$23,425$(7,589)(32)%
Percent of revenues, net32%40%
"} {"question": "In which year would the amount of deferred income be the largest if the amount in 2019 was $76.8 million instead?", "answer": ["2019"], "context": "29. Contract balances The following table provides information about receivables and contract liabilities from contracts with customers. The Group does not have any contract assets. There was no revenue recognised in 2019, 2018 or 2017 from performance obligations satisfied in previous periods. The timing of revenue recognition, invoicing and cash collections results in trade receivables, deferred income and advance customer payments received on account on the balance sheet. The Group receives payments from customers based on a billing schedule, as established in the contract. Trade receivables are recognised when the right to consideration becomes unconditional. Contract liabilities are recognised as revenue as (or when) the Group performs under the contract. The Group also recognises incremental costs incurred to obtain a contract as an asset if it expects to recover those costs. Such costs are presented in the balance sheet as assets recognised from costs to obtain a contract and disclosed in note 21.
201920182017
Notes$ million$ million$ million
Trade receivables20128.7123.4113.8
Contract liabilities
Payments received on account232.31.03.8
Deferred income2566.869.672.7
69.170.676.5
Revenue recognised in the period from amounts included in contract liabilities at the beginning of the period56.265.562.1
"} {"question": "What would the change in trade receivables in 2019 from 2018 be if the amount in 2019 was $129.4 million instead?", "answer": ["6"], "context": "29. Contract balances The following table provides information about receivables and contract liabilities from contracts with customers. The Group does not have any contract assets. There was no revenue recognised in 2019, 2018 or 2017 from performance obligations satisfied in previous periods. The timing of revenue recognition, invoicing and cash collections results in trade receivables, deferred income and advance customer payments received on account on the balance sheet. The Group receives payments from customers based on a billing schedule, as established in the contract. Trade receivables are recognised when the right to consideration becomes unconditional. Contract liabilities are recognised as revenue as (or when) the Group performs under the contract. The Group also recognises incremental costs incurred to obtain a contract as an asset if it expects to recover those costs. Such costs are presented in the balance sheet as assets recognised from costs to obtain a contract and disclosed in note 21.
201920182017
Notes$ million$ million$ million
Trade receivables20128.7123.4113.8
Contract liabilities
Payments received on account232.31.03.8
Deferred income2566.869.672.7
69.170.676.5
Revenue recognised in the period from amounts included in contract liabilities at the beginning of the period56.265.562.1
"} {"question": "What would the percentage change in trade receivables in 2019 from 2018 be if the amount in 2019 was $129.4 million instead?", "answer": ["4.86"], "context": "29. Contract balances The following table provides information about receivables and contract liabilities from contracts with customers. The Group does not have any contract assets. There was no revenue recognised in 2019, 2018 or 2017 from performance obligations satisfied in previous periods. The timing of revenue recognition, invoicing and cash collections results in trade receivables, deferred income and advance customer payments received on account on the balance sheet. The Group receives payments from customers based on a billing schedule, as established in the contract. Trade receivables are recognised when the right to consideration becomes unconditional. Contract liabilities are recognised as revenue as (or when) the Group performs under the contract. The Group also recognises incremental costs incurred to obtain a contract as an asset if it expects to recover those costs. Such costs are presented in the balance sheet as assets recognised from costs to obtain a contract and disclosed in note 21.
201920182017
Notes$ million$ million$ million
Trade receivables20128.7123.4113.8
Contract liabilities
Payments received on account232.31.03.8
Deferred income2566.869.672.7
69.170.676.5
Revenue recognised in the period from amounts included in contract liabilities at the beginning of the period56.265.562.1
"} {"question": "What would be the change in Share-based compensation expense between 2018 and 2019 if Share-based compensation expense in 2019 was $200 million instead?", "answer": ["10"], "context": "The following table presents the components of the deferred tax assets and liabilities (in millions): As of July 27, 2019, our federal, state, and foreign net operating loss carryforwards for income tax purposes were $676 million, $1 billion, and $756 million, respectively. A significant amount of the net operating loss carryforwards relates to acquisitions and, as a result, is limited in the amount that can be recognized in any one year. If not utilized, the federal, state and foreign net operating loss carryforwards will begin to expire in fiscal 2020. We have provided a valuation allowance of $111 million for deferred tax assets related to foreign net operating losses that are not expected to be realized. As of July 27, 2019, our federal, state, and foreign tax credit carryforwards for income tax purposes were approximately $25 million, $1.1 billion, and $5 million, respectively. The federal tax credit carryforwards will begin to expire in fiscal 2020. The majority of state and foreign tax credits can be carried forward indefinitely. We have provided a valuation allowance of $346 million for deferred tax assets related to state and foreign tax credits that are not expected to be realized.
July 27, 2019July 28, 2018
ASSETS
Allowance for doubtful accounts and returns .$ 127$ 285
Sales-type and direct-financing leases176171
Inventory write-downs and capitalization409289
Investment provisions .—54
IPR&D, goodwill, and purchased intangible assets1,42763
Deferred revenue .1,1501,584
Credits and net operating loss carryforwards .1,2411,087
Share-based compensation expense164190
Accrued compensation342370
Other419408
Gross deferred tax assets5,4554,501
Valuation allowance(457)(374)
Total deferred tax assets .4,9984,127
LIABILITIES
Purchased intangible assets .(705)(753)
Depreciation .(141)(118)
Unrealized gains on investments .(70)(33)
Other(112)(145)
Total deferred tax liabilities(1,028)(1,049)
Total net deferred tax assets$3,970$3,078
"} {"question": "What would be the change in Accrued compensation between 2018 and 2019 if accrued compensation in 2019 was $400 million instead?", "answer": ["30"], "context": "The following table presents the components of the deferred tax assets and liabilities (in millions): As of July 27, 2019, our federal, state, and foreign net operating loss carryforwards for income tax purposes were $676 million, $1 billion, and $756 million, respectively. A significant amount of the net operating loss carryforwards relates to acquisitions and, as a result, is limited in the amount that can be recognized in any one year. If not utilized, the federal, state and foreign net operating loss carryforwards will begin to expire in fiscal 2020. We have provided a valuation allowance of $111 million for deferred tax assets related to foreign net operating losses that are not expected to be realized. As of July 27, 2019, our federal, state, and foreign tax credit carryforwards for income tax purposes were approximately $25 million, $1.1 billion, and $5 million, respectively. The federal tax credit carryforwards will begin to expire in fiscal 2020. The majority of state and foreign tax credits can be carried forward indefinitely. We have provided a valuation allowance of $346 million for deferred tax assets related to state and foreign tax credits that are not expected to be realized.
July 27, 2019July 28, 2018
ASSETS
Allowance for doubtful accounts and returns .$ 127$ 285
Sales-type and direct-financing leases176171
Inventory write-downs and capitalization409289
Investment provisions .—54
IPR&D, goodwill, and purchased intangible assets1,42763
Deferred revenue .1,1501,584
Credits and net operating loss carryforwards .1,2411,087
Share-based compensation expense164190
Accrued compensation342370
Other419408
Gross deferred tax assets5,4554,501
Valuation allowance(457)(374)
Total deferred tax assets .4,9984,127
LIABILITIES
Purchased intangible assets .(705)(753)
Depreciation .(141)(118)
Unrealized gains on investments .(70)(33)
Other(112)(145)
Total deferred tax liabilities(1,028)(1,049)
Total net deferred tax assets$3,970$3,078
"} {"question": "What would be the percentage change in total deferred tax assets between 2018 and 2019 if total deferred tax assets in 2019 was $6,000 million instead?", "answer": ["45.38"], "context": "The following table presents the components of the deferred tax assets and liabilities (in millions): As of July 27, 2019, our federal, state, and foreign net operating loss carryforwards for income tax purposes were $676 million, $1 billion, and $756 million, respectively. A significant amount of the net operating loss carryforwards relates to acquisitions and, as a result, is limited in the amount that can be recognized in any one year. If not utilized, the federal, state and foreign net operating loss carryforwards will begin to expire in fiscal 2020. We have provided a valuation allowance of $111 million for deferred tax assets related to foreign net operating losses that are not expected to be realized. As of July 27, 2019, our federal, state, and foreign tax credit carryforwards for income tax purposes were approximately $25 million, $1.1 billion, and $5 million, respectively. The federal tax credit carryforwards will begin to expire in fiscal 2020. The majority of state and foreign tax credits can be carried forward indefinitely. We have provided a valuation allowance of $346 million for deferred tax assets related to state and foreign tax credits that are not expected to be realized.
July 27, 2019July 28, 2018
ASSETS
Allowance for doubtful accounts and returns .$ 127$ 285
Sales-type and direct-financing leases176171
Inventory write-downs and capitalization409289
Investment provisions .—54
IPR&D, goodwill, and purchased intangible assets1,42763
Deferred revenue .1,1501,584
Credits and net operating loss carryforwards .1,2411,087
Share-based compensation expense164190
Accrued compensation342370
Other419408
Gross deferred tax assets5,4554,501
Valuation allowance(457)(374)
Total deferred tax assets .4,9984,127
LIABILITIES
Purchased intangible assets .(705)(753)
Depreciation .(141)(118)
Unrealized gains on investments .(70)(33)
Other(112)(145)
Total deferred tax liabilities(1,028)(1,049)
Total net deferred tax assets$3,970$3,078
"} {"question": "How many years did the total deferred amount of income tax provision exceed $1,000 thousand if the total deferred amount in 2018 was $1,500 thousand instead?", "answer": ["3"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 18 — Income Taxes Significant components of income tax provision/(benefit) are as follows:
Years Ended December 31,
201920182017
Current:
U.S.$(391)$(397)$1,635
Non-U.S.10,66612,5387,150
Total Current10,27512,1418,785
Deferred:
U.S.558(330)17,597
Non-U.S.3,287(240)(577)
Total Deferred3,845(570)17,020
Total provision for income taxes$14,120$11,571$25,805
"} {"question": "What would be the change in the total current income tax provision between 2017 and 2018 if the total current amount in 2017 was $12,000 thousand instead?", "answer": ["141"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 18 — Income Taxes Significant components of income tax provision/(benefit) are as follows:
Years Ended December 31,
201920182017
Current:
U.S.$(391)$(397)$1,635
Non-U.S.10,66612,5387,150
Total Current10,27512,1418,785
Deferred:
U.S.558(330)17,597
Non-U.S.3,287(240)(577)
Total Deferred3,845(570)17,020
Total provision for income taxes$14,120$11,571$25,805
"} {"question": "What would be the percentage change in the Total provision for income taxes between 2018 and 2019 if the total provision for income taxes in 2019 was $15,000 thousand instead?", "answer": ["29.63"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 18 — Income Taxes Significant components of income tax provision/(benefit) are as follows:
Years Ended December 31,
201920182017
Current:
U.S.$(391)$(397)$1,635
Non-U.S.10,66612,5387,150
Total Current10,27512,1418,785
Deferred:
U.S.558(330)17,597
Non-U.S.3,287(240)(577)
Total Deferred3,845(570)17,020
Total provision for income taxes$14,120$11,571$25,805
"} {"question": "If Gregory S. Clark 's FY19 target was 2,000,000 instead, What would be the total FY19 target($) for all NEOs?", "answer": ["4008000"], "context": "Executive Annual Incentive Plan Target Opportunities: The following table presents each NEO’s target incentive opportunity for FY19 under the FY19 Executive Annual Incentive Plan (the ‘‘FY19 EAIP’’): (1) In connection with Mr. Kapuria’s promotion, his FY19 Individual Annual Incentive Target under the FY19 EAIP increased from 60% to 100% effective May 8, 2018. Mr. Kapuria’s prorated target annual incentive value for FY19 is $427,451.
FY19 Individual AnnualFY19
NEOIncentive Target (%)Target ($)
Gregory S. Clark1501,500,000
Nicholas R. Noviello100650,000
Amy L. Cappellanti-Wolf70308,000
Samir Kapuria(1)100450,000
Scott C. Taylor100600,000
"} {"question": "If Gregory S. Clark 's FY19 target ($) was 2,000,000 instead, What would be the average FY19 target for NEOs?", "answer": ["801600"], "context": "Executive Annual Incentive Plan Target Opportunities: The following table presents each NEO’s target incentive opportunity for FY19 under the FY19 Executive Annual Incentive Plan (the ‘‘FY19 EAIP’’): (1) In connection with Mr. Kapuria’s promotion, his FY19 Individual Annual Incentive Target under the FY19 EAIP increased from 60% to 100% effective May 8, 2018. Mr. Kapuria’s prorated target annual incentive value for FY19 is $427,451.
FY19 Individual AnnualFY19
NEOIncentive Target (%)Target ($)
Gregory S. Clark1501,500,000
Nicholas R. Noviello100650,000
Amy L. Cappellanti-Wolf70308,000
Samir Kapuria(1)100450,000
Scott C. Taylor100600,000
"} {"question": "If Nicholas R. Noviello's FY19 target was $900,000, Who would be the NEO(s) with a FY19 target above the average?", "answer": ["Gregory S. Clark", "Nicholas R. Noviello"], "context": "Executive Annual Incentive Plan Target Opportunities: The following table presents each NEO’s target incentive opportunity for FY19 under the FY19 Executive Annual Incentive Plan (the ‘‘FY19 EAIP’’): (1) In connection with Mr. Kapuria’s promotion, his FY19 Individual Annual Incentive Target under the FY19 EAIP increased from 60% to 100% effective May 8, 2018. Mr. Kapuria’s prorated target annual incentive value for FY19 is $427,451.
FY19 Individual AnnualFY19
NEOIncentive Target (%)Target ($)
Gregory S. Clark1501,500,000
Nicholas R. Noviello100650,000
Amy L. Cappellanti-Wolf70308,000
Samir Kapuria(1)100450,000
Scott C. Taylor100600,000
"} {"question": "If the Total deferred tax assets in December 31, 2019 increased to 3,861 what is the revised increase / (decrease) from 2018 to 2019?", "answer": ["1606"], "context": "For a particular tax-paying component of the Company and within a particular tax jurisdiction, all current deferred tax liabilities and assets are offset and presented as a single amount, similarly to non-current deferred tax liabilities and assets. The Company does not offset deferred tax liabilities and assets attributable to different tax-paying components or to different tax jurisdictions. The net deferred tax assets are recorded in legal entities which have been historically profitable and are expected to be profitable in the next coming years.
December 31, 2019December 31, 2018
Tax loss carryforwards and investment credits612603
Less unrecognized tax benefit(21)(20)
Tax loss carry forwards net of unrecognized tax benefit591583
Inventory valuation2828
Impairment and restructuring charges614
Fixed asset depreciation in arrears3935
Increased depreciation incentives213211
Capitalized development costs118108
Receivables for government funding1411
Tax credits granted on past capital investments1,1511,155
Pension service costs8165
Stock awards67
Operating lease liabilities40—
Commercial accruals1512
Other temporary differences2226
Total deferred tax assets2,3242,255
Valuation allowances(1,534)(1,548)
Deferred tax assets, net790707
Accelerated fixed asset depreciation(20)(16)
Acquired intangible assets(16)(13)
Advances of government funding(31)(12)
Operating lease right-of-use assets(40)—
Other temporary differences(7)(7)
Deferred tax liabilities(114)(48)
Net deferred income tax asset676659
"} {"question": "If the Deferred tax liabilities in December 31, 2019 increased to 191 what is the revised increase / (decrease) from 2018 to 2019?", "answer": ["143"], "context": "For a particular tax-paying component of the Company and within a particular tax jurisdiction, all current deferred tax liabilities and assets are offset and presented as a single amount, similarly to non-current deferred tax liabilities and assets. The Company does not offset deferred tax liabilities and assets attributable to different tax-paying components or to different tax jurisdictions. The net deferred tax assets are recorded in legal entities which have been historically profitable and are expected to be profitable in the next coming years.
December 31, 2019December 31, 2018
Tax loss carryforwards and investment credits612603
Less unrecognized tax benefit(21)(20)
Tax loss carry forwards net of unrecognized tax benefit591583
Inventory valuation2828
Impairment and restructuring charges614
Fixed asset depreciation in arrears3935
Increased depreciation incentives213211
Capitalized development costs118108
Receivables for government funding1411
Tax credits granted on past capital investments1,1511,155
Pension service costs8165
Stock awards67
Operating lease liabilities40—
Commercial accruals1512
Other temporary differences2226
Total deferred tax assets2,3242,255
Valuation allowances(1,534)(1,548)
Deferred tax assets, net790707
Accelerated fixed asset depreciation(20)(16)
Acquired intangible assets(16)(13)
Advances of government funding(31)(12)
Operating lease right-of-use assets(40)—
Other temporary differences(7)(7)
Deferred tax liabilities(114)(48)
Net deferred income tax asset676659
"} {"question": "If the In Net deferred income tax asset in December 31, 2019 increased to 881 , what is the revised increase / (decrease) from 2018 to 2019?", "answer": ["222"], "context": "For a particular tax-paying component of the Company and within a particular tax jurisdiction, all current deferred tax liabilities and assets are offset and presented as a single amount, similarly to non-current deferred tax liabilities and assets. The Company does not offset deferred tax liabilities and assets attributable to different tax-paying components or to different tax jurisdictions. The net deferred tax assets are recorded in legal entities which have been historically profitable and are expected to be profitable in the next coming years.
December 31, 2019December 31, 2018
Tax loss carryforwards and investment credits612603
Less unrecognized tax benefit(21)(20)
Tax loss carry forwards net of unrecognized tax benefit591583
Inventory valuation2828
Impairment and restructuring charges614
Fixed asset depreciation in arrears3935
Increased depreciation incentives213211
Capitalized development costs118108
Receivables for government funding1411
Tax credits granted on past capital investments1,1511,155
Pension service costs8165
Stock awards67
Operating lease liabilities40—
Commercial accruals1512
Other temporary differences2226
Total deferred tax assets2,3242,255
Valuation allowances(1,534)(1,548)
Deferred tax assets, net790707
Accelerated fixed asset depreciation(20)(16)
Acquired intangible assets(16)(13)
Advances of government funding(31)(12)
Operating lease right-of-use assets(40)—
Other temporary differences(7)(7)
Deferred tax liabilities(114)(48)
Net deferred income tax asset676659
"} {"question": "If the Total interest expense for year 2019 was adjusted to be lowered by $0.5(in millions), What is the Total interest expense for years 2017-2019?", "answer": ["545.7"], "context": "Interest expense, net includes the stated interest rate on our outstanding debt, as well as the net impact of capitalized interest, interest income, the effects of terminated interest rate swaps and the amortization of capitalized senior debt issuance costs and credit facility fees, bond discounts, and terminated treasury locks. Interest expense, net for the years ended December 31, was as follows: (1) We repaid the notes upon maturity in July 2017. (2) On August 1, 2019, Sealed Air Corporation, on behalf of itself and certain of its subsidiaries, and Sealed Air Corporation (US) entered into an amendment to its existing senior secured credit facility with Bank of America, N.A., as agent, and the other financial institutions party thereto. The amendment provided for a new incremental term facility in an aggregate principal amount of up to $475 million, to be used, in part, to finance the acquisition of Automated. See Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements for further details. (3) On July 12, 2018, the Company and certain of its subsidiaries entered into a third amended and restated credit agreement with respect to its existing senior secured credit facility. See Note 14, “Debt and Credit Facilities,” of the Notes to Consolidated Financial Statements for further details. (4) In November 2019, the Company issued $425 million of 4.00% Senior Notes due 2027 and used the proceeds to retire the existing $425 million of 6.50% Senior Notes due 2020. See Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements for further details.
Year Ended December 31,2019 vs. 20182018 vs. 2017
(In millions)201920182017ChangeChange
Interest expense on our various debt instruments:
Term Loan A due July 2017(1)$ —$ —$ 3.6$ —$ (3.6)
Term Loan A due July 2022(2)6.8——6.8—
Term Loan A due July 2023(3)8.58.918.6(0.4)(9.7)
Revolving credit facility due July 2023(3)1.41.92.4(0.5)(0.5)
6.50% Senior Notes due December 2020(4)25.428.128.1(2.7)—
4.875% Senior Notes due December 202221.521.521.5——
5.25% Senior Notes due April 202323.123.123.0—0.1
4.50% Senior Notes due September 202320.721.821.0(1.1)0.8
5.125% Senior Notes due December 202422.422.422.3—0.1
5.50% Senior Notes due September 202522.422.422.3—0.1
4.00% Senior Notes due December 2027(4)1.7——1.7—
6.875% Senior Notes due July 203331.131.031.00.1—
Other interest expense19.418.218.31.2(0.1)
Less: capitalized interest(8.4)(6.3)(10.3)(2.1)4.0
Less: interest income(11.9)(15.1)(17.6)3.22.5
Total$ 184.1$ 177.9$ 184.2$ 6.2$ (6.3)
"} {"question": "If the interest expense for 4.50% Senior Notes due September 2023 was increased to 20.9(in millions) for Year 2019, For the year 2019, what is the interest expense for Senior Notes due from 2020-2023 inclusive?", "answer": ["90.9"], "context": "Interest expense, net includes the stated interest rate on our outstanding debt, as well as the net impact of capitalized interest, interest income, the effects of terminated interest rate swaps and the amortization of capitalized senior debt issuance costs and credit facility fees, bond discounts, and terminated treasury locks. Interest expense, net for the years ended December 31, was as follows: (1) We repaid the notes upon maturity in July 2017. (2) On August 1, 2019, Sealed Air Corporation, on behalf of itself and certain of its subsidiaries, and Sealed Air Corporation (US) entered into an amendment to its existing senior secured credit facility with Bank of America, N.A., as agent, and the other financial institutions party thereto. The amendment provided for a new incremental term facility in an aggregate principal amount of up to $475 million, to be used, in part, to finance the acquisition of Automated. See Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements for further details. (3) On July 12, 2018, the Company and certain of its subsidiaries entered into a third amended and restated credit agreement with respect to its existing senior secured credit facility. See Note 14, “Debt and Credit Facilities,” of the Notes to Consolidated Financial Statements for further details. (4) In November 2019, the Company issued $425 million of 4.00% Senior Notes due 2027 and used the proceeds to retire the existing $425 million of 6.50% Senior Notes due 2020. See Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements for further details.
Year Ended December 31,2019 vs. 20182018 vs. 2017
(In millions)201920182017ChangeChange
Interest expense on our various debt instruments:
Term Loan A due July 2017(1)$ —$ —$ 3.6$ —$ (3.6)
Term Loan A due July 2022(2)6.8——6.8—
Term Loan A due July 2023(3)8.58.918.6(0.4)(9.7)
Revolving credit facility due July 2023(3)1.41.92.4(0.5)(0.5)
6.50% Senior Notes due December 2020(4)25.428.128.1(2.7)—
4.875% Senior Notes due December 202221.521.521.5——
5.25% Senior Notes due April 202323.123.123.0—0.1
4.50% Senior Notes due September 202320.721.821.0(1.1)0.8
5.125% Senior Notes due December 202422.422.422.3—0.1
5.50% Senior Notes due September 202522.422.422.3—0.1
4.00% Senior Notes due December 2027(4)1.7——1.7—
6.875% Senior Notes due July 203331.131.031.00.1—
Other interest expense19.418.218.31.2(0.1)
Less: capitalized interest(8.4)(6.3)(10.3)(2.1)4.0
Less: interest income(11.9)(15.1)(17.6)3.22.5
Total$ 184.1$ 177.9$ 184.2$ 6.2$ (6.3)
"} {"question": "If the Total interest expense for 2018 was $180.5(in millions) instead, What is the change of the percentage change of Total interest expense from 2018 vs. 2017 to 2019 vs. 2018?", "answer": ["4"], "context": "Interest expense, net includes the stated interest rate on our outstanding debt, as well as the net impact of capitalized interest, interest income, the effects of terminated interest rate swaps and the amortization of capitalized senior debt issuance costs and credit facility fees, bond discounts, and terminated treasury locks. Interest expense, net for the years ended December 31, was as follows: (1) We repaid the notes upon maturity in July 2017. (2) On August 1, 2019, Sealed Air Corporation, on behalf of itself and certain of its subsidiaries, and Sealed Air Corporation (US) entered into an amendment to its existing senior secured credit facility with Bank of America, N.A., as agent, and the other financial institutions party thereto. The amendment provided for a new incremental term facility in an aggregate principal amount of up to $475 million, to be used, in part, to finance the acquisition of Automated. See Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements for further details. (3) On July 12, 2018, the Company and certain of its subsidiaries entered into a third amended and restated credit agreement with respect to its existing senior secured credit facility. See Note 14, “Debt and Credit Facilities,” of the Notes to Consolidated Financial Statements for further details. (4) In November 2019, the Company issued $425 million of 4.00% Senior Notes due 2027 and used the proceeds to retire the existing $425 million of 6.50% Senior Notes due 2020. See Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements for further details.
Year Ended December 31,2019 vs. 20182018 vs. 2017
(In millions)201920182017ChangeChange
Interest expense on our various debt instruments:
Term Loan A due July 2017(1)$ —$ —$ 3.6$ —$ (3.6)
Term Loan A due July 2022(2)6.8——6.8—
Term Loan A due July 2023(3)8.58.918.6(0.4)(9.7)
Revolving credit facility due July 2023(3)1.41.92.4(0.5)(0.5)
6.50% Senior Notes due December 2020(4)25.428.128.1(2.7)—
4.875% Senior Notes due December 202221.521.521.5——
5.25% Senior Notes due April 202323.123.123.0—0.1
4.50% Senior Notes due September 202320.721.821.0(1.1)0.8
5.125% Senior Notes due December 202422.422.422.3—0.1
5.50% Senior Notes due September 202522.422.422.3—0.1
4.00% Senior Notes due December 2027(4)1.7——1.7—
6.875% Senior Notes due July 203331.131.031.00.1—
Other interest expense19.418.218.31.2(0.1)
Less: capitalized interest(8.4)(6.3)(10.3)(2.1)4.0
Less: interest income(11.9)(15.1)(17.6)3.22.5
Total$ 184.1$ 177.9$ 184.2$ 6.2$ (6.3)
"} {"question": "What would be the average cash, cash equivalents and marketable securities for 2018 and 2019 if cash, cash equivalents and marketable securities as at 2018 year end was $2,100,000 thousands)?", "answer": ["2277597"], "context": "Key Balance Sheet Information Total assets increased $1,234.7 million as at December 31, 2019 compared to December 31, 2018, principally due to a $485.5 million increase in cash, cash equivalents and marketable securities mainly as a result of the public offering in September 2019, which resulted in net proceeds of $688.0 million. Business acquisitions during the year, largely due to the acquisition of 6RS, further impacted total assets through an increase in goodwill of $273.8 million, a $141.2 million increase in intangible assets and a resulting decrease in cash due to the consideration paid. The remainder of the increase is due to: the adoption of the new lease accounting standard, further discussed in the \"Critical Accounting Policies and Estimates\" section below, which resulted in the addition of right-of-use assets totaling $134.8 million as at December 31, 2019; a $58.3 million increase in merchant cash advances and loans receivable; a $49.8 million increase in property and equipment, largely related to leaseholds for our offices; a $49.2 million increase in trade and other receivables largely due to an increase in indirect taxes receivable, unbilled revenue related to subscription fees for Plus merchants, transaction fees and shipping charges; and a $19.4 million increase in deferred tax assets. Total liabilities increased by $309.7 million, principally as a result of the adoption of the new leasing standard, which resulted in $126.8 million of additional lease liabilities related to obtaining right-of-use assets. Accounts payable and accrued liabilities increased by $84.2 million, which was due to an increase in indirect taxes payable, payroll liabilities, and payment processing and interchange fees, partly offset by a decrease in foreign exchange forward contract liabilities. The increase was also due to income taxes payable of $69.4 million driven largely by the one-time capital gain recognized in the period. Deferred tax liabilities increased by $7.6 million, due to the acquisition of 6RS. The growth in sales of our subscription solutions offering, along with the acquisition of 6RS, resulted in an increase of deferred revenue of $21.6 million.
December 31, 2019December 31, 2018
(in thousands)
Cash, cash equivalents and marketable securities$2,455,194$1,969,670
Total assets3,489,4792,254,785
Total liabilities473,745164,017
Total non-current liabilities157,36325,329
"} {"question": "What would be the average total assets for 2018 and 2019 if 2018 year end's total assets was $2,400,000 thousands?", "answer": ["2944739.5"], "context": "Key Balance Sheet Information Total assets increased $1,234.7 million as at December 31, 2019 compared to December 31, 2018, principally due to a $485.5 million increase in cash, cash equivalents and marketable securities mainly as a result of the public offering in September 2019, which resulted in net proceeds of $688.0 million. Business acquisitions during the year, largely due to the acquisition of 6RS, further impacted total assets through an increase in goodwill of $273.8 million, a $141.2 million increase in intangible assets and a resulting decrease in cash due to the consideration paid. The remainder of the increase is due to: the adoption of the new lease accounting standard, further discussed in the \"Critical Accounting Policies and Estimates\" section below, which resulted in the addition of right-of-use assets totaling $134.8 million as at December 31, 2019; a $58.3 million increase in merchant cash advances and loans receivable; a $49.8 million increase in property and equipment, largely related to leaseholds for our offices; a $49.2 million increase in trade and other receivables largely due to an increase in indirect taxes receivable, unbilled revenue related to subscription fees for Plus merchants, transaction fees and shipping charges; and a $19.4 million increase in deferred tax assets. Total liabilities increased by $309.7 million, principally as a result of the adoption of the new leasing standard, which resulted in $126.8 million of additional lease liabilities related to obtaining right-of-use assets. Accounts payable and accrued liabilities increased by $84.2 million, which was due to an increase in indirect taxes payable, payroll liabilities, and payment processing and interchange fees, partly offset by a decrease in foreign exchange forward contract liabilities. The increase was also due to income taxes payable of $69.4 million driven largely by the one-time capital gain recognized in the period. Deferred tax liabilities increased by $7.6 million, due to the acquisition of 6RS. The growth in sales of our subscription solutions offering, along with the acquisition of 6RS, resulted in an increase of deferred revenue of $21.6 million.
December 31, 2019December 31, 2018
(in thousands)
Cash, cash equivalents and marketable securities$2,455,194$1,969,670
Total assets3,489,4792,254,785
Total liabilities473,745164,017
Total non-current liabilities157,36325,329
"} {"question": "What would be the average total liabilities for 2018 and 2019 if 2018 year end's total liabilities was $175,000 thousands?", "answer": ["324372.5"], "context": "Key Balance Sheet Information Total assets increased $1,234.7 million as at December 31, 2019 compared to December 31, 2018, principally due to a $485.5 million increase in cash, cash equivalents and marketable securities mainly as a result of the public offering in September 2019, which resulted in net proceeds of $688.0 million. Business acquisitions during the year, largely due to the acquisition of 6RS, further impacted total assets through an increase in goodwill of $273.8 million, a $141.2 million increase in intangible assets and a resulting decrease in cash due to the consideration paid. The remainder of the increase is due to: the adoption of the new lease accounting standard, further discussed in the \"Critical Accounting Policies and Estimates\" section below, which resulted in the addition of right-of-use assets totaling $134.8 million as at December 31, 2019; a $58.3 million increase in merchant cash advances and loans receivable; a $49.8 million increase in property and equipment, largely related to leaseholds for our offices; a $49.2 million increase in trade and other receivables largely due to an increase in indirect taxes receivable, unbilled revenue related to subscription fees for Plus merchants, transaction fees and shipping charges; and a $19.4 million increase in deferred tax assets. Total liabilities increased by $309.7 million, principally as a result of the adoption of the new leasing standard, which resulted in $126.8 million of additional lease liabilities related to obtaining right-of-use assets. Accounts payable and accrued liabilities increased by $84.2 million, which was due to an increase in indirect taxes payable, payroll liabilities, and payment processing and interchange fees, partly offset by a decrease in foreign exchange forward contract liabilities. The increase was also due to income taxes payable of $69.4 million driven largely by the one-time capital gain recognized in the period. Deferred tax liabilities increased by $7.6 million, due to the acquisition of 6RS. The growth in sales of our subscription solutions offering, along with the acquisition of 6RS, resulted in an increase of deferred revenue of $21.6 million.
December 31, 2019December 31, 2018
(in thousands)
Cash, cash equivalents and marketable securities$2,455,194$1,969,670
Total assets3,489,4792,254,785
Total liabilities473,745164,017
Total non-current liabilities157,36325,329
"} {"question": "What would be the average number of outstanding options as at December 31, 2017 and 2018 if the number of options at 2018 is decreased by 500,000?", "answer": ["2163993"], "context": "STOCK OPTIONS The following is a summary of stock option activity during the years ended December 31, 2019 and 2018:
Number of Options OutstandingWeighted Average Exercise PriceAverage Remaining Contractual Life (in years)Aggregate Intrinsic Value (thousands)
Outstanding – December 31, 20172,341,340$1.775.78$1,087
Options granted376,6672.41
Options exercised224,4001.59
Options forfeited6,9611.42
Outstanding – December 31, 20182,486,646$1.897.01$1,550
Options granted50,8323.02
Options exercised-
Options forfeited181,2812.23
Outstanding – December 31, 20192,356,197$1.895.93$628
Exercisable – December 31, 20191,843,468$1.755.34$624
"} {"question": "What would be the percentage change in outstanding options between 2017 and 2018 if the options at 2018 is 3,000,000?", "answer": ["28.13"], "context": "STOCK OPTIONS The following is a summary of stock option activity during the years ended December 31, 2019 and 2018:
Number of Options OutstandingWeighted Average Exercise PriceAverage Remaining Contractual Life (in years)Aggregate Intrinsic Value (thousands)
Outstanding – December 31, 20172,341,340$1.775.78$1,087
Options granted376,6672.41
Options exercised224,4001.59
Options forfeited6,9611.42
Outstanding – December 31, 20182,486,646$1.897.01$1,550
Options granted50,8323.02
Options exercised-
Options forfeited181,2812.23
Outstanding – December 31, 20192,356,197$1.895.93$628
Exercisable – December 31, 20191,843,468$1.755.34$624
"} {"question": "What would be the percentage change in outstanding options between 2018 and 2019 if the number of outstanding shares in 2019 is increased by 1,000,000?", "answer": ["34.97"], "context": "STOCK OPTIONS The following is a summary of stock option activity during the years ended December 31, 2019 and 2018:
Number of Options OutstandingWeighted Average Exercise PriceAverage Remaining Contractual Life (in years)Aggregate Intrinsic Value (thousands)
Outstanding – December 31, 20172,341,340$1.775.78$1,087
Options granted376,6672.41
Options exercised224,4001.59
Options forfeited6,9611.42
Outstanding – December 31, 20182,486,646$1.897.01$1,550
Options granted50,8323.02
Options exercised-
Options forfeited181,2812.23
Outstanding – December 31, 20192,356,197$1.895.93$628
Exercisable – December 31, 20191,843,468$1.755.34$624
"} {"question": "In which year would the Ending balance, as of December 31 be the largest if the amount in 2017 was $46,263 thousand instead?", "answer": ["2017"], "context": "Teradyne’s gross unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017 were as follows: Current year additions relate to federal and state research credits. Prior year additions primarily relate to stock-based compensation. Prior year reductions are primarily composed of federal and state reserves related to transfer pricing and research credits and resulted from the completion of the 2015 U.S. federal audit in the first quarter of 2019. Of the $21.2 million of unrecognized tax benefits as of December 31, 2019, $12.7 million would impact the consolidated income tax rate if ultimately recognized. The remaining $8.5 million would impact deferred taxes if recognized. Teradyne does not anticipate a material change in the balance of unrecognized tax benefits as of December 31, 2019 in the next twelve months. Teradyne records all interest and penalties related to income taxes as a component of income tax expense. Accrued interest and penalties related to income tax items at December 31, 2019 and 2018 amounted to $1.4 million and $0.3 million, respectively. For the years ended December 31, 2019, 2018 and 2017, expense of $1.1 million, expense of $0.1 million and benefit of $0.1 million, respectively, was recorded for interest and penalties related to income tax items. Teradyne is subject to U.S. federal income tax, as well as income tax in multiple state, local and foreign jurisdictions. As of December 31, 2019, all material state and local income tax matters have been concluded through 2013, all material federal income tax matters have been concluded through 2015 and all material foreign income tax matters have been concluded through 2011. However, in some jurisdictions, including the United States, operating losses and tax credits may be subject to adjustment until such time as they are utilized and the year of utilization is closed to adjustment. As of December 31, 2019, Teradyne is not permanently reinvested with respect to the unremitted earnings of non-U.S. subsidiaries to the extent that those earnings exceed local statutory and operational requirements. Remittance of those earnings is not expected to result in material income tax.
201920182017
(in thousands)
Beginning balance, as of January 1$43,395$36,263$38,958
Additions:
Tax positions for current year1,3224,7168,208
Tax positions for prior years8,0432,626199
Reductions:
Tax positions for prior years(31,397)(153)(10,573)
Expiration of statutes(183)(57)(325)
Settlements with tax authorities——(204)
Ending balance, as of December 31$21,180$43,395$36,263
"} {"question": "What would the change in Beginning balance, as of January 1 in 2019 from 2018 be if the amount in 2019 was $44,000 thousand instead?", "answer": ["7737"], "context": "Teradyne’s gross unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017 were as follows: Current year additions relate to federal and state research credits. Prior year additions primarily relate to stock-based compensation. Prior year reductions are primarily composed of federal and state reserves related to transfer pricing and research credits and resulted from the completion of the 2015 U.S. federal audit in the first quarter of 2019. Of the $21.2 million of unrecognized tax benefits as of December 31, 2019, $12.7 million would impact the consolidated income tax rate if ultimately recognized. The remaining $8.5 million would impact deferred taxes if recognized. Teradyne does not anticipate a material change in the balance of unrecognized tax benefits as of December 31, 2019 in the next twelve months. Teradyne records all interest and penalties related to income taxes as a component of income tax expense. Accrued interest and penalties related to income tax items at December 31, 2019 and 2018 amounted to $1.4 million and $0.3 million, respectively. For the years ended December 31, 2019, 2018 and 2017, expense of $1.1 million, expense of $0.1 million and benefit of $0.1 million, respectively, was recorded for interest and penalties related to income tax items. Teradyne is subject to U.S. federal income tax, as well as income tax in multiple state, local and foreign jurisdictions. As of December 31, 2019, all material state and local income tax matters have been concluded through 2013, all material federal income tax matters have been concluded through 2015 and all material foreign income tax matters have been concluded through 2011. However, in some jurisdictions, including the United States, operating losses and tax credits may be subject to adjustment until such time as they are utilized and the year of utilization is closed to adjustment. As of December 31, 2019, Teradyne is not permanently reinvested with respect to the unremitted earnings of non-U.S. subsidiaries to the extent that those earnings exceed local statutory and operational requirements. Remittance of those earnings is not expected to result in material income tax.
201920182017
(in thousands)
Beginning balance, as of January 1$43,395$36,263$38,958
Additions:
Tax positions for current year1,3224,7168,208
Tax positions for prior years8,0432,626199
Reductions:
Tax positions for prior years(31,397)(153)(10,573)
Expiration of statutes(183)(57)(325)
Settlements with tax authorities——(204)
Ending balance, as of December 31$21,180$43,395$36,263
"} {"question": "What would the percentage change in Beginning balance, as of January 1 in 2019 from 2018 be if the amount in 2019 was $44,000 thousand instead?", "answer": ["21.34"], "context": "Teradyne’s gross unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017 were as follows: Current year additions relate to federal and state research credits. Prior year additions primarily relate to stock-based compensation. Prior year reductions are primarily composed of federal and state reserves related to transfer pricing and research credits and resulted from the completion of the 2015 U.S. federal audit in the first quarter of 2019. Of the $21.2 million of unrecognized tax benefits as of December 31, 2019, $12.7 million would impact the consolidated income tax rate if ultimately recognized. The remaining $8.5 million would impact deferred taxes if recognized. Teradyne does not anticipate a material change in the balance of unrecognized tax benefits as of December 31, 2019 in the next twelve months. Teradyne records all interest and penalties related to income taxes as a component of income tax expense. Accrued interest and penalties related to income tax items at December 31, 2019 and 2018 amounted to $1.4 million and $0.3 million, respectively. For the years ended December 31, 2019, 2018 and 2017, expense of $1.1 million, expense of $0.1 million and benefit of $0.1 million, respectively, was recorded for interest and penalties related to income tax items. Teradyne is subject to U.S. federal income tax, as well as income tax in multiple state, local and foreign jurisdictions. As of December 31, 2019, all material state and local income tax matters have been concluded through 2013, all material federal income tax matters have been concluded through 2015 and all material foreign income tax matters have been concluded through 2011. However, in some jurisdictions, including the United States, operating losses and tax credits may be subject to adjustment until such time as they are utilized and the year of utilization is closed to adjustment. As of December 31, 2019, Teradyne is not permanently reinvested with respect to the unremitted earnings of non-U.S. subsidiaries to the extent that those earnings exceed local statutory and operational requirements. Remittance of those earnings is not expected to result in material income tax.
201920182017
(in thousands)
Beginning balance, as of January 1$43,395$36,263$38,958
Additions:
Tax positions for current year1,3224,7168,208
Tax positions for prior years8,0432,626199
Reductions:
Tax positions for prior years(31,397)(153)(10,573)
Expiration of statutes(183)(57)(325)
Settlements with tax authorities——(204)
Ending balance, as of December 31$21,180$43,395$36,263
"} {"question": "If current debt in 2018 was $3,000,000 thousand, what would be the total liabilities in 2018?", "answer": ["7124800"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following selected consolidated financial data is derived from our Consolidated Financial Statements. As our historical operating results are not necessarily indicative of future operating results, this data should be read in conjunction with the Consolidated Financial Statements and notes thereto, and with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations. (1) On December 1, 2018, the beginning of our fiscal year 2019, we adopted the requirements of the Financial Accounting Standards Board’s Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, Topic 606, utilizing the modified retrospective method of transition. Prior period information has not been restated and continues to be reported under the accounting standard in effect for those periods. (2) As of November 29, 2019, working capital was in a deficit primarily due to the reclassification of our $2.25 billion term loan due April 30, 2020 and $900 million 4.75% senior notes due February 1, 2020 to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates. (3) Our fiscal year is a 52- or 53-week year that ends on the Friday closest to November 30. Fiscal 2016 was a 53-week fiscal year compared with the other periods presented which were 52-week fiscal years.
(in thousands, except per share amounts and employee data)Fiscal Years
2019(1)201820172016(3)2015
Operations:
Revenue:$11,171,297$9,030,008$7,301,505$5,854,430$4,795,511
Gross profit$9,498,577$7,835,009$6,291,014$5,034,522$4,051,194
Income before income taxes$3,204,741$2,793,876$2,137,641$1,435,138$873,781
Net income$2,951,458$2,590,774$1,693,954$1,168,782$629,551
Net income per share:
Basic$6.07$5.28$3.43$2.35$1.26
Diluted$6.00$5.20$3.38$2.32$1.24
Shares used to compute basic net income per share486,291490,564493,632498,345498,764
Shares used to compute diluted net income per share491,572497,843501,123504,299507,164
Financial position:
Cash, cash equivalents and short-term investments$4,176,976$3,228,962$5,819,774$4,761,300$3,988,084
Working capital(2)$(1,696,013)$555,913$3,720,356$3,028,139$2,608,336
Total assets$20,762,400$18,768,682$14,535,556$12,697,246$11,714,500
Debt, current$3,149,343$—$—$—$—
Debt, non-current$988,924$4,124,800$1,881,421$1,892,200$1,895,259
Stockholders’ equity$10,530,155$9,362,114$8,459,869$7,424,835$7,001,580
Additional data:
Worldwide employees22,63421,35717,97315,70613,893
"} {"question": "If gross profit was 8,000,000 in 2018, what will be the gross profit margin in 2018? ", "answer": ["88.59"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following selected consolidated financial data is derived from our Consolidated Financial Statements. As our historical operating results are not necessarily indicative of future operating results, this data should be read in conjunction with the Consolidated Financial Statements and notes thereto, and with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations. (1) On December 1, 2018, the beginning of our fiscal year 2019, we adopted the requirements of the Financial Accounting Standards Board’s Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, Topic 606, utilizing the modified retrospective method of transition. Prior period information has not been restated and continues to be reported under the accounting standard in effect for those periods. (2) As of November 29, 2019, working capital was in a deficit primarily due to the reclassification of our $2.25 billion term loan due April 30, 2020 and $900 million 4.75% senior notes due February 1, 2020 to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates. (3) Our fiscal year is a 52- or 53-week year that ends on the Friday closest to November 30. Fiscal 2016 was a 53-week fiscal year compared with the other periods presented which were 52-week fiscal years.
(in thousands, except per share amounts and employee data)Fiscal Years
2019(1)201820172016(3)2015
Operations:
Revenue:$11,171,297$9,030,008$7,301,505$5,854,430$4,795,511
Gross profit$9,498,577$7,835,009$6,291,014$5,034,522$4,051,194
Income before income taxes$3,204,741$2,793,876$2,137,641$1,435,138$873,781
Net income$2,951,458$2,590,774$1,693,954$1,168,782$629,551
Net income per share:
Basic$6.07$5.28$3.43$2.35$1.26
Diluted$6.00$5.20$3.38$2.32$1.24
Shares used to compute basic net income per share486,291490,564493,632498,345498,764
Shares used to compute diluted net income per share491,572497,843501,123504,299507,164
Financial position:
Cash, cash equivalents and short-term investments$4,176,976$3,228,962$5,819,774$4,761,300$3,988,084
Working capital(2)$(1,696,013)$555,913$3,720,356$3,028,139$2,608,336
Total assets$20,762,400$18,768,682$14,535,556$12,697,246$11,714,500
Debt, current$3,149,343$—$—$—$—
Debt, non-current$988,924$4,124,800$1,881,421$1,892,200$1,895,259
Stockholders’ equity$10,530,155$9,362,114$8,459,869$7,424,835$7,001,580
Additional data:
Worldwide employees22,63421,35717,97315,70613,893
"} {"question": "If the number of shares was 500,000 without change in basic net income per share, what is the total basic net income of shares in 2019?", "answer": ["3035000"], "context": "ITEM 6. SELECTED FINANCIAL DATA The following selected consolidated financial data is derived from our Consolidated Financial Statements. As our historical operating results are not necessarily indicative of future operating results, this data should be read in conjunction with the Consolidated Financial Statements and notes thereto, and with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations. (1) On December 1, 2018, the beginning of our fiscal year 2019, we adopted the requirements of the Financial Accounting Standards Board’s Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, Topic 606, utilizing the modified retrospective method of transition. Prior period information has not been restated and continues to be reported under the accounting standard in effect for those periods. (2) As of November 29, 2019, working capital was in a deficit primarily due to the reclassification of our $2.25 billion term loan due April 30, 2020 and $900 million 4.75% senior notes due February 1, 2020 to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates. (3) Our fiscal year is a 52- or 53-week year that ends on the Friday closest to November 30. Fiscal 2016 was a 53-week fiscal year compared with the other periods presented which were 52-week fiscal years.
(in thousands, except per share amounts and employee data)Fiscal Years
2019(1)201820172016(3)2015
Operations:
Revenue:$11,171,297$9,030,008$7,301,505$5,854,430$4,795,511
Gross profit$9,498,577$7,835,009$6,291,014$5,034,522$4,051,194
Income before income taxes$3,204,741$2,793,876$2,137,641$1,435,138$873,781
Net income$2,951,458$2,590,774$1,693,954$1,168,782$629,551
Net income per share:
Basic$6.07$5.28$3.43$2.35$1.26
Diluted$6.00$5.20$3.38$2.32$1.24
Shares used to compute basic net income per share486,291490,564493,632498,345498,764
Shares used to compute diluted net income per share491,572497,843501,123504,299507,164
Financial position:
Cash, cash equivalents and short-term investments$4,176,976$3,228,962$5,819,774$4,761,300$3,988,084
Working capital(2)$(1,696,013)$555,913$3,720,356$3,028,139$2,608,336
Total assets$20,762,400$18,768,682$14,535,556$12,697,246$11,714,500
Debt, current$3,149,343$—$—$—$—
Debt, non-current$988,924$4,124,800$1,881,421$1,892,200$1,895,259
Stockholders’ equity$10,530,155$9,362,114$8,459,869$7,424,835$7,001,580
Additional data:
Worldwide employees22,63421,35717,97315,70613,893
"} {"question": "How many years did Interchange fees exceed $50,000 thousand if interchange fees in 2019 was $55,000 thousand instead?", "answer": ["2"], "context": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated) Disaggregated revenue Revenue disaggregated by type of service was as follows for the periods presented: (1) For the year ended December 31, 2019, includes a $30,459 change in fair value of our servicing asset primarily associated with increases to the contractually specified fixed servicing fees for certain Bank Partners. Refer to Note 3 for additional information. (2) Other revenue includes miscellaneous revenue items that are individually immaterial. Other revenue is presented separately herein in order to clearly present merchant, interchange and servicing fees, which are more integral to our primary operations and better enable financial statement users to calculate metrics such as servicing and merchant fee yields. No assets were recognized from the costs to obtain or fulfill a contract with a customer as of December 31, 2019 and 2018. We recognized bad debt expense arising from our contracts with customers of $950, $1,294 and $817 during the years ended December 31, 2019, 2018 and 2017, respectively, which is recorded within general and administrative expense in our Consolidated Statements of Operations.
Year Ended December 31,
201920182017
Merchant fees$361,755$297,776$234,548
Interchange fees44,15051,12844,410
Transaction fees405,905348,904278,958
Servicing fees(1)123,69765,59746,575
Other(2)44172354
Servicing and other123,74165,76946,929
Total revenue$529,646$414,673$325,887
"} {"question": "What would be the change in the transaction fees between 2017 and 2019 if transaction fees in 2017 was $400,000 thousand instead?", "answer": ["5905"], "context": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated) Disaggregated revenue Revenue disaggregated by type of service was as follows for the periods presented: (1) For the year ended December 31, 2019, includes a $30,459 change in fair value of our servicing asset primarily associated with increases to the contractually specified fixed servicing fees for certain Bank Partners. Refer to Note 3 for additional information. (2) Other revenue includes miscellaneous revenue items that are individually immaterial. Other revenue is presented separately herein in order to clearly present merchant, interchange and servicing fees, which are more integral to our primary operations and better enable financial statement users to calculate metrics such as servicing and merchant fee yields. No assets were recognized from the costs to obtain or fulfill a contract with a customer as of December 31, 2019 and 2018. We recognized bad debt expense arising from our contracts with customers of $950, $1,294 and $817 during the years ended December 31, 2019, 2018 and 2017, respectively, which is recorded within general and administrative expense in our Consolidated Statements of Operations.
Year Ended December 31,
201920182017
Merchant fees$361,755$297,776$234,548
Interchange fees44,15051,12844,410
Transaction fees405,905348,904278,958
Servicing fees(1)123,69765,59746,575
Other(2)44172354
Servicing and other123,74165,76946,929
Total revenue$529,646$414,673$325,887
"} {"question": "What would be the percentage change in the total revenue between 2018 and 2019 if total revenue in 2019 was $500,000 thousand instead?", "answer": ["20.58"], "context": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated) Disaggregated revenue Revenue disaggregated by type of service was as follows for the periods presented: (1) For the year ended December 31, 2019, includes a $30,459 change in fair value of our servicing asset primarily associated with increases to the contractually specified fixed servicing fees for certain Bank Partners. Refer to Note 3 for additional information. (2) Other revenue includes miscellaneous revenue items that are individually immaterial. Other revenue is presented separately herein in order to clearly present merchant, interchange and servicing fees, which are more integral to our primary operations and better enable financial statement users to calculate metrics such as servicing and merchant fee yields. No assets were recognized from the costs to obtain or fulfill a contract with a customer as of December 31, 2019 and 2018. We recognized bad debt expense arising from our contracts with customers of $950, $1,294 and $817 during the years ended December 31, 2019, 2018 and 2017, respectively, which is recorded within general and administrative expense in our Consolidated Statements of Operations.
Year Ended December 31,
201920182017
Merchant fees$361,755$297,776$234,548
Interchange fees44,15051,12844,410
Transaction fees405,905348,904278,958
Servicing fees(1)123,69765,59746,575
Other(2)44172354
Servicing and other123,74165,76946,929
Total revenue$529,646$414,673$325,887
"} {"question": "If the compensation expense for 2017 was actually $29 million, what was the average compensation expense over the period from 2017 to 2019?", "answer": ["27.3"], "context": "1998 Employee Qualified Stock Purchase Plan (“ESPP”) Under Autodesk’s ESPP, which was approved by stockholders in 1998, eligible employees may purchase shares of Autodesk’s common stock at their discretion using up to 15% of their eligible compensation, subject to certain limitations, at 85% of the lower of Autodesk's closing price (fair market value) on the offering date or the exercise date. The offering period for ESPP awards consists of four, six-month exercise periods within a 24-month offering period. At January 31, 2019, a total of 8.1 million shares were available for future issuance. Under the ESPP, the Company issues shares on the first trading day following March 31 and September 30 of each fiscal year. The ESPP does not have an expiration date. A summary of the ESPP activity for the fiscal years ended January 31, 2019, 2018 and 2017 is as follows: Autodesk recorded $27.2 million, $25.7 million, and $25.9 million of compensation expense associated with the ESPP in fiscal 2019, 2018, and 2017, respectively.
Fiscal year ended January 31,
201920182017
Issued shares1.02.02.3
Average price of issued shares$90.25$39.03$36.99
Weighted average grant date fair value of awards granted under the ESPP$42.75$32.41$19.20
"} {"question": "If the 2017 weighted average grant date fair value of awards granted under the ESPP was actually $25.7, what is the change in the weighted average grant date fair value of awards granted under the ESPP from 2017 to 2018?", "answer": ["6.71"], "context": "1998 Employee Qualified Stock Purchase Plan (“ESPP”) Under Autodesk’s ESPP, which was approved by stockholders in 1998, eligible employees may purchase shares of Autodesk’s common stock at their discretion using up to 15% of their eligible compensation, subject to certain limitations, at 85% of the lower of Autodesk's closing price (fair market value) on the offering date or the exercise date. The offering period for ESPP awards consists of four, six-month exercise periods within a 24-month offering period. At January 31, 2019, a total of 8.1 million shares were available for future issuance. Under the ESPP, the Company issues shares on the first trading day following March 31 and September 30 of each fiscal year. The ESPP does not have an expiration date. A summary of the ESPP activity for the fiscal years ended January 31, 2019, 2018 and 2017 is as follows: Autodesk recorded $27.2 million, $25.7 million, and $25.9 million of compensation expense associated with the ESPP in fiscal 2019, 2018, and 2017, respectively.
Fiscal year ended January 31,
201920182017
Issued shares1.02.02.3
Average price of issued shares$90.25$39.03$36.99
Weighted average grant date fair value of awards granted under the ESPP$42.75$32.41$19.20
"} {"question": "If the compensation expense for 2016 was $25.8 million, what was the average compensation expense over the period from 2016 to 2019?", "answer": ["26.15"], "context": "1998 Employee Qualified Stock Purchase Plan (“ESPP”) Under Autodesk’s ESPP, which was approved by stockholders in 1998, eligible employees may purchase shares of Autodesk’s common stock at their discretion using up to 15% of their eligible compensation, subject to certain limitations, at 85% of the lower of Autodesk's closing price (fair market value) on the offering date or the exercise date. The offering period for ESPP awards consists of four, six-month exercise periods within a 24-month offering period. At January 31, 2019, a total of 8.1 million shares were available for future issuance. Under the ESPP, the Company issues shares on the first trading day following March 31 and September 30 of each fiscal year. The ESPP does not have an expiration date. A summary of the ESPP activity for the fiscal years ended January 31, 2019, 2018 and 2017 is as follows: Autodesk recorded $27.2 million, $25.7 million, and $25.9 million of compensation expense associated with the ESPP in fiscal 2019, 2018, and 2017, respectively.
Fiscal year ended January 31,
201920182017
Issued shares1.02.02.3
Average price of issued shares$90.25$39.03$36.99
Weighted average grant date fair value of awards granted under the ESPP$42.75$32.41$19.20
"} {"question": "In which year would the amount of Research and development be largest if the amount in 2018 was $2,247 thousand instead?", "answer": ["2019"], "context": "Stock Compensation Expense The following table shows total stock-based compensation expense and related tax benefits included in the Consolidated Statements of Operations for fiscal 2019, 2018 and 2017 (in thousands): As a result of our acquisition of Rofin on November 7, 2016, we made a payment of $15.3 million due to the cancellation of options held by employees of Rofin. The payment was allocated between total estimated merger consideration of $11.1 million and post-merger stock-based compensation expense of $4.2 million, recorded in the first quarter of fiscal 2017, based on the portion of the total service period of the underlying options that have not been completed by the merger date. During fiscal 2019, $4.8 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.8 million was amortized into cost of sales and $1.5 million remained in inventory at September 28, 2019. During fiscal 2018, $4.7 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.4 million was amortized into cost of sales and $1.5 million remained in inventory at September 29, 2018. At fiscal 2019 year-end, the total compensation cost related to unvested stock-based awards granted to employees under our stock plans but not yet recognized was approximately $33.1 million. We do not estimate forfeitures. This cost will be amortized on a straight-line basis over a weighted-average period of approximately 1.5 years.
Fiscal
201920182017
Cost of sales$4,880$4,403$3,541
Research and development2,9903,2472,973
Selling, general and administrative28,59625,08823,911
Income tax benefit(4,946)(5,073)(7,073)
$31,520$27,665$23,352
"} {"question": "What would the change in Research and development in 2019 from 2018 be if the amount in 2019 was $3,000 thousand instead?", "answer": ["-247"], "context": "Stock Compensation Expense The following table shows total stock-based compensation expense and related tax benefits included in the Consolidated Statements of Operations for fiscal 2019, 2018 and 2017 (in thousands): As a result of our acquisition of Rofin on November 7, 2016, we made a payment of $15.3 million due to the cancellation of options held by employees of Rofin. The payment was allocated between total estimated merger consideration of $11.1 million and post-merger stock-based compensation expense of $4.2 million, recorded in the first quarter of fiscal 2017, based on the portion of the total service period of the underlying options that have not been completed by the merger date. During fiscal 2019, $4.8 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.8 million was amortized into cost of sales and $1.5 million remained in inventory at September 28, 2019. During fiscal 2018, $4.7 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.4 million was amortized into cost of sales and $1.5 million remained in inventory at September 29, 2018. At fiscal 2019 year-end, the total compensation cost related to unvested stock-based awards granted to employees under our stock plans but not yet recognized was approximately $33.1 million. We do not estimate forfeitures. This cost will be amortized on a straight-line basis over a weighted-average period of approximately 1.5 years.
Fiscal
201920182017
Cost of sales$4,880$4,403$3,541
Research and development2,9903,2472,973
Selling, general and administrative28,59625,08823,911
Income tax benefit(4,946)(5,073)(7,073)
$31,520$27,665$23,352
"} {"question": "What would the percentage change in Research and development in 2019 from 2018 be if the amount in 2019 was $3,000 thousand instead?", "answer": ["-7.61"], "context": "Stock Compensation Expense The following table shows total stock-based compensation expense and related tax benefits included in the Consolidated Statements of Operations for fiscal 2019, 2018 and 2017 (in thousands): As a result of our acquisition of Rofin on November 7, 2016, we made a payment of $15.3 million due to the cancellation of options held by employees of Rofin. The payment was allocated between total estimated merger consideration of $11.1 million and post-merger stock-based compensation expense of $4.2 million, recorded in the first quarter of fiscal 2017, based on the portion of the total service period of the underlying options that have not been completed by the merger date. During fiscal 2019, $4.8 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.8 million was amortized into cost of sales and $1.5 million remained in inventory at September 28, 2019. During fiscal 2018, $4.7 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.4 million was amortized into cost of sales and $1.5 million remained in inventory at September 29, 2018. At fiscal 2019 year-end, the total compensation cost related to unvested stock-based awards granted to employees under our stock plans but not yet recognized was approximately $33.1 million. We do not estimate forfeitures. This cost will be amortized on a straight-line basis over a weighted-average period of approximately 1.5 years.
Fiscal
201920182017
Cost of sales$4,880$4,403$3,541
Research and development2,9903,2472,973
Selling, general and administrative28,59625,08823,911
Income tax benefit(4,946)(5,073)(7,073)
$31,520$27,665$23,352
"} {"question": "How many years did depreciation from APAC exceed $15,000 thousand instead if depreciation from APAC in 2017 was $12,000 thousand instead?", "answer": ["2"], "context": "11. Reportable Segments, Geographic Information and Major Customers Reportable 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, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole. Information about the Company’s three reportable segments for fiscal 2019, 2018 and 2017 is as follows (in thousands):
201920182017
Depreciation:
AMER$22,531$21,224$19,694
APAC16,90515,95415,588
EMEA6,1056,0545,467
Corporate5,3444,8634,581
50,88548,09545,330
Capital expenditures:
AMER$42,459$17,690$18,111
APAC33,45433,01813,816
EMEA5,1867,9235,748
Corporate9,5014,149863
$90,600$62,780$38,538
"} {"question": "What would be the change in Corporate Depreciation between 2018 and 2019 if corporate depreciation in 2018 was $5,000 thousand instead?", "answer": ["344"], "context": "11. Reportable Segments, Geographic Information and Major Customers Reportable 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, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole. Information about the Company’s three reportable segments for fiscal 2019, 2018 and 2017 is as follows (in thousands):
201920182017
Depreciation:
AMER$22,531$21,224$19,694
APAC16,90515,95415,588
EMEA6,1056,0545,467
Corporate5,3444,8634,581
50,88548,09545,330
Capital expenditures:
AMER$42,459$17,690$18,111
APAC33,45433,01813,816
EMEA5,1867,9235,748
Corporate9,5014,149863
$90,600$62,780$38,538
"} {"question": "What would be the percentage change in the total depreciation between 2017 and 2018 if the total depreciation in 2018 was $50,000 thousand instead?", "answer": ["10.3"], "context": "11. Reportable Segments, Geographic Information and Major Customers Reportable 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, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole. Information about the Company’s three reportable segments for fiscal 2019, 2018 and 2017 is as follows (in thousands):
201920182017
Depreciation:
AMER$22,531$21,224$19,694
APAC16,90515,95415,588
EMEA6,1056,0545,467
Corporate5,3444,8634,581
50,88548,09545,330
Capital expenditures:
AMER$42,459$17,690$18,111
APAC33,45433,01813,816
EMEA5,1867,9235,748
Corporate9,5014,149863
$90,600$62,780$38,538
"} {"question": "What would be the total pension discount rate for actuarial benefit obligation for 2018 and 2019 if the total is decreased by 15%?", "answer": ["5.95"], "context": "The following are the significant assumptions adopted in measuring the Company’s pension and other benefit obligations: For certain Canadian post-retirement plans the above trend rates are applicable for 2019 to 2024 which will increase linearly to 4.75% in 2029 and grading down to an ultimate rate of 3.57% per annum in 2040 and thereafter.
As at December 31,Pension 2019Other 2019Pension 2018Other 2018
Actuarial benefit obligation
Discount rate3.20%2.95% to 3.20%3.80%3.80% to 4.00%
Benefit costs for the year ended
Discount rate3.90%3.90% to 4.00%3.60%3.25% to 3.60%
Future salary growth2.50%N/A2.50%N/A
Health care cost trend rateN/A3.49% to 5.49%N/A4.50%
Other medical trend ratesN/A4.00% to 4.56%N/A4.50%
"} {"question": "What would be the percentage change in the pension discount rate for actuarial benefit obligations between 2018 and 2019 if the 2019 value is doubled and then increased by 5%?", "answer": ["7.6"], "context": "The following are the significant assumptions adopted in measuring the Company’s pension and other benefit obligations: For certain Canadian post-retirement plans the above trend rates are applicable for 2019 to 2024 which will increase linearly to 4.75% in 2029 and grading down to an ultimate rate of 3.57% per annum in 2040 and thereafter.
As at December 31,Pension 2019Other 2019Pension 2018Other 2018
Actuarial benefit obligation
Discount rate3.20%2.95% to 3.20%3.80%3.80% to 4.00%
Benefit costs for the year ended
Discount rate3.90%3.90% to 4.00%3.60%3.25% to 3.60%
Future salary growth2.50%N/A2.50%N/A
Health care cost trend rateN/A3.49% to 5.49%N/A4.50%
Other medical trend ratesN/A4.00% to 4.56%N/A4.50%
"} {"question": "What would be the difference in future salary growth assumed under pension 2018 and 2019 if the assumption under pension 2019 is 3.70% instead?", "answer": ["1.2"], "context": "The following are the significant assumptions adopted in measuring the Company’s pension and other benefit obligations: For certain Canadian post-retirement plans the above trend rates are applicable for 2019 to 2024 which will increase linearly to 4.75% in 2029 and grading down to an ultimate rate of 3.57% per annum in 2040 and thereafter.
As at December 31,Pension 2019Other 2019Pension 2018Other 2018
Actuarial benefit obligation
Discount rate3.20%2.95% to 3.20%3.80%3.80% to 4.00%
Benefit costs for the year ended
Discount rate3.90%3.90% to 4.00%3.60%3.25% to 3.60%
Future salary growth2.50%N/A2.50%N/A
Health care cost trend rateN/A3.49% to 5.49%N/A4.50%
Other medical trend ratesN/A4.00% to 4.56%N/A4.50%
"} {"question": "If cost of revenue in 2018 was 40,000 thousands, what would be the average value for 2018 and 2019?", "answer": ["35751.5"], "context": "Cost of Revenue Cost of revenue increased by $15.3 million in 2018 compared to 2017. The increase was primarily due to a $7.2 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 128 employees as of December 31, 2017 to 173 employees as of December 31, 2018. The remaining increase was principally the result of a $7.0 million increase in hosting, software and messaging costs, a $0.6 million increase attributed to office related expenses to support revenue generating activities and a $0.4 million increase in depreciation and amortization expense attributable to our acquired intangible assets. Gross margin percentage decreased due to our continued investment in personnel and infrastructure to support our growth in revenue.
Year Ended December 31,Change
20182017$%
(dollars in thousands)
Cost of revenue$ 46,810$ 31,503$ 15,30748.6%
Gross margin %68%70%
"} {"question": "If cost of revenue in 2018 was 35,000 thousands, in which year would the values be less than 40,000 thousands?", "answer": ["2018", "2017"], "context": "Cost of Revenue Cost of revenue increased by $15.3 million in 2018 compared to 2017. The increase was primarily due to a $7.2 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 128 employees as of December 31, 2017 to 173 employees as of December 31, 2018. The remaining increase was principally the result of a $7.0 million increase in hosting, software and messaging costs, a $0.6 million increase attributed to office related expenses to support revenue generating activities and a $0.4 million increase in depreciation and amortization expense attributable to our acquired intangible assets. Gross margin percentage decreased due to our continued investment in personnel and infrastructure to support our growth in revenue.
Year Ended December 31,Change
20182017$%
(dollars in thousands)
Cost of revenue$ 46,810$ 31,503$ 15,30748.6%
Gross margin %68%70%
"} {"question": "If Gross margin in 2018 was 72%, what would be the change in value from 2017 to 2018?", "answer": ["2"], "context": "Cost of Revenue Cost of revenue increased by $15.3 million in 2018 compared to 2017. The increase was primarily due to a $7.2 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 128 employees as of December 31, 2017 to 173 employees as of December 31, 2018. The remaining increase was principally the result of a $7.0 million increase in hosting, software and messaging costs, a $0.6 million increase attributed to office related expenses to support revenue generating activities and a $0.4 million increase in depreciation and amortization expense attributable to our acquired intangible assets. Gross margin percentage decreased due to our continued investment in personnel and infrastructure to support our growth in revenue.
Year Ended December 31,Change
20182017$%
(dollars in thousands)
Cost of revenue$ 46,810$ 31,503$ 15,30748.6%
Gross margin %68%70%
"} {"question": "What was the 2019 percentage change in pre-tax losses if pre-tax losses in 2019 was $20,000?", "answer": ["-21.27"], "context": "Effective Income Tax Rate A reconciliation of the United States federal statutory income tax rate to our effective income tax rate is as follows: In 2019 and 2018 we had pre-tax losses of $19,573 and $25,403, respectively, which are available for carry forward to offset future taxable income. We made determinations to provide full valuation allowances for our net deferred tax assets at the end of 2019 and 2018, including NOL carryforwards generated during the years, based on our evaluation of positive and negative evidence, including our history of operating losses and the uncertainty of generating future taxable income that would enable us to realize our deferred tax.
Year EndedYear Ended
December 31, 2018December 31, 2019
United States federal statutory rate21.00%21.00%
State taxes, net of federal benefit1.99%(0.01)%
Valuation allowance(21.96)%(24.33)%
Cumulative effect of accounting change—2.07%
R&D Credit1.34%1.53%
Other(0.38)%(0.27)%
Effective income tax rate1.99%(0.01)%
"} {"question": "What was the change in the United States federal statutory rate between 2018 and 2019 if the 2018 rate was 20.00%?", "answer": ["1"], "context": "Effective Income Tax Rate A reconciliation of the United States federal statutory income tax rate to our effective income tax rate is as follows: In 2019 and 2018 we had pre-tax losses of $19,573 and $25,403, respectively, which are available for carry forward to offset future taxable income. We made determinations to provide full valuation allowances for our net deferred tax assets at the end of 2019 and 2018, including NOL carryforwards generated during the years, based on our evaluation of positive and negative evidence, including our history of operating losses and the uncertainty of generating future taxable income that would enable us to realize our deferred tax.
Year EndedYear Ended
December 31, 2018December 31, 2019
United States federal statutory rate21.00%21.00%
State taxes, net of federal benefit1.99%(0.01)%
Valuation allowance(21.96)%(24.33)%
Cumulative effect of accounting change—2.07%
R&D Credit1.34%1.53%
Other(0.38)%(0.27)%
Effective income tax rate1.99%(0.01)%
"} {"question": "Which year has a higher amount of pre-tax losses if the pre-tax losses for 2019 was $29,573?", "answer": ["2019"], "context": "Effective Income Tax Rate A reconciliation of the United States federal statutory income tax rate to our effective income tax rate is as follows: In 2019 and 2018 we had pre-tax losses of $19,573 and $25,403, respectively, which are available for carry forward to offset future taxable income. We made determinations to provide full valuation allowances for our net deferred tax assets at the end of 2019 and 2018, including NOL carryforwards generated during the years, based on our evaluation of positive and negative evidence, including our history of operating losses and the uncertainty of generating future taxable income that would enable us to realize our deferred tax.
Year EndedYear Ended
December 31, 2018December 31, 2019
United States federal statutory rate21.00%21.00%
State taxes, net of federal benefit1.99%(0.01)%
Valuation allowance(21.96)%(24.33)%
Cumulative effect of accounting change—2.07%
R&D Credit1.34%1.53%
Other(0.38)%(0.27)%
Effective income tax rate1.99%(0.01)%
"} {"question": "What percentage of the total dividend per share does the interim dividend per share constitute if the total dividend per share is 100?", "answer": ["45"], "context": "Central Overheads declined by $76 million in F19 to $60 million due to a one‐off payment from Caltex of $50 million and a reversal of impairment on a property subsequently classified as held for sale of $37 million. Central Overheads are still expected to be approximately $150 million on an annual basis before taking into account any impact from the Endeavour Group transaction. A small increase in inventory to $4,280 million was primarily due to higher closing inventory in New Zealand and BIG W to improve availability. Closing inventory days declined 0.9 days to 37.2 days and average inventory days from continuing operations declined by 0.2 days to 38.8 days. Net investment in inventory of $939 million remained broadly consistent with prior year. Adjusting for the impact of an extra New Zealand Food payment run in the 53rd week of $153 million, net investment in inventory declined by 19%. Other creditors and provisions of $4,308 million decreased $40 million compared to the prior year. Excluding significant items relating to the BIG W network review and cash utilisation of F16 significant items provisions, the decrease in other creditors and provisions was primarily driven by a reduction in accruals associated with store team costs. Fixed assets, investments and loans to related parties of $9,710 million increased by $528 million. Additions of fixed assets of $2,040 million during the year mainly related to store refurbishments, supply chain and IT infrastructure and included $203 million related to property development activity. This was partially offset by depreciation and amortisation, disposals and an impairment of $166 million associated with the BIG W network review. Net assets held for sale of $225 million decreased by $575 million mainly as a result of the sale of the Petrol business to EG Group on 1 April 2019. Intangible assets of $6,526 million increased by $61 million driven by an increase in goodwill and brand names in New Zealand due to the strengthening of the New Zealand dollar, a minor increase in goodwill associated with the acquisition of businesses partially offset by an impairment to the carrying value of Summergate of $21 million. Net tax balances of $227 million increased $66 million due to an increase in deferred tax assets associated with the provisions raised as a result of the BIG W network review. Net debt of $1,599 million increased by $377 million largely due to the timing of New Zealand creditor payments, higher net capital expenditure (excluding the proceeds from the sale of the Petrol business) and an increase in dividends paid during the year. Normalised Return on Funds Employed (ROFE) from continuing operations was 24.2%, 11 bps up on the prior year. Normalised AASB 16 estimated ROFE was 14.1%. Cash flow from operating activities before interest and tax was $3,858 million, an increase of 0.5% on the prior year. Excluding the impact of significant items, higher EBITDA was offset by the impact of the New Zealand payment run in week 53 and a movement in provisions and accruals. The cash flow benefit from an extra week of trading is offset by nine months of EBITDA from the Petrol business compared to a full year in F18. The cash realisation ratio was 74.1%. Excluding the timing of the New Zealand payment run, and charges associated with the BIG W network review and gain on sale of the Petrol business, the cash realisation ratio was 98.4%, impacted by the cash utilisation of provisions and accruals offset by trade working capital improvements. Net interest paid of $166 million declined by 9.8% compared to the prior year due to the early repayment of US Private Placement Notes in the prior year reducing average borrowing costs.
Group Profit or LossF19F18CHANGE
for the 53 weeks ended 30 June 201953 WEEKS52 WEEKSCHANGENORMALISED
MARGINS – continuing operations
Gross profit (%)29.129.3(24) bps(23) bps
Cost of doing business (%)24.624.9(31) bps(30) bps
EBIT (%)4.54.57 bps7 bps
EARNINGS PER SHARE AND DIVIDENDS
Weighted average ordinary shares on issue (million)1,305.71,300.50.4%
Total Group basic EPS (cents) before significant items142.8132.67.7%5.8%
Total Group basic EPS (cents) after significant items206.2132.655.5%53.7%
Basic EPS (cents) – from continuing operations before significant items134.2123.48.8%6.8%
Basic EPS (cents) – from continuing operations after significant items114.3123.4(7.4)%(9.3)%
Diluted EPS (cents) – from continuing operations before significant items133.4123.18.4%6.4%
Diluted EPS (cents) – from continuing operations after significant items113.6123.1(7.7)%(9.7)%
Interim dividend per share (cents)45434.7%
Final dividend per share (cents) 1575014.0%
Special dividend per share (cents) 1–10n.m.
Total dividend per share (cents)102103(1.0)%
"} {"question": "What is the nominal difference of the total group basic EPS (cents) before significant items and after significant items if the total group basic EPS before significant items is 150?", "answer": ["56.2"], "context": "Central Overheads declined by $76 million in F19 to $60 million due to a one‐off payment from Caltex of $50 million and a reversal of impairment on a property subsequently classified as held for sale of $37 million. Central Overheads are still expected to be approximately $150 million on an annual basis before taking into account any impact from the Endeavour Group transaction. A small increase in inventory to $4,280 million was primarily due to higher closing inventory in New Zealand and BIG W to improve availability. Closing inventory days declined 0.9 days to 37.2 days and average inventory days from continuing operations declined by 0.2 days to 38.8 days. Net investment in inventory of $939 million remained broadly consistent with prior year. Adjusting for the impact of an extra New Zealand Food payment run in the 53rd week of $153 million, net investment in inventory declined by 19%. Other creditors and provisions of $4,308 million decreased $40 million compared to the prior year. Excluding significant items relating to the BIG W network review and cash utilisation of F16 significant items provisions, the decrease in other creditors and provisions was primarily driven by a reduction in accruals associated with store team costs. Fixed assets, investments and loans to related parties of $9,710 million increased by $528 million. Additions of fixed assets of $2,040 million during the year mainly related to store refurbishments, supply chain and IT infrastructure and included $203 million related to property development activity. This was partially offset by depreciation and amortisation, disposals and an impairment of $166 million associated with the BIG W network review. Net assets held for sale of $225 million decreased by $575 million mainly as a result of the sale of the Petrol business to EG Group on 1 April 2019. Intangible assets of $6,526 million increased by $61 million driven by an increase in goodwill and brand names in New Zealand due to the strengthening of the New Zealand dollar, a minor increase in goodwill associated with the acquisition of businesses partially offset by an impairment to the carrying value of Summergate of $21 million. Net tax balances of $227 million increased $66 million due to an increase in deferred tax assets associated with the provisions raised as a result of the BIG W network review. Net debt of $1,599 million increased by $377 million largely due to the timing of New Zealand creditor payments, higher net capital expenditure (excluding the proceeds from the sale of the Petrol business) and an increase in dividends paid during the year. Normalised Return on Funds Employed (ROFE) from continuing operations was 24.2%, 11 bps up on the prior year. Normalised AASB 16 estimated ROFE was 14.1%. Cash flow from operating activities before interest and tax was $3,858 million, an increase of 0.5% on the prior year. Excluding the impact of significant items, higher EBITDA was offset by the impact of the New Zealand payment run in week 53 and a movement in provisions and accruals. The cash flow benefit from an extra week of trading is offset by nine months of EBITDA from the Petrol business compared to a full year in F18. The cash realisation ratio was 74.1%. Excluding the timing of the New Zealand payment run, and charges associated with the BIG W network review and gain on sale of the Petrol business, the cash realisation ratio was 98.4%, impacted by the cash utilisation of provisions and accruals offset by trade working capital improvements. Net interest paid of $166 million declined by 9.8% compared to the prior year due to the early repayment of US Private Placement Notes in the prior year reducing average borrowing costs.
Group Profit or LossF19F18CHANGE
for the 53 weeks ended 30 June 201953 WEEKS52 WEEKSCHANGENORMALISED
MARGINS – continuing operations
Gross profit (%)29.129.3(24) bps(23) bps
Cost of doing business (%)24.624.9(31) bps(30) bps
EBIT (%)4.54.57 bps7 bps
EARNINGS PER SHARE AND DIVIDENDS
Weighted average ordinary shares on issue (million)1,305.71,300.50.4%
Total Group basic EPS (cents) before significant items142.8132.67.7%5.8%
Total Group basic EPS (cents) after significant items206.2132.655.5%53.7%
Basic EPS (cents) – from continuing operations before significant items134.2123.48.8%6.8%
Basic EPS (cents) – from continuing operations after significant items114.3123.4(7.4)%(9.3)%
Diluted EPS (cents) – from continuing operations before significant items133.4123.18.4%6.4%
Diluted EPS (cents) – from continuing operations after significant items113.6123.1(7.7)%(9.7)%
Interim dividend per share (cents)45434.7%
Final dividend per share (cents) 1575014.0%
Special dividend per share (cents) 1–10n.m.
Total dividend per share (cents)102103(1.0)%
"} {"question": "What is the value of Central Overheads in F18 if the value of Central Overheads in F19 is $70 million?", "answer": ["146"], "context": "Central Overheads declined by $76 million in F19 to $60 million due to a one‐off payment from Caltex of $50 million and a reversal of impairment on a property subsequently classified as held for sale of $37 million. Central Overheads are still expected to be approximately $150 million on an annual basis before taking into account any impact from the Endeavour Group transaction. A small increase in inventory to $4,280 million was primarily due to higher closing inventory in New Zealand and BIG W to improve availability. Closing inventory days declined 0.9 days to 37.2 days and average inventory days from continuing operations declined by 0.2 days to 38.8 days. Net investment in inventory of $939 million remained broadly consistent with prior year. Adjusting for the impact of an extra New Zealand Food payment run in the 53rd week of $153 million, net investment in inventory declined by 19%. Other creditors and provisions of $4,308 million decreased $40 million compared to the prior year. Excluding significant items relating to the BIG W network review and cash utilisation of F16 significant items provisions, the decrease in other creditors and provisions was primarily driven by a reduction in accruals associated with store team costs. Fixed assets, investments and loans to related parties of $9,710 million increased by $528 million. Additions of fixed assets of $2,040 million during the year mainly related to store refurbishments, supply chain and IT infrastructure and included $203 million related to property development activity. This was partially offset by depreciation and amortisation, disposals and an impairment of $166 million associated with the BIG W network review. Net assets held for sale of $225 million decreased by $575 million mainly as a result of the sale of the Petrol business to EG Group on 1 April 2019. Intangible assets of $6,526 million increased by $61 million driven by an increase in goodwill and brand names in New Zealand due to the strengthening of the New Zealand dollar, a minor increase in goodwill associated with the acquisition of businesses partially offset by an impairment to the carrying value of Summergate of $21 million. Net tax balances of $227 million increased $66 million due to an increase in deferred tax assets associated with the provisions raised as a result of the BIG W network review. Net debt of $1,599 million increased by $377 million largely due to the timing of New Zealand creditor payments, higher net capital expenditure (excluding the proceeds from the sale of the Petrol business) and an increase in dividends paid during the year. Normalised Return on Funds Employed (ROFE) from continuing operations was 24.2%, 11 bps up on the prior year. Normalised AASB 16 estimated ROFE was 14.1%. Cash flow from operating activities before interest and tax was $3,858 million, an increase of 0.5% on the prior year. Excluding the impact of significant items, higher EBITDA was offset by the impact of the New Zealand payment run in week 53 and a movement in provisions and accruals. The cash flow benefit from an extra week of trading is offset by nine months of EBITDA from the Petrol business compared to a full year in F18. The cash realisation ratio was 74.1%. Excluding the timing of the New Zealand payment run, and charges associated with the BIG W network review and gain on sale of the Petrol business, the cash realisation ratio was 98.4%, impacted by the cash utilisation of provisions and accruals offset by trade working capital improvements. Net interest paid of $166 million declined by 9.8% compared to the prior year due to the early repayment of US Private Placement Notes in the prior year reducing average borrowing costs.
Group Profit or LossF19F18CHANGE
for the 53 weeks ended 30 June 201953 WEEKS52 WEEKSCHANGENORMALISED
MARGINS – continuing operations
Gross profit (%)29.129.3(24) bps(23) bps
Cost of doing business (%)24.624.9(31) bps(30) bps
EBIT (%)4.54.57 bps7 bps
EARNINGS PER SHARE AND DIVIDENDS
Weighted average ordinary shares on issue (million)1,305.71,300.50.4%
Total Group basic EPS (cents) before significant items142.8132.67.7%5.8%
Total Group basic EPS (cents) after significant items206.2132.655.5%53.7%
Basic EPS (cents) – from continuing operations before significant items134.2123.48.8%6.8%
Basic EPS (cents) – from continuing operations after significant items114.3123.4(7.4)%(9.3)%
Diluted EPS (cents) – from continuing operations before significant items133.4123.18.4%6.4%
Diluted EPS (cents) – from continuing operations after significant items113.6123.1(7.7)%(9.7)%
Interim dividend per share (cents)45434.7%
Final dividend per share (cents) 1575014.0%
Special dividend per share (cents) 1–10n.m.
Total dividend per share (cents)102103(1.0)%
"} {"question": "In how many years would Other income , net be a negative value if the amount in 2019 was $414 thousand instead?", "answer": ["1"], "context": "Note 26. Other Income (Expense) Other income (expense), net consisted of the following (in thousands):
Years Ended December 31,
201920182017
Foreign currency transaction gains(losses)$(1,262)$2,029$(548)
Gains (losses) on derivative instruments not designated as hedges(674)(1,751)143
Net investment gains (losses) on investments held in rabbi trust2,379(867)1,619
Other miscellaneous income (expense)(857)(1,659)44
$(414)$(2,248)$1,258
"} {"question": "What would the overall change in Net investment gains on investments held in rabbi trust in 2019 from 2017 be if the amount in 2019 was $2,619 thousand instead?", "answer": ["1000"], "context": "Note 26. Other Income (Expense) Other income (expense), net consisted of the following (in thousands):
Years Ended December 31,
201920182017
Foreign currency transaction gains(losses)$(1,262)$2,029$(548)
Gains (losses) on derivative instruments not designated as hedges(674)(1,751)143
Net investment gains (losses) on investments held in rabbi trust2,379(867)1,619
Other miscellaneous income (expense)(857)(1,659)44
$(414)$(2,248)$1,258
"} {"question": "What would the overall percentage change in Net investment gains on investments held in rabbi trust in 2019 from 2017 be if the amount in 2019 was $2,619 thousand instead?", "answer": ["61.77"], "context": "Note 26. Other Income (Expense) Other income (expense), net consisted of the following (in thousands):
Years Ended December 31,
201920182017
Foreign currency transaction gains(losses)$(1,262)$2,029$(548)
Gains (losses) on derivative instruments not designated as hedges(674)(1,751)143
Net investment gains (losses) on investments held in rabbi trust2,379(867)1,619
Other miscellaneous income (expense)(857)(1,659)44
$(414)$(2,248)$1,258
"} {"question": "In which year would the number of PSUs awarded be larger if the number in 2019 was 1,711 thousand instead?", "answer": ["2018"], "context": "Performance Share Units The following table illustrates the number and WASP on date of award, and movements in, performance share units (“PSUs”) granted under the 2015 LTIP: PSUs vest on one vesting date following a three year vesting period which will comprise three financial years. The awards are divided into three equal parts which will each be subject to a separate annual performance condition linked to the financial performance of the Group.
Year-ended 31 March 2019Year-ended 31 March 2018
NumberWASPNumberWASP
Performance share units000’s£ pence000’s£ pence
Outstanding at the start of the year7,546269.656,024219.41
Awarded1,721506.741,719440.50
Forfeited(2,234)414.51(197)223.96
Released(2,949)262.64––
Outstanding at the end of the year4,084295.417,546269.65
"} {"question": "What would the change in the number of PSUs outstanding at the end of the year in 2019 from 2018 be if the amount in 2019 was 4,046 thousand instead?", "answer": ["-3500"], "context": "Performance Share Units The following table illustrates the number and WASP on date of award, and movements in, performance share units (“PSUs”) granted under the 2015 LTIP: PSUs vest on one vesting date following a three year vesting period which will comprise three financial years. The awards are divided into three equal parts which will each be subject to a separate annual performance condition linked to the financial performance of the Group.
Year-ended 31 March 2019Year-ended 31 March 2018
NumberWASPNumberWASP
Performance share units000’s£ pence000’s£ pence
Outstanding at the start of the year7,546269.656,024219.41
Awarded1,721506.741,719440.50
Forfeited(2,234)414.51(197)223.96
Released(2,949)262.64––
Outstanding at the end of the year4,084295.417,546269.65
"} {"question": "What would the percentage change in the number of PSUs outstanding at the end of the year in 2019 from 2018 be if the amount in 2019 was 4,046 thousand instead?", "answer": ["-46.38"], "context": "Performance Share Units The following table illustrates the number and WASP on date of award, and movements in, performance share units (“PSUs”) granted under the 2015 LTIP: PSUs vest on one vesting date following a three year vesting period which will comprise three financial years. The awards are divided into three equal parts which will each be subject to a separate annual performance condition linked to the financial performance of the Group.
Year-ended 31 March 2019Year-ended 31 March 2018
NumberWASPNumberWASP
Performance share units000’s£ pence000’s£ pence
Outstanding at the start of the year7,546269.656,024219.41
Awarded1,721506.741,719440.50
Forfeited(2,234)414.51(197)223.96
Released(2,949)262.64––
Outstanding at the end of the year4,084295.417,546269.65
"} {"question": "What would be the gross profit between the quarters of January 26 and April 27, 2018 if the gross profit in January 26 was $1,100 million instead?", "answer": ["-71"], "context": "Selected Quarterly Financial Data (Unaudited) Selected quarterly financial data is as follows (in millions, except per share amounts): (1) In the quarter ended January 26, 2018, our provision for income taxes included significant charges attributable to United States tax reform. (2) The quarters of fiscal 2018 have been adjusted for our retrospective adoption of the new accounting standard Revenue from Contracts with Customers (ASC 606).
Quarter Ended (2)
July 28, 2017October 27, 2017January 26, 2018April 27, 2018
Net revenues$ 1,321$ 1,415$ 1,539$ 1,644
Gross profit$ 824$ 900$ 956$ 1,029
Provision for income taxes (1)$ 14$ 48$ 983$ 38
Net income (loss)$ 131$ 174$(479 )$ 290
Net income (loss) per share, basic$ 0.49$ 0.65$(1.79 )$ 1.09
Net income (loss) per share, diluted$ 0.47$ 0.63$(1.79 )$ 1.06
"} {"question": "What would be the sum of the net revenues from the last two quarters if the net revenue in April 27, 2018 was $2,000 million instead?", "answer": ["3539"], "context": "Selected Quarterly Financial Data (Unaudited) Selected quarterly financial data is as follows (in millions, except per share amounts): (1) In the quarter ended January 26, 2018, our provision for income taxes included significant charges attributable to United States tax reform. (2) The quarters of fiscal 2018 have been adjusted for our retrospective adoption of the new accounting standard Revenue from Contracts with Customers (ASC 606).
Quarter Ended (2)
July 28, 2017October 27, 2017January 26, 2018April 27, 2018
Net revenues$ 1,321$ 1,415$ 1,539$ 1,644
Gross profit$ 824$ 900$ 956$ 1,029
Provision for income taxes (1)$ 14$ 48$ 983$ 38
Net income (loss)$ 131$ 174$(479 )$ 290
Net income (loss) per share, basic$ 0.49$ 0.65$(1.79 )$ 1.09
Net income (loss) per share, diluted$ 0.47$ 0.63$(1.79 )$ 1.06
"} {"question": "What would be the percentage change in Net income (loss) between July 28, 2017 and October 27, 2017 if the Net income (loss) in October 27, 2017 was $200 million instead?", "answer": ["52.67"], "context": "Selected Quarterly Financial Data (Unaudited) Selected quarterly financial data is as follows (in millions, except per share amounts): (1) In the quarter ended January 26, 2018, our provision for income taxes included significant charges attributable to United States tax reform. (2) The quarters of fiscal 2018 have been adjusted for our retrospective adoption of the new accounting standard Revenue from Contracts with Customers (ASC 606).
Quarter Ended (2)
July 28, 2017October 27, 2017January 26, 2018April 27, 2018
Net revenues$ 1,321$ 1,415$ 1,539$ 1,644
Gross profit$ 824$ 900$ 956$ 1,029
Provision for income taxes (1)$ 14$ 48$ 983$ 38
Net income (loss)$ 131$ 174$(479 )$ 290
Net income (loss) per share, basic$ 0.49$ 0.65$(1.79 )$ 1.09
Net income (loss) per share, diluted$ 0.47$ 0.63$(1.79 )$ 1.06
"} {"question": "Given that the average effective tax rate of 2017, 2018 and 2019 was 55.7%, how much was the effective tax rate in 2017?", "answer": ["86.3"], "context": "Provision for Income Taxes: Our effective income tax rates for each of the periods presented were the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. In fiscal 2018, the Tax Act was signed into law. The more significant provisions of the Tax Act as applicable to us are described above under “Impacts of the U.S. Tax Cuts and Jobs Act of 2017”. refer to Note 14 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for a discussion regarding the differences between the effective income tax rates as presented for the periods below and the U.S. federal statutory income tax rates that were in effect during these periods. Future effective income tax rates could be adversely affected by an unfavorable shift of earnings weighted to jurisdictions with higher tax rates, by unfavorable changes in tax laws and regulations, by adverse rulings in tax related litigation, or by shortfalls in stock-based compensation realized by employees relative to stock-based compensation that was recorded for book purposes, among others. Provision for income taxes decreased in fiscal 2019 relative to fiscal 2018 primarily due to the absence of the initial accounting charges related to the Tax Act that were recorded in fiscal 2018. To a lesser extent, provision for income taxes also decreased in fiscal 2019 due to the net favorable impacts of our final accounting for the Tax Act in fiscal 2019; the net favorable impacts of the Tax Act on our tax profile during fiscal 2019; the favorable impact of a tax benefit arising from an increase in a deferred tax asset associated with a partial realignment of our legal structure in fiscal 2019; and lower income before provision for income taxes in fiscal 2019. These decreases to our provision for income taxes in fiscal 2019 relative to fiscal 2018 were partially offset both by lower excess tax benefits related to stock-based compensation expense in fiscal 2019, and by less favorable changes in net unrecognized tax benefits due to settlements with tax authorities and other events in fiscal 2019 relative to fiscal 2018.
Year Ended May 31,
Percent Change
(Dollars in millions)2019ActualConstant2018
Provision for income taxes$1,185-87%-86%$8,837
Effective tax rate9.7%71.1%
"} {"question": "If the provision for income taxes in 2019 was 2345 million instead, by how much less was the provision for income taxes in 2019 then 2018?", "answer": ["6492"], "context": "Provision for Income Taxes: Our effective income tax rates for each of the periods presented were the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. In fiscal 2018, the Tax Act was signed into law. The more significant provisions of the Tax Act as applicable to us are described above under “Impacts of the U.S. Tax Cuts and Jobs Act of 2017”. refer to Note 14 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for a discussion regarding the differences between the effective income tax rates as presented for the periods below and the U.S. federal statutory income tax rates that were in effect during these periods. Future effective income tax rates could be adversely affected by an unfavorable shift of earnings weighted to jurisdictions with higher tax rates, by unfavorable changes in tax laws and regulations, by adverse rulings in tax related litigation, or by shortfalls in stock-based compensation realized by employees relative to stock-based compensation that was recorded for book purposes, among others. Provision for income taxes decreased in fiscal 2019 relative to fiscal 2018 primarily due to the absence of the initial accounting charges related to the Tax Act that were recorded in fiscal 2018. To a lesser extent, provision for income taxes also decreased in fiscal 2019 due to the net favorable impacts of our final accounting for the Tax Act in fiscal 2019; the net favorable impacts of the Tax Act on our tax profile during fiscal 2019; the favorable impact of a tax benefit arising from an increase in a deferred tax asset associated with a partial realignment of our legal structure in fiscal 2019; and lower income before provision for income taxes in fiscal 2019. These decreases to our provision for income taxes in fiscal 2019 relative to fiscal 2018 were partially offset both by lower excess tax benefits related to stock-based compensation expense in fiscal 2019, and by less favorable changes in net unrecognized tax benefits due to settlements with tax authorities and other events in fiscal 2019 relative to fiscal 2018.
Year Ended May 31,
Percent Change
(Dollars in millions)2019ActualConstant2018
Provision for income taxes$1,185-87%-86%$8,837
Effective tax rate9.7%71.1%
"} {"question": "Given that the provision of income taxes for 2017 was 2111 million, what was the total provision for income taxes across the 3 years?", "answer": ["12133"], "context": "Provision for Income Taxes: Our effective income tax rates for each of the periods presented were the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. In fiscal 2018, the Tax Act was signed into law. The more significant provisions of the Tax Act as applicable to us are described above under “Impacts of the U.S. Tax Cuts and Jobs Act of 2017”. refer to Note 14 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for a discussion regarding the differences between the effective income tax rates as presented for the periods below and the U.S. federal statutory income tax rates that were in effect during these periods. Future effective income tax rates could be adversely affected by an unfavorable shift of earnings weighted to jurisdictions with higher tax rates, by unfavorable changes in tax laws and regulations, by adverse rulings in tax related litigation, or by shortfalls in stock-based compensation realized by employees relative to stock-based compensation that was recorded for book purposes, among others. Provision for income taxes decreased in fiscal 2019 relative to fiscal 2018 primarily due to the absence of the initial accounting charges related to the Tax Act that were recorded in fiscal 2018. To a lesser extent, provision for income taxes also decreased in fiscal 2019 due to the net favorable impacts of our final accounting for the Tax Act in fiscal 2019; the net favorable impacts of the Tax Act on our tax profile during fiscal 2019; the favorable impact of a tax benefit arising from an increase in a deferred tax asset associated with a partial realignment of our legal structure in fiscal 2019; and lower income before provision for income taxes in fiscal 2019. These decreases to our provision for income taxes in fiscal 2019 relative to fiscal 2018 were partially offset both by lower excess tax benefits related to stock-based compensation expense in fiscal 2019, and by less favorable changes in net unrecognized tax benefits due to settlements with tax authorities and other events in fiscal 2019 relative to fiscal 2018.
Year Ended May 31,
Percent Change
(Dollars in millions)2019ActualConstant2018
Provision for income taxes$1,185-87%-86%$8,837
Effective tax rate9.7%71.1%
"} {"question": "In which year would Restructuring and other charges, net be larger if the amount in 2018 was $50 million instead?", "answer": ["2018"], "context": "In the Communications Solutions segment, operating income decreased $79 million in fiscal 2019 as compared to fiscal 2018. The Communications Solutions segment’s operating income included the following: Excluding these items, operating income decreased in fiscal 2019 due primarily to lower volume.
Fiscal
20192018
(in millions)
Restructuring and other charges, net$ 48$ 13
Other items1—
Total$ 49$ 13
"} {"question": "What would the change in Total operating income in the Communications Solutions segment in 2019 from 2018 be if the amount in 2019 was $43 million instead?", "answer": ["30"], "context": "In the Communications Solutions segment, operating income decreased $79 million in fiscal 2019 as compared to fiscal 2018. The Communications Solutions segment’s operating income included the following: Excluding these items, operating income decreased in fiscal 2019 due primarily to lower volume.
Fiscal
20192018
(in millions)
Restructuring and other charges, net$ 48$ 13
Other items1—
Total$ 49$ 13
"} {"question": "What would the percentage change in Total operating income in the Communications Solutions segment in 2019 from 2018 be if the amount in 2019 was $43 million instead?", "answer": ["230.77"], "context": "In the Communications Solutions segment, operating income decreased $79 million in fiscal 2019 as compared to fiscal 2018. The Communications Solutions segment’s operating income included the following: Excluding these items, operating income decreased in fiscal 2019 due primarily to lower volume.
Fiscal
20192018
(in millions)
Restructuring and other charges, net$ 48$ 13
Other items1—
Total$ 49$ 13
"} {"question": "What would be the difference between the planned costs and actual costs incurred for Building and Equipment Relocation if planned costs were $9,000 thousand instead?", "answer": ["1534"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 8 — Costs Associated with Exit and Restructuring Activities 2016 Plan In June 2016, we announced plans to restructure operations by phasing out production at our Elkhart, IN facility and transitioning it into a research and development center supporting our global operations (\"June 2016 Plan\"). Additional organizational changes were also implemented in various other locations. In 2017, we revised this plan to include an additional $1,100 in planned costs related to the relocation of our corporate headquarters in Lisle, IL and our plant in Bolingbrook, IL, both of which have now been consolidated into a single facility. Restructuring charges under this plan, which is substantially complete, were $4,284, $4,559, and $4,139 during the years ended December 31, 2019, 2018, and 2017, respectively. The total restructuring liability related to the June 2016 Plan was $233 and $668 at December 31, 2019 and 2018, respectively. Any additional costs related to line movements, equipment charges, and other costs will be expensed as incurred. The following table displays the restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through December 31, 2019: (1) Other charges include the effects of currency translation, travel, legal and other charges.
June 2016 PlanPlanned CostsActual costs incurred through December 31, 2019
Workforce reduction$3,075$3,340
Building and equipment relocation9,02510,534
Asset impairment charge—1,168
Other charges (1)1,300988
Restructuring charges$13,400$16,030
"} {"question": "What would be the difference between the planned costs and actual costs incurred for Workforce Reduction if the actual costs were $2,000 thousand instead?", "answer": ["1075"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 8 — Costs Associated with Exit and Restructuring Activities 2016 Plan In June 2016, we announced plans to restructure operations by phasing out production at our Elkhart, IN facility and transitioning it into a research and development center supporting our global operations (\"June 2016 Plan\"). Additional organizational changes were also implemented in various other locations. In 2017, we revised this plan to include an additional $1,100 in planned costs related to the relocation of our corporate headquarters in Lisle, IL and our plant in Bolingbrook, IL, both of which have now been consolidated into a single facility. Restructuring charges under this plan, which is substantially complete, were $4,284, $4,559, and $4,139 during the years ended December 31, 2019, 2018, and 2017, respectively. The total restructuring liability related to the June 2016 Plan was $233 and $668 at December 31, 2019 and 2018, respectively. Any additional costs related to line movements, equipment charges, and other costs will be expensed as incurred. The following table displays the restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through December 31, 2019: (1) Other charges include the effects of currency translation, travel, legal and other charges.
June 2016 PlanPlanned CostsActual costs incurred through December 31, 2019
Workforce reduction$3,075$3,340
Building and equipment relocation9,02510,534
Asset impairment charge—1,168
Other charges (1)1,300988
Restructuring charges$13,400$16,030
"} {"question": "What would be the difference between the planned costs and actual costs incurred for total Restructuring Charges if the planned costs were $10,000 thousand instead?", "answer": ["6030"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 8 — Costs Associated with Exit and Restructuring Activities 2016 Plan In June 2016, we announced plans to restructure operations by phasing out production at our Elkhart, IN facility and transitioning it into a research and development center supporting our global operations (\"June 2016 Plan\"). Additional organizational changes were also implemented in various other locations. In 2017, we revised this plan to include an additional $1,100 in planned costs related to the relocation of our corporate headquarters in Lisle, IL and our plant in Bolingbrook, IL, both of which have now been consolidated into a single facility. Restructuring charges under this plan, which is substantially complete, were $4,284, $4,559, and $4,139 during the years ended December 31, 2019, 2018, and 2017, respectively. The total restructuring liability related to the June 2016 Plan was $233 and $668 at December 31, 2019 and 2018, respectively. Any additional costs related to line movements, equipment charges, and other costs will be expensed as incurred. The following table displays the restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through December 31, 2019: (1) Other charges include the effects of currency translation, travel, legal and other charges.
June 2016 PlanPlanned CostsActual costs incurred through December 31, 2019
Workforce reduction$3,075$3,340
Building and equipment relocation9,02510,534
Asset impairment charge—1,168
Other charges (1)1,300988
Restructuring charges$13,400$16,030
"} {"question": "What would be the change in interest cost between 2018 and 2019 if interest cost in 2019 was $4,000 thousand instead?", "answer": ["193"], "context": "Net Periodic Benefit Cost The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands): On September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality.
Pension
201920182017
Service cost$1,437$1,063$1,068
Interest cost3,7153,8072,942
Expected long-term return on plan assets(5,291)(5,954)(4,206)
Recognized actuarial loss7411,1271,929
Amortization of prior service credit(44)(88)(138)
Net settlement loss6341161,472
Net periodic benefit cost$1,192$71$3,067
"} {"question": "How many years would the recognized actuarial loss exceed $1,000 thousand if the recognized actuarial loss in 2019 was $1,100 thousand instead?", "answer": ["3"], "context": "Net Periodic Benefit Cost The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands): On September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality.
Pension
201920182017
Service cost$1,437$1,063$1,068
Interest cost3,7153,8072,942
Expected long-term return on plan assets(5,291)(5,954)(4,206)
Recognized actuarial loss7411,1271,929
Amortization of prior service credit(44)(88)(138)
Net settlement loss6341161,472
Net periodic benefit cost$1,192$71$3,067
"} {"question": "What would be the total percentage change in the Net periodic benefit cost between 2017 and 2019 if the net periodic benefit cost in 2019 was $4,000 thousand instead?", "answer": ["30.42"], "context": "Net Periodic Benefit Cost The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands): On September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality.
Pension
201920182017
Service cost$1,437$1,063$1,068
Interest cost3,7153,8072,942
Expected long-term return on plan assets(5,291)(5,954)(4,206)
Recognized actuarial loss7411,1271,929
Amortization of prior service credit(44)(88)(138)
Net settlement loss6341161,472
Net periodic benefit cost$1,192$71$3,067
"} {"question": "What would be the value of the company's net assets in 2019 if the value of its Level 1 assets is doubled?", "answer": ["514283"], "context": "Assets and Liabilities Measured at Fair Value The following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis (in thousands): The carrying amount of cash equivalents approximates fair value as of each reporting date because of the short maturity of those instruments. The Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of December 31, 2019 and December 31, 2018.
December 31, 2019December 31, 2018
Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Cash and cash equivalents
Money market funds$256,915$ -$ -$254,552$ -$ -
Other current assets:
Indemnification - Sale of SSL$ -$ -$598$ -$ -$2,410
Liabilities
Long term liabilities
Indemnification - Globalstar do Brasil S.A.$ -$ -$145$ -$ -$184
"} {"question": "What would be the value of the company's net assets in 2018 if the value of its Level 1 assets is halved?", "answer": ["129502"], "context": "Assets and Liabilities Measured at Fair Value The following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis (in thousands): The carrying amount of cash equivalents approximates fair value as of each reporting date because of the short maturity of those instruments. The Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of December 31, 2019 and December 31, 2018.
December 31, 2019December 31, 2018
Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Cash and cash equivalents
Money market funds$256,915$ -$ -$254,552$ -$ -
Other current assets:
Indemnification - Sale of SSL$ -$ -$598$ -$ -$2,410
Liabilities
Long term liabilities
Indemnification - Globalstar do Brasil S.A.$ -$ -$145$ -$ -$184
"} {"question": "What would be the percentage change in the company's Level 3 liabilities between 2018 and 2019 if its 2019 liabilities increased by $50 thousand?", "answer": ["5.98"], "context": "Assets and Liabilities Measured at Fair Value The following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis (in thousands): The carrying amount of cash equivalents approximates fair value as of each reporting date because of the short maturity of those instruments. The Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of December 31, 2019 and December 31, 2018.
December 31, 2019December 31, 2018
Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Cash and cash equivalents
Money market funds$256,915$ -$ -$254,552$ -$ -
Other current assets:
Indemnification - Sale of SSL$ -$ -$598$ -$ -$2,410
Liabilities
Long term liabilities
Indemnification - Globalstar do Brasil S.A.$ -$ -$145$ -$ -$184
"} {"question": "In which year would the total Greenhouse gas emissions be the largest if the amount in 2019 was 9,969.0 tCO2e instead?", "answer": ["2019"], "context": "Greenhouse gas emissions In line with the Companies Act 2006, Sophos is required to measure and report on its Greenhouse Gas (“GHG”) emissions disclosures. These have been calculated for the year-ending 31 March 2019, in line with the Group’s financial year. The calculation of the disclosures has been performed in accordance with Greenhouse Gas Protocol Corporate Standard and using the UK government’s conversion factor guidance for the year reported. The Group’s operations that primarily release GHG includes usage of electricity and gas of owned and leased offices, business travel and usage of vehicles. The Group keeps its data capture process under review, seeking to extend the availability of direct information wherever possible. Where direct information for certain sites is not available, estimates have been developed that enable reporting for them. These estimates are revised if new or improved data is obtained. The Group will continue to build its GHG reporting capabilities. The Group’s chosen intensity ratio is ‘tonnes of CO2 equivalent per million US dollars of billings’ as it aligns with Sophos’ strategic growth ambitions. Creating an environmentally friendly HQ The Group commissioned a greening study of its global headquarters in Abingdon, Oxfordshire. The purpose of the study was to benchmark the current environmental, health and wellbeing performance of the building against current best practice and against direct and indirect competitors. The findings of the study showed that the building performance was consistent with intermediate good practice and the building management was consistent with standard good practice. The study highlighted areas of future improvement. The findings and recommendations of this report will be a key driver for developing best practice in environmental sustainability to match the growth aspirations and objectives of the Company. The Group is endeavouring to achieve the standards in environmental performance, health and wellbeing that is expected of a global technology organisation at the Group’s headquarters.
Year-ended 31 March 2019Year-ended 31 March 2018Year-ended 31 March 2017
tCO2etCO2etCO2e
Scope 1Combustion of natural gas and operation of owned vehicles220.9320.0251.8
Scope 2Electricity consumption in offices4,487.24,457.34,681.9
Scope 3Business travel (air and car)3,260.95,117.44,510.9
Total7,969.09,894.79,444.6
Intensity ratio
tCO2e per $M of billings10.512.914.9
"} {"question": "What would the change in the intensity ratio in 2019 from 2018 be if the ratio in 2019 was 10.0 instead?", "answer": ["-2.9"], "context": "Greenhouse gas emissions In line with the Companies Act 2006, Sophos is required to measure and report on its Greenhouse Gas (“GHG”) emissions disclosures. These have been calculated for the year-ending 31 March 2019, in line with the Group’s financial year. The calculation of the disclosures has been performed in accordance with Greenhouse Gas Protocol Corporate Standard and using the UK government’s conversion factor guidance for the year reported. The Group’s operations that primarily release GHG includes usage of electricity and gas of owned and leased offices, business travel and usage of vehicles. The Group keeps its data capture process under review, seeking to extend the availability of direct information wherever possible. Where direct information for certain sites is not available, estimates have been developed that enable reporting for them. These estimates are revised if new or improved data is obtained. The Group will continue to build its GHG reporting capabilities. The Group’s chosen intensity ratio is ‘tonnes of CO2 equivalent per million US dollars of billings’ as it aligns with Sophos’ strategic growth ambitions. Creating an environmentally friendly HQ The Group commissioned a greening study of its global headquarters in Abingdon, Oxfordshire. The purpose of the study was to benchmark the current environmental, health and wellbeing performance of the building against current best practice and against direct and indirect competitors. The findings of the study showed that the building performance was consistent with intermediate good practice and the building management was consistent with standard good practice. The study highlighted areas of future improvement. The findings and recommendations of this report will be a key driver for developing best practice in environmental sustainability to match the growth aspirations and objectives of the Company. The Group is endeavouring to achieve the standards in environmental performance, health and wellbeing that is expected of a global technology organisation at the Group’s headquarters.
Year-ended 31 March 2019Year-ended 31 March 2018Year-ended 31 March 2017
tCO2etCO2etCO2e
Scope 1Combustion of natural gas and operation of owned vehicles220.9320.0251.8
Scope 2Electricity consumption in offices4,487.24,457.34,681.9
Scope 3Business travel (air and car)3,260.95,117.44,510.9
Total7,969.09,894.79,444.6
Intensity ratio
tCO2e per $M of billings10.512.914.9
"} {"question": "What would the percentage change in the intensity ratio in 2019 from 2018 be if the ratio in 2019 was 10.0 instead?", "answer": ["-22.48"], "context": "Greenhouse gas emissions In line with the Companies Act 2006, Sophos is required to measure and report on its Greenhouse Gas (“GHG”) emissions disclosures. These have been calculated for the year-ending 31 March 2019, in line with the Group’s financial year. The calculation of the disclosures has been performed in accordance with Greenhouse Gas Protocol Corporate Standard and using the UK government’s conversion factor guidance for the year reported. The Group’s operations that primarily release GHG includes usage of electricity and gas of owned and leased offices, business travel and usage of vehicles. The Group keeps its data capture process under review, seeking to extend the availability of direct information wherever possible. Where direct information for certain sites is not available, estimates have been developed that enable reporting for them. These estimates are revised if new or improved data is obtained. The Group will continue to build its GHG reporting capabilities. The Group’s chosen intensity ratio is ‘tonnes of CO2 equivalent per million US dollars of billings’ as it aligns with Sophos’ strategic growth ambitions. Creating an environmentally friendly HQ The Group commissioned a greening study of its global headquarters in Abingdon, Oxfordshire. The purpose of the study was to benchmark the current environmental, health and wellbeing performance of the building against current best practice and against direct and indirect competitors. The findings of the study showed that the building performance was consistent with intermediate good practice and the building management was consistent with standard good practice. The study highlighted areas of future improvement. The findings and recommendations of this report will be a key driver for developing best practice in environmental sustainability to match the growth aspirations and objectives of the Company. The Group is endeavouring to achieve the standards in environmental performance, health and wellbeing that is expected of a global technology organisation at the Group’s headquarters.
Year-ended 31 March 2019Year-ended 31 March 2018Year-ended 31 March 2017
tCO2etCO2etCO2e
Scope 1Combustion of natural gas and operation of owned vehicles220.9320.0251.8
Scope 2Electricity consumption in offices4,487.24,457.34,681.9
Scope 3Business travel (air and car)3,260.95,117.44,510.9
Total7,969.09,894.79,444.6
Intensity ratio
tCO2e per $M of billings10.512.914.9
"} {"question": "How many years did Remediation expense exceed $1,000 thousand if remediation expense in 2017 was $1,500 thousand instead?", "answer": ["3"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 10 — Contingencies Certain processes in the manufacture of our current and past products create by-products classified as hazardous waste. We have been notified by the U.S. Environmental Protection Agency, state environmental agencies, and in some cases, groups of potentially responsible parties, that we may be potentially liable for environmental contamination at several sites currently and formerly owned or operated by us. Two of those sites, Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the U.S. Environmental Protection Agency’s Superfund program. We accrue a liability for probable remediation activities, claims and proceedings against us with respect to environmental matters if the amount can be reasonably estimated, and provide disclosures including the nature of a loss whenever it is probable or reasonably possible that a potentially material loss may have occurred but cannot be estimated. We record contingent loss accruals on an undiscounted basis. A roll-forward of remediation reserves included in accrued expenses and other liabilities in the Consolidated Balance Sheets is comprised of the following: (1) Other activity includes currency translation adjustments not recorded through remediation expense Unrelated to the environmental claims described above, certain other legal claims are pending against us with respect to matters arising out of the ordinary conduct of our business. We provide product warranties when we sell our products and accrue for estimated liabilities at the time of sale. Warranty estimates are forecasts based on the best available information and historical claims experience. We accrue for specific warranty claims if we believe that the facts of a specific claim make it probable that a liability in excess of our historical experience has been incurred, and provide disclosures for specific claims whenever it is reasonably possible that a material loss may be incurred which cannot be estimated. We have an outstanding warranty claim for which we have not yet determined the root cause of a product performance issue. Testing is ongoing. We are not able to quantify the potential impact on our operations, if any, because we have not yet determined the root cause. We cannot provide assurance that the ultimate disposition of environmental, legal, and product warranty claims will not materially exceed the amount of our accrued losses and adversely impact our consolidated financial position, results of operations, or cash flows. Our accrued liabilities and disclosures will be adjusted accordingly if additional information becomes available in the future.
Years Ended December 31,
201920182017
Balance at beginning of period$11,274$17,067$18,176
Remediation expense2,6021,182307
Remediation payments(2,455)(6,967)(1,416)
Other activity (1)23(8)—
Balance at end of the period$11,444$11,274$17,067
"} {"question": "What would be the change in Other activity between 2018 and 2019 if Other Activity in 2018 was $20 thousand instead?", "answer": ["3"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 10 — Contingencies Certain processes in the manufacture of our current and past products create by-products classified as hazardous waste. We have been notified by the U.S. Environmental Protection Agency, state environmental agencies, and in some cases, groups of potentially responsible parties, that we may be potentially liable for environmental contamination at several sites currently and formerly owned or operated by us. Two of those sites, Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the U.S. Environmental Protection Agency’s Superfund program. We accrue a liability for probable remediation activities, claims and proceedings against us with respect to environmental matters if the amount can be reasonably estimated, and provide disclosures including the nature of a loss whenever it is probable or reasonably possible that a potentially material loss may have occurred but cannot be estimated. We record contingent loss accruals on an undiscounted basis. A roll-forward of remediation reserves included in accrued expenses and other liabilities in the Consolidated Balance Sheets is comprised of the following: (1) Other activity includes currency translation adjustments not recorded through remediation expense Unrelated to the environmental claims described above, certain other legal claims are pending against us with respect to matters arising out of the ordinary conduct of our business. We provide product warranties when we sell our products and accrue for estimated liabilities at the time of sale. Warranty estimates are forecasts based on the best available information and historical claims experience. We accrue for specific warranty claims if we believe that the facts of a specific claim make it probable that a liability in excess of our historical experience has been incurred, and provide disclosures for specific claims whenever it is reasonably possible that a material loss may be incurred which cannot be estimated. We have an outstanding warranty claim for which we have not yet determined the root cause of a product performance issue. Testing is ongoing. We are not able to quantify the potential impact on our operations, if any, because we have not yet determined the root cause. We cannot provide assurance that the ultimate disposition of environmental, legal, and product warranty claims will not materially exceed the amount of our accrued losses and adversely impact our consolidated financial position, results of operations, or cash flows. Our accrued liabilities and disclosures will be adjusted accordingly if additional information becomes available in the future.
Years Ended December 31,
201920182017
Balance at beginning of period$11,274$17,067$18,176
Remediation expense2,6021,182307
Remediation payments(2,455)(6,967)(1,416)
Other activity (1)23(8)—
Balance at end of the period$11,444$11,274$17,067
"} {"question": "What would be the percentage change in the Balance at end of the period between 2018 and 2019 if the Balance at end of the period in 2019 was $12,000 thousand instead?", "answer": ["6.44"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) NOTE 10 — Contingencies Certain processes in the manufacture of our current and past products create by-products classified as hazardous waste. We have been notified by the U.S. Environmental Protection Agency, state environmental agencies, and in some cases, groups of potentially responsible parties, that we may be potentially liable for environmental contamination at several sites currently and formerly owned or operated by us. Two of those sites, Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the U.S. Environmental Protection Agency’s Superfund program. We accrue a liability for probable remediation activities, claims and proceedings against us with respect to environmental matters if the amount can be reasonably estimated, and provide disclosures including the nature of a loss whenever it is probable or reasonably possible that a potentially material loss may have occurred but cannot be estimated. We record contingent loss accruals on an undiscounted basis. A roll-forward of remediation reserves included in accrued expenses and other liabilities in the Consolidated Balance Sheets is comprised of the following: (1) Other activity includes currency translation adjustments not recorded through remediation expense Unrelated to the environmental claims described above, certain other legal claims are pending against us with respect to matters arising out of the ordinary conduct of our business. We provide product warranties when we sell our products and accrue for estimated liabilities at the time of sale. Warranty estimates are forecasts based on the best available information and historical claims experience. We accrue for specific warranty claims if we believe that the facts of a specific claim make it probable that a liability in excess of our historical experience has been incurred, and provide disclosures for specific claims whenever it is reasonably possible that a material loss may be incurred which cannot be estimated. We have an outstanding warranty claim for which we have not yet determined the root cause of a product performance issue. Testing is ongoing. We are not able to quantify the potential impact on our operations, if any, because we have not yet determined the root cause. We cannot provide assurance that the ultimate disposition of environmental, legal, and product warranty claims will not materially exceed the amount of our accrued losses and adversely impact our consolidated financial position, results of operations, or cash flows. Our accrued liabilities and disclosures will be adjusted accordingly if additional information becomes available in the future.
Years Ended December 31,
201920182017
Balance at beginning of period$11,274$17,067$18,176
Remediation expense2,6021,182307
Remediation payments(2,455)(6,967)(1,416)
Other activity (1)23(8)—
Balance at end of the period$11,444$11,274$17,067
"} {"question": "What would be the average net loss in 2018 and 2019 if the net loss in 2018 is decreased by $400,000?", "answer": ["127257"], "context": "NantHealth, Inc Consolidated Statements of Comprehensive Loss (Dollars in thousands) The accompanying notes are an integral part of these Consolidated Financial Statements.
Year Ended December 31,
20192018
Net loss$(62,762)(192,152)
Other comprehensive income (loss) from foreign currency translation129(203)
Total other comprehensive income (loss)129(203)
Comprehensive loss$(62,633)$(192,355)
"} {"question": "What would be the percentage change in net loss between 2018 and 2019 if the loss in 2019 is instead $200,000,000?", "answer": ["4.08"], "context": "NantHealth, Inc Consolidated Statements of Comprehensive Loss (Dollars in thousands) The accompanying notes are an integral part of these Consolidated Financial Statements.
Year Ended December 31,
20192018
Net loss$(62,762)(192,152)
Other comprehensive income (loss) from foreign currency translation129(203)
Total other comprehensive income (loss)129(203)
Comprehensive loss$(62,633)$(192,355)
"} {"question": "What would be the percentage change in comprehensive loss between 2018 and 2019 if the value in 2019 is increased by $5,000,000?", "answer": ["-64.84"], "context": "NantHealth, Inc Consolidated Statements of Comprehensive Loss (Dollars in thousands) The accompanying notes are an integral part of these Consolidated Financial Statements.
Year Ended December 31,
20192018
Net loss$(62,762)(192,152)
Other comprehensive income (loss) from foreign currency translation129(203)
Total other comprehensive income (loss)129(203)
Comprehensive loss$(62,633)$(192,355)
"} {"question": "What would be the difference between total Operating lease payments and Retirement obligations if Retirement obligations were $30,000 instead?", "answer": ["7610"], "context": "Contractual Obligations Our contractual obligations as of December 31, 2019, were: We have no off-balance sheet arrangements that have a material current effect or are reasonably likely to have a material future effect on our financial condition or changes in our financial condition. Management believes that existing capital resources and funds generated from operations are sufficient to finance anticipated capital requirements.
Payments due by period
Total20202021-20222023-20242025-beyond
Long-term debt, including interest$111,586$2,807$5,876$102,903$—
Operating lease payments37,6104,4678,7647,81316,566
Retirement obligations6,4477571,4291,3282,933
Total$155,643$8,031$16,069$112,044$19,499
"} {"question": "What would be the difference between payments due in 2023-2024 between Long-term debt, including interest and Operating lease payments if Operating lease payments for that period was $100,000 instead?", "answer": ["2903"], "context": "Contractual Obligations Our contractual obligations as of December 31, 2019, were: We have no off-balance sheet arrangements that have a material current effect or are reasonably likely to have a material future effect on our financial condition or changes in our financial condition. Management believes that existing capital resources and funds generated from operations are sufficient to finance anticipated capital requirements.
Payments due by period
Total20202021-20222023-20242025-beyond
Long-term debt, including interest$111,586$2,807$5,876$102,903$—
Operating lease payments37,6104,4678,7647,81316,566
Retirement obligations6,4477571,4291,3282,933
Total$155,643$8,031$16,069$112,044$19,499
"} {"question": "What would be the percentage change in the total contractual obligations due between 2020 and 2021-2022 if the contractual obligations due in 2021-2022 were $10,000 instead?", "answer": ["24.52"], "context": "Contractual Obligations Our contractual obligations as of December 31, 2019, were: We have no off-balance sheet arrangements that have a material current effect or are reasonably likely to have a material future effect on our financial condition or changes in our financial condition. Management believes that existing capital resources and funds generated from operations are sufficient to finance anticipated capital requirements.
Payments due by period
Total20202021-20222023-20242025-beyond
Long-term debt, including interest$111,586$2,807$5,876$102,903$—
Operating lease payments37,6104,4678,7647,81316,566
Retirement obligations6,4477571,4291,3282,933
Total$155,643$8,031$16,069$112,044$19,499
"} {"question": "If the Shares withheld for taxes for 2019 was 231,964 instead, What is the percentage difference of shares withheld for taxes for 2018 to 2019?", "answer": ["145.14"], "context": "A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows: (1) As of December 31, 2018, there were 1,478 restricted stock shares issued for new awards under the Omnibus Incentive Plan and (5,024) restricted stock shares forfeited that were not yet reflected by our Recordkeeper. The table above (shares available under the Omnibus Incentive Plan) reflects this activity as occurred, creating a reconciling difference between shares issued and number of shares available under the Omnibus Plan. (2) Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares. (3) The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards. (4) The above table excludes approximately1.2 million contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2019. We record share-based incentive compensation expense in selling, general and administrative expenses and cost of sales on our Consolidated Statements of Operations for both equity-classified awards and liability-classified awards. We record a corresponding credit to additional paid-in capital within stockholders’ deficit for equity-classified awards, and to either a current or non-current liability for liability-classified awards based on the fair value of the share-based incentive compensation awards at the date of grant. Total expense for the liability-classified awards continues to be remeasured to fair value at the end of each reporting period. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. The number of PSUs earned may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met.
201920182017
Number of shares available, beginning of year4,489,3473,668,9545,385,870
Newly Registered Shares under Omnibus Incentive Plan—2,199,114—
Restricted stock shares issued for new awards(1)—(571,438 )(480,283)
Restricted stock shares forfeited(1)105,96091,542184,235
Restricted stock units awarded(819,808)(219,923 )(351,946)
Restricted stock units forfeited96,53464,122288,801
Shares issued for 2014 Special PSU Awards—(658,783 )(749,653)
Shares issued for 2015 Three-Year PSU Awards—(129,139 )—
Shares issued for 2014 Three-Year PSU Awards——(636,723)
Restricted stock units awarded for SLO Awards(46,195)(23,478 )(44,254)
SLO units forfeited1,5808173,639
Director shares granted and issued(22,015)(10,560 )(15,491)
Director units granted and deferred(2)(6,262)(16,505 )(17,008)
Shares withheld for taxes(3)249,36894,624101,767
Number of shares available, end of year(4)4,048,5094,489,3473,668,954
"} {"question": "If the Number of shares available, beginning of year for 2019 was 4,823,564, all else constant, What is the Number of shares available, end of year expressed as a percentage of Number of shares available, beginning of year for 2019? ", "answer": ["83.93"], "context": "A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows: (1) As of December 31, 2018, there were 1,478 restricted stock shares issued for new awards under the Omnibus Incentive Plan and (5,024) restricted stock shares forfeited that were not yet reflected by our Recordkeeper. The table above (shares available under the Omnibus Incentive Plan) reflects this activity as occurred, creating a reconciling difference between shares issued and number of shares available under the Omnibus Plan. (2) Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares. (3) The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards. (4) The above table excludes approximately1.2 million contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2019. We record share-based incentive compensation expense in selling, general and administrative expenses and cost of sales on our Consolidated Statements of Operations for both equity-classified awards and liability-classified awards. We record a corresponding credit to additional paid-in capital within stockholders’ deficit for equity-classified awards, and to either a current or non-current liability for liability-classified awards based on the fair value of the share-based incentive compensation awards at the date of grant. Total expense for the liability-classified awards continues to be remeasured to fair value at the end of each reporting period. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. The number of PSUs earned may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met.
201920182017
Number of shares available, beginning of year4,489,3473,668,9545,385,870
Newly Registered Shares under Omnibus Incentive Plan—2,199,114—
Restricted stock shares issued for new awards(1)—(571,438 )(480,283)
Restricted stock shares forfeited(1)105,96091,542184,235
Restricted stock units awarded(819,808)(219,923 )(351,946)
Restricted stock units forfeited96,53464,122288,801
Shares issued for 2014 Special PSU Awards—(658,783 )(749,653)
Shares issued for 2015 Three-Year PSU Awards—(129,139 )—
Shares issued for 2014 Three-Year PSU Awards——(636,723)
Restricted stock units awarded for SLO Awards(46,195)(23,478 )(44,254)
SLO units forfeited1,5808173,639
Director shares granted and issued(22,015)(10,560 )(15,491)
Director units granted and deferred(2)(6,262)(16,505 )(17,008)
Shares withheld for taxes(3)249,36894,624101,767
Number of shares available, end of year(4)4,048,5094,489,3473,668,954
"} {"question": "If the Number of shares available, end of year for 2019 was reduced by 300,000, What is the average annual Number of shares available, end of year for 2017-2019?", "answer": ["3968936.67"], "context": "A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows: (1) As of December 31, 2018, there were 1,478 restricted stock shares issued for new awards under the Omnibus Incentive Plan and (5,024) restricted stock shares forfeited that were not yet reflected by our Recordkeeper. The table above (shares available under the Omnibus Incentive Plan) reflects this activity as occurred, creating a reconciling difference between shares issued and number of shares available under the Omnibus Plan. (2) Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares. (3) The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards. (4) The above table excludes approximately1.2 million contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2019. We record share-based incentive compensation expense in selling, general and administrative expenses and cost of sales on our Consolidated Statements of Operations for both equity-classified awards and liability-classified awards. We record a corresponding credit to additional paid-in capital within stockholders’ deficit for equity-classified awards, and to either a current or non-current liability for liability-classified awards based on the fair value of the share-based incentive compensation awards at the date of grant. Total expense for the liability-classified awards continues to be remeasured to fair value at the end of each reporting period. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. The number of PSUs earned may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met.
201920182017
Number of shares available, beginning of year4,489,3473,668,9545,385,870
Newly Registered Shares under Omnibus Incentive Plan—2,199,114—
Restricted stock shares issued for new awards(1)—(571,438 )(480,283)
Restricted stock shares forfeited(1)105,96091,542184,235
Restricted stock units awarded(819,808)(219,923 )(351,946)
Restricted stock units forfeited96,53464,122288,801
Shares issued for 2014 Special PSU Awards—(658,783 )(749,653)
Shares issued for 2015 Three-Year PSU Awards—(129,139 )—
Shares issued for 2014 Three-Year PSU Awards——(636,723)
Restricted stock units awarded for SLO Awards(46,195)(23,478 )(44,254)
SLO units forfeited1,5808173,639
Director shares granted and issued(22,015)(10,560 )(15,491)
Director units granted and deferred(2)(6,262)(16,505 )(17,008)
Shares withheld for taxes(3)249,36894,624101,767
Number of shares available, end of year(4)4,048,5094,489,3473,668,954
"} {"question": "What would be the change in Trade accounts receivable sold between 2018 and 2019 if trade accounts receivables sold in 2019 was $9,000 million instead?", "answer": ["614"], "context": "In connection with the asset-backed securitization programs, the Company recognized the following (in millions): (1) The amounts primarily represent proceeds from collections reinvested in revolving-period transfers. (2) Recorded to other expense within the Consolidated Statements of Operations. (3) Excludes $650.3 million of trade accounts receivable sold, $488.1 million of cash and $13.9 million of net cash received prior to the amendment of the foreign asset-backed securitization program and under the previous North American asset-backed securitization program. The asset-backed securitization programs require compliance with several covenants. The North American asset-backed securitization program covenants include compliance with the interest ratio and debt to EBITDA ratio of the five-year unsecured credit facility amended as of November 8, 2017 (“the 2017 Credit Facility”). The foreign asset-backed securitization program covenants include limitations on certain corporate actions such as mergers and consolidations. As of August 31, 2019 and 2018, the Company was in compliance with all covenants under the asset-backed securitization programs.
Fiscal Year Ended August 31,
2019(3)20182017
Trade accounts receivable sold$4,057$8,386$8,878
Cash proceeds received(1)$4,031$7,838$8,300
Pre-tax losses on sale of receivables(2)$26$15$9
Deferred purchase price receivables as of August 31$—$533$569
"} {"question": "How many years would cash proceeds received exceed $5,000 million if cash proceeds received in 2018 was $4,900 million instead?", "answer": ["1"], "context": "In connection with the asset-backed securitization programs, the Company recognized the following (in millions): (1) The amounts primarily represent proceeds from collections reinvested in revolving-period transfers. (2) Recorded to other expense within the Consolidated Statements of Operations. (3) Excludes $650.3 million of trade accounts receivable sold, $488.1 million of cash and $13.9 million of net cash received prior to the amendment of the foreign asset-backed securitization program and under the previous North American asset-backed securitization program. The asset-backed securitization programs require compliance with several covenants. The North American asset-backed securitization program covenants include compliance with the interest ratio and debt to EBITDA ratio of the five-year unsecured credit facility amended as of November 8, 2017 (“the 2017 Credit Facility”). The foreign asset-backed securitization program covenants include limitations on certain corporate actions such as mergers and consolidations. As of August 31, 2019 and 2018, the Company was in compliance with all covenants under the asset-backed securitization programs.
Fiscal Year Ended August 31,
2019(3)20182017
Trade accounts receivable sold$4,057$8,386$8,878
Cash proceeds received(1)$4,031$7,838$8,300
Pre-tax losses on sale of receivables(2)$26$15$9
Deferred purchase price receivables as of August 31$—$533$569
"} {"question": "What would be the percentage change in Pre-tax losses on sale of receivables between 2017 and 2018 if Pre-tax losses on sale of receivables in 2018 was $20 million instead?", "answer": ["122.22"], "context": "In connection with the asset-backed securitization programs, the Company recognized the following (in millions): (1) The amounts primarily represent proceeds from collections reinvested in revolving-period transfers. (2) Recorded to other expense within the Consolidated Statements of Operations. (3) Excludes $650.3 million of trade accounts receivable sold, $488.1 million of cash and $13.9 million of net cash received prior to the amendment of the foreign asset-backed securitization program and under the previous North American asset-backed securitization program. The asset-backed securitization programs require compliance with several covenants. The North American asset-backed securitization program covenants include compliance with the interest ratio and debt to EBITDA ratio of the five-year unsecured credit facility amended as of November 8, 2017 (“the 2017 Credit Facility”). The foreign asset-backed securitization program covenants include limitations on certain corporate actions such as mergers and consolidations. As of August 31, 2019 and 2018, the Company was in compliance with all covenants under the asset-backed securitization programs.
Fiscal Year Ended August 31,
2019(3)20182017
Trade accounts receivable sold$4,057$8,386$8,878
Cash proceeds received(1)$4,031$7,838$8,300
Pre-tax losses on sale of receivables(2)$26$15$9
Deferred purchase price receivables as of August 31$—$533$569
"} {"question": "How many years would SaaS and license revenue exceed $300,000 thousand if SaaS and license revenue in 2018 was $350,000 thousand instead?", "answer": ["2"], "context": "Comparison of Years Ended December 31, 2019 to December 31, 2018 The following tables in this section set forth our selected consolidated statements of operations (in thousands), data for the percentage change and data as a percentage of revenue for the years ended December 31, 2019 and 2018. Certain previously reported amounts in the consolidated statements of operations for the year ended December 31, 2018 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net. Revenue The $81.9 million increase in total revenue in 2019 as compared to 2018 was the result of a $46.3 million, or 16%, increase in our SaaS and license revenue and a $35.6 million, or 27%, increase in our hardware and other revenue. Our software license revenue included within SaaS and license revenue increased $2.1 million to $43.4 million in 2019 as compared to $41.3 million during 2018. The increase in our Alarm.com segment SaaS and license revenue in 2019 was primarily due to growth in our subscriber base, including the revenue impact from subscribers we added in 2018. To a lesser extent, SaaS and license revenue increased in the period due to an increase in license fees. The increase in hardware and other revenue in 2019 compared to 2018 was due to an increase in the volume of video cameras sold. Our Other segment contributed 15% of the increase in SaaS and license revenue in 2019 as compared to 2018. The increase in SaaS and license revenue for our Other segment in 2019 as compared to 2018 was due to an increase in sales of our energy management and demand response solutions and our property management and HVAC solutions. Hardware and other revenue in our Other segment decreased 13% in 2019 as compared to 2018, primarily due to the timing of sales related to our remote access management solution.
Year Ended December 31,
Revenue:% Change
201920182019 vs. 2018
SaaS and license revenue$337,375$291,07216%
Hardware and other revenue164,988129,42227%
Total revenue$502,363$420,49419%
"} {"question": "How many components of revenue would exceed $200,000 thousand in 2018 if Hardware and other revenue in 2018 was $250,000 thousand instead?", "answer": ["2"], "context": "Comparison of Years Ended December 31, 2019 to December 31, 2018 The following tables in this section set forth our selected consolidated statements of operations (in thousands), data for the percentage change and data as a percentage of revenue for the years ended December 31, 2019 and 2018. Certain previously reported amounts in the consolidated statements of operations for the year ended December 31, 2018 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net. Revenue The $81.9 million increase in total revenue in 2019 as compared to 2018 was the result of a $46.3 million, or 16%, increase in our SaaS and license revenue and a $35.6 million, or 27%, increase in our hardware and other revenue. Our software license revenue included within SaaS and license revenue increased $2.1 million to $43.4 million in 2019 as compared to $41.3 million during 2018. The increase in our Alarm.com segment SaaS and license revenue in 2019 was primarily due to growth in our subscriber base, including the revenue impact from subscribers we added in 2018. To a lesser extent, SaaS and license revenue increased in the period due to an increase in license fees. The increase in hardware and other revenue in 2019 compared to 2018 was due to an increase in the volume of video cameras sold. Our Other segment contributed 15% of the increase in SaaS and license revenue in 2019 as compared to 2018. The increase in SaaS and license revenue for our Other segment in 2019 as compared to 2018 was due to an increase in sales of our energy management and demand response solutions and our property management and HVAC solutions. Hardware and other revenue in our Other segment decreased 13% in 2019 as compared to 2018, primarily due to the timing of sales related to our remote access management solution.
Year Ended December 31,
Revenue:% Change
201920182019 vs. 2018
SaaS and license revenue$337,375$291,07216%
Hardware and other revenue164,988129,42227%
Total revenue$502,363$420,49419%
"} {"question": "What would SaaS and license revenue as a percentage of total revenue in 2019 be if total revenue was $600,000 thousand instead, while SaaS and license revenue remained unchanged?", "answer": ["56.23"], "context": "Comparison of Years Ended December 31, 2019 to December 31, 2018 The following tables in this section set forth our selected consolidated statements of operations (in thousands), data for the percentage change and data as a percentage of revenue for the years ended December 31, 2019 and 2018. Certain previously reported amounts in the consolidated statements of operations for the year ended December 31, 2018 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net. Revenue The $81.9 million increase in total revenue in 2019 as compared to 2018 was the result of a $46.3 million, or 16%, increase in our SaaS and license revenue and a $35.6 million, or 27%, increase in our hardware and other revenue. Our software license revenue included within SaaS and license revenue increased $2.1 million to $43.4 million in 2019 as compared to $41.3 million during 2018. The increase in our Alarm.com segment SaaS and license revenue in 2019 was primarily due to growth in our subscriber base, including the revenue impact from subscribers we added in 2018. To a lesser extent, SaaS and license revenue increased in the period due to an increase in license fees. The increase in hardware and other revenue in 2019 compared to 2018 was due to an increase in the volume of video cameras sold. Our Other segment contributed 15% of the increase in SaaS and license revenue in 2019 as compared to 2018. The increase in SaaS and license revenue for our Other segment in 2019 as compared to 2018 was due to an increase in sales of our energy management and demand response solutions and our property management and HVAC solutions. Hardware and other revenue in our Other segment decreased 13% in 2019 as compared to 2018, primarily due to the timing of sales related to our remote access management solution.
Year Ended December 31,
Revenue:% Change
201920182019 vs. 2018
SaaS and license revenue$337,375$291,07216%
Hardware and other revenue164,988129,42227%
Total revenue$502,363$420,49419%
"} {"question": "In which year would the amount of financial income be the smallest if the amount in 2019 was $3.8 million instead?", "answer": ["2018"], "context": "NOTE 9 – FINANCIAL ITEMS ¹⁾ Interest for financial assets and liabilities not at fair value through profit and loss.
USDm201920182017
Financial income
Interest income from cash and cash equivalents, including restricted cash ¹⁾2.52.71.6
Exchange rate adjustments, including gain from forward exchange rate contracts0.30.62.7
Total2.83.34.3
Financial expenses
Interest expenses on mortgage and bank debt ¹⁾39.335.733.3
Exchange rate adjustments, including loss from forward exchange rate contracts0.20.13.2
Commitment fee1.92.62.4
Other financial expenses0.50.91.7
Total41.939.340.6
Total financial items-39.1-36.0-36.3
"} {"question": "What would the change in total financial expenses in 2019 from 2018 be if the amount in 2019 was $42.3 million instead?", "answer": ["3"], "context": "NOTE 9 – FINANCIAL ITEMS ¹⁾ Interest for financial assets and liabilities not at fair value through profit and loss.
USDm201920182017
Financial income
Interest income from cash and cash equivalents, including restricted cash ¹⁾2.52.71.6
Exchange rate adjustments, including gain from forward exchange rate contracts0.30.62.7
Total2.83.34.3
Financial expenses
Interest expenses on mortgage and bank debt ¹⁾39.335.733.3
Exchange rate adjustments, including loss from forward exchange rate contracts0.20.13.2
Commitment fee1.92.62.4
Other financial expenses0.50.91.7
Total41.939.340.6
Total financial items-39.1-36.0-36.3
"} {"question": "What would the percentage change in total financial expenses in 2019 from 2018 be if the amount in 2019 was $42.3 million instead??", "answer": ["7.63"], "context": "NOTE 9 – FINANCIAL ITEMS ¹⁾ Interest for financial assets and liabilities not at fair value through profit and loss.
USDm201920182017
Financial income
Interest income from cash and cash equivalents, including restricted cash ¹⁾2.52.71.6
Exchange rate adjustments, including gain from forward exchange rate contracts0.30.62.7
Total2.83.34.3
Financial expenses
Interest expenses on mortgage and bank debt ¹⁾39.335.733.3
Exchange rate adjustments, including loss from forward exchange rate contracts0.20.13.2
Commitment fee1.92.62.4
Other financial expenses0.50.91.7
Total41.939.340.6
Total financial items-39.1-36.0-36.3
"} {"question": "What would be the change in finished goods between 2018 and 2019 if finished goods in 2018 were $700,000 thousand instead?", "answer": ["40665"], "context": "3. Inventories Inventories consist of the following (in thousands):
August 31,2019August 31,2018
Raw materials$2,310,081$2,070,569
Work in process468,217788,742
Finished goods314,258659,335
Reserve for excess and obsolete inventory(69,553)(60,940)
Inventories, net$3,023,003$3,457,706
"} {"question": "What would be the change in work in process between 2018 and 2019 if work in process in 2019 was $800,000 thousand instead?", "answer": ["11258"], "context": "3. Inventories Inventories consist of the following (in thousands):
August 31,2019August 31,2018
Raw materials$2,310,081$2,070,569
Work in process468,217788,742
Finished goods314,258659,335
Reserve for excess and obsolete inventory(69,553)(60,940)
Inventories, net$3,023,003$3,457,706
"} {"question": "What would be the percentage change in raw materials between 2018 and 2019 if raw materials in 2019 were $3,000,000 thousand instead?", "answer": ["44.89"], "context": "3. Inventories Inventories consist of the following (in thousands):
August 31,2019August 31,2018
Raw materials$2,310,081$2,070,569
Work in process468,217788,742
Finished goods314,258659,335
Reserve for excess and obsolete inventory(69,553)(60,940)
Inventories, net$3,023,003$3,457,706
"} {"question": "What would be the difference in the balance at December 31, 2019 for Unrecognized losses between U.S and Non-U.S. Pension Plans if Non-U.S. Pension Plans were $80,000 thousand instead?", "answer": ["8830"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) We have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax:
U.S.Pension PlansNon-U.S.Pension Plans
Unrecognized LossUnrecognized Loss
Balance at January 1, 2018$75,740$1,898
Amortization of retirement benefits, net of tax(4,538)(126)
Settlements——
Net actuarial gain6,732196
Foreign exchange impact—(52)
Tax impact due to implementation of ASU 2018-0217,560—
Balance at January 1, 2019$95,494$1,916
Amortization of retirement benefits, net of tax(4,060)(138)
Net actuarial (loss) gain(2,604)78
Foreign exchange impact—44
Balance at December 31, 2019$88,830$1,900
"} {"question": "What would be the difference between the Amortization of retirement benefits, net of tax between U.S. and Non-U.S. Pension Plans in 2019 if the Amortization of retirement benefits, net of tax for U.S. Pension Plans was -$200 thousand instead?", "answer": ["-62"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) We have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax:
U.S.Pension PlansNon-U.S.Pension Plans
Unrecognized LossUnrecognized Loss
Balance at January 1, 2018$75,740$1,898
Amortization of retirement benefits, net of tax(4,538)(126)
Settlements——
Net actuarial gain6,732196
Foreign exchange impact—(52)
Tax impact due to implementation of ASU 2018-0217,560—
Balance at January 1, 2019$95,494$1,916
Amortization of retirement benefits, net of tax(4,060)(138)
Net actuarial (loss) gain(2,604)78
Foreign exchange impact—44
Balance at December 31, 2019$88,830$1,900
"} {"question": "What would be the percentage change in the balance for unrecognized losses for U.S. Pension Plans between January 1, 2018 and 2019 if the balance in 2019 was $90,000 thousand instead?", "answer": ["18.83"], "context": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data) We have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax:
U.S.Pension PlansNon-U.S.Pension Plans
Unrecognized LossUnrecognized Loss
Balance at January 1, 2018$75,740$1,898
Amortization of retirement benefits, net of tax(4,538)(126)
Settlements——
Net actuarial gain6,732196
Foreign exchange impact—(52)
Tax impact due to implementation of ASU 2018-0217,560—
Balance at January 1, 2019$95,494$1,916
Amortization of retirement benefits, net of tax(4,060)(138)
Net actuarial (loss) gain(2,604)78
Foreign exchange impact—44
Balance at December 31, 2019$88,830$1,900
"} {"question": "In which year would have a higher project development expense if the amount in 2019 was (13,283) thousand?", "answer": ["2018"], "context": "FLNG segment Total operating revenues: On May 31, 2018, the Hilli was accepted by the customer and, accordingly, commenced operations. The Hilli generated $218.1 million of total operating revenues, as a result of a full year of operations during 2019, in relation to her liquefaction services, compared to $127.6 million in 2018. Vessel operating expenses: The Hilli incurred $53.7 million of vessel operating expenses for the year ended December 31, 2019, as a result of a full year of operations in 2019, compared to $26.3 million in 2018 following commencement of operations on May 31, 2018. Voyage, charterhire and commission expenses: The decrease in voyage, charterhire and commission expenses of $0.9 million to $0.5 million for the year ended December 31, 2019 compared to $1.4 million in 2018, is due to lower bunker consumption as a result of the Hilli undergoing commissioning in preparation for her commercial readiness in 2018. Administrative expenses: Administrative expenses increased by $1.5 million to $1.4 million for the year ended December 31, 2019 compared to a credit $0.2 million in 2018, principally due to an increase in corporate expenses, salaries and employee benefits following the full year of operation of the Hilli, compared to seven months in 2018. Project development expenses: This relates to non-capitalized project-related expenses comprising of legal, professional and consultancy costs. The decrease was due to the commencement of capitalization of engineering consultation fees in relation to the Gimi GTA Project following the Gimi entering Keppel's shipyard for her conversion into a FLNG in December 2018. Depreciation and amortization: Following the Hilli's commencement of operations on May 31, 2018, depreciation and amortization of the vessel was recognized. A full year of depreciation was recognized for the year ended December 31, 2019 compared to the seven months of depreciation in 2018. Other operating (losses)/gains: Included in other operating (losses)/gains are: • realized gain on the oil derivative instrument, based on monthly billings above the base tolling fee under the LTA of $13.1 million for the year ended December 31, 2019 compared to $26.7 million in 2018; • unrealized loss on the oil derivative instrument, due to changes in oil prices above a contractual floor price over term of the LTA of $39.1 million for the year ended December 31, 2019 compared to unrealized loss of $10.0 million in 2018; and • write-off of $3.0 million and $12.7 million of unrecoverable receivables relating to OneLNG for the year ended December 31, 2019 and 2018, respectively. Equity in net losses of affiliates: In April 2018, we and Schlumberger decided to wind down OneLNG and work on FLNG projects on a case-by-case basis.
December 31,
(in thousands of $)20192018Change% Change
Total operating revenues218,096127,62590,47171%
Vessel operating expenses(53,689)(26,317)(27,372)104%
Voyage expenses, charter-hire and commission expenses(460)(1,363)903(66)%
Administrative expenses(1,371)175(1,546)(883)%
Project development expenses(2,939)(16,526)13,587(82)%
Depreciation and amortization(48,088)(28,193)(19,895)71%
Other operating (losses)/gains(28,963)2,749(31,712)(1,154)%
Operating income82,58658,15024,43642%
Equity in net losses of affiliates—(2,047)2,047(100)%
"} {"question": "What would be the change in total operating revenues if the amount was 202,398 thousand in 2018?", "answer": ["15698"], "context": "FLNG segment Total operating revenues: On May 31, 2018, the Hilli was accepted by the customer and, accordingly, commenced operations. The Hilli generated $218.1 million of total operating revenues, as a result of a full year of operations during 2019, in relation to her liquefaction services, compared to $127.6 million in 2018. Vessel operating expenses: The Hilli incurred $53.7 million of vessel operating expenses for the year ended December 31, 2019, as a result of a full year of operations in 2019, compared to $26.3 million in 2018 following commencement of operations on May 31, 2018. Voyage, charterhire and commission expenses: The decrease in voyage, charterhire and commission expenses of $0.9 million to $0.5 million for the year ended December 31, 2019 compared to $1.4 million in 2018, is due to lower bunker consumption as a result of the Hilli undergoing commissioning in preparation for her commercial readiness in 2018. Administrative expenses: Administrative expenses increased by $1.5 million to $1.4 million for the year ended December 31, 2019 compared to a credit $0.2 million in 2018, principally due to an increase in corporate expenses, salaries and employee benefits following the full year of operation of the Hilli, compared to seven months in 2018. Project development expenses: This relates to non-capitalized project-related expenses comprising of legal, professional and consultancy costs. The decrease was due to the commencement of capitalization of engineering consultation fees in relation to the Gimi GTA Project following the Gimi entering Keppel's shipyard for her conversion into a FLNG in December 2018. Depreciation and amortization: Following the Hilli's commencement of operations on May 31, 2018, depreciation and amortization of the vessel was recognized. A full year of depreciation was recognized for the year ended December 31, 2019 compared to the seven months of depreciation in 2018. Other operating (losses)/gains: Included in other operating (losses)/gains are: • realized gain on the oil derivative instrument, based on monthly billings above the base tolling fee under the LTA of $13.1 million for the year ended December 31, 2019 compared to $26.7 million in 2018; • unrealized loss on the oil derivative instrument, due to changes in oil prices above a contractual floor price over term of the LTA of $39.1 million for the year ended December 31, 2019 compared to unrealized loss of $10.0 million in 2018; and • write-off of $3.0 million and $12.7 million of unrecoverable receivables relating to OneLNG for the year ended December 31, 2019 and 2018, respectively. Equity in net losses of affiliates: In April 2018, we and Schlumberger decided to wind down OneLNG and work on FLNG projects on a case-by-case basis.
December 31,
(in thousands of $)20192018Change% Change
Total operating revenues218,096127,62590,47171%
Vessel operating expenses(53,689)(26,317)(27,372)104%
Voyage expenses, charter-hire and commission expenses(460)(1,363)903(66)%
Administrative expenses(1,371)175(1,546)(883)%
Project development expenses(2,939)(16,526)13,587(82)%
Depreciation and amortization(48,088)(28,193)(19,895)71%
Other operating (losses)/gains(28,963)2,749(31,712)(1,154)%
Operating income82,58658,15024,43642%
Equity in net losses of affiliates—(2,047)2,047(100)%
"} {"question": "What would be the percentage change in operating income if the operating income was 93,628 thousand in 2019?", "answer": ["61.01"], "context": "FLNG segment Total operating revenues: On May 31, 2018, the Hilli was accepted by the customer and, accordingly, commenced operations. The Hilli generated $218.1 million of total operating revenues, as a result of a full year of operations during 2019, in relation to her liquefaction services, compared to $127.6 million in 2018. Vessel operating expenses: The Hilli incurred $53.7 million of vessel operating expenses for the year ended December 31, 2019, as a result of a full year of operations in 2019, compared to $26.3 million in 2018 following commencement of operations on May 31, 2018. Voyage, charterhire and commission expenses: The decrease in voyage, charterhire and commission expenses of $0.9 million to $0.5 million for the year ended December 31, 2019 compared to $1.4 million in 2018, is due to lower bunker consumption as a result of the Hilli undergoing commissioning in preparation for her commercial readiness in 2018. Administrative expenses: Administrative expenses increased by $1.5 million to $1.4 million for the year ended December 31, 2019 compared to a credit $0.2 million in 2018, principally due to an increase in corporate expenses, salaries and employee benefits following the full year of operation of the Hilli, compared to seven months in 2018. Project development expenses: This relates to non-capitalized project-related expenses comprising of legal, professional and consultancy costs. The decrease was due to the commencement of capitalization of engineering consultation fees in relation to the Gimi GTA Project following the Gimi entering Keppel's shipyard for her conversion into a FLNG in December 2018. Depreciation and amortization: Following the Hilli's commencement of operations on May 31, 2018, depreciation and amortization of the vessel was recognized. A full year of depreciation was recognized for the year ended December 31, 2019 compared to the seven months of depreciation in 2018. Other operating (losses)/gains: Included in other operating (losses)/gains are: • realized gain on the oil derivative instrument, based on monthly billings above the base tolling fee under the LTA of $13.1 million for the year ended December 31, 2019 compared to $26.7 million in 2018; • unrealized loss on the oil derivative instrument, due to changes in oil prices above a contractual floor price over term of the LTA of $39.1 million for the year ended December 31, 2019 compared to unrealized loss of $10.0 million in 2018; and • write-off of $3.0 million and $12.7 million of unrecoverable receivables relating to OneLNG for the year ended December 31, 2019 and 2018, respectively. Equity in net losses of affiliates: In April 2018, we and Schlumberger decided to wind down OneLNG and work on FLNG projects on a case-by-case basis.
December 31,
(in thousands of $)20192018Change% Change
Total operating revenues218,096127,62590,47171%
Vessel operating expenses(53,689)(26,317)(27,372)104%
Voyage expenses, charter-hire and commission expenses(460)(1,363)903(66)%
Administrative expenses(1,371)175(1,546)(883)%
Project development expenses(2,939)(16,526)13,587(82)%
Depreciation and amortization(48,088)(28,193)(19,895)71%
Other operating (losses)/gains(28,963)2,749(31,712)(1,154)%
Operating income82,58658,15024,43642%
Equity in net losses of affiliates—(2,047)2,047(100)%
"} {"question": "What would be the change in working capital between 2015 and 2016 if the working capital in 2016 was $200,000 thousand instead?", "answer": ["68029"], "context": "ITEM 6. SELECTED FINANCIAL DATA The selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data). Information about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. “Legal Proceedings.” Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations.\" Certain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.
As of December 31,
20192018201720162015
Balance sheet and other data:
Cash and cash equivalents$119,629$146,061$96,329$140,634$128,358
Working capital167,879152,793119,433150,485131,971
Total assets557,799440,985371,641261,245226,095
Total long-term obligations115,14388,12694,31130,29726,885
Total stockholders' equity355,651277,589232,827191,249170,131
"} {"question": "What would be the change in total stockholders' equity between 2016 and 2017 if the total stockholders' equity in 2017 was $250,000 thousand instead?", "answer": ["58751"], "context": "ITEM 6. SELECTED FINANCIAL DATA The selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data). Information about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. “Legal Proceedings.” Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations.\" Certain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.
As of December 31,
20192018201720162015
Balance sheet and other data:
Cash and cash equivalents$119,629$146,061$96,329$140,634$128,358
Working capital167,879152,793119,433150,485131,971
Total assets557,799440,985371,641261,245226,095
Total long-term obligations115,14388,12694,31130,29726,885
Total stockholders' equity355,651277,589232,827191,249170,131
"} {"question": "What would be the percentage change in the total assets between 2018 and 2019 if total assets in 2019 was $500,000 thousand instead?", "answer": ["13.38"], "context": "ITEM 6. SELECTED FINANCIAL DATA The selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data). Information about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. “Legal Proceedings.” Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management’s Discussion and Analysis of Financial Condition and Results of Operations.\" Certain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.
As of December 31,
20192018201720162015
Balance sheet and other data:
Cash and cash equivalents$119,629$146,061$96,329$140,634$128,358
Working capital167,879152,793119,433150,485131,971
Total assets557,799440,985371,641261,245226,095
Total long-term obligations115,14388,12694,31130,29726,885
Total stockholders' equity355,651277,589232,827191,249170,131
"} {"question": "What would be the change in total assets in Solid Capacitors between 2018 and 2019 if total assets for Solid Capacitors in 2018 was $700,000 thousand instead?", "answer": ["94402"], "context": "The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2019, 2018 and 2017 and total assets by reportable segment for the fiscal years ended 2019 and 2018 (amounts in thousands): The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2019, 2018 and 2017 and total assets by reportable segment for the fiscal years ended 2019 and 2018 (amounts in thousands): (1) March 31, 2018 adjusted due to the adoption of ASC 606.
March 31,
20192018
Total assets:
Solid Capacitors$794,402$704,851
Film and Electrolytic (1)219,711240,968
MSA234,419254,193
Corporate69,56322,911
$1,318,095$1,222,923
"} {"question": "What would be the change in total assets in MSA between 2018 and 2019 if the total assets in MSA in 2018 was $200,000 thousand instead?", "answer": ["34419"], "context": "The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2019, 2018 and 2017 and total assets by reportable segment for the fiscal years ended 2019 and 2018 (amounts in thousands): The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2019, 2018 and 2017 and total assets by reportable segment for the fiscal years ended 2019 and 2018 (amounts in thousands): (1) March 31, 2018 adjusted due to the adoption of ASC 606.
March 31,
20192018
Total assets:
Solid Capacitors$794,402$704,851
Film and Electrolytic (1)219,711240,968
MSA234,419254,193
Corporate69,56322,911
$1,318,095$1,222,923
"} {"question": "What would be the percentage change total amount of assets across all segments between 2018 and 2019 if the total amount of assets in 2019 was $1,300,000 thousand instead?", "answer": ["6.3"], "context": "The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2019, 2018 and 2017 and total assets by reportable segment for the fiscal years ended 2019 and 2018 (amounts in thousands): The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2019, 2018 and 2017 and total assets by reportable segment for the fiscal years ended 2019 and 2018 (amounts in thousands): (1) March 31, 2018 adjusted due to the adoption of ASC 606.
March 31,
20192018
Total assets:
Solid Capacitors$794,402$704,851
Film and Electrolytic (1)219,711240,968
MSA234,419254,193
Corporate69,56322,911
$1,318,095$1,222,923
"} {"question": "If the Time and bareboat charter revenues in Years Ended December 31, 2019 increased to 299,971, what would be the revised change from Years Ended December 31, 2018 to 2019?", "answer": ["86048"], "context": "Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows. The following table shows the Company's shipping revenues disaggregated by nature of the charter arrangement for the years ended December 31, 2019 and 2018: (1) Voyage charter revenues include approximately $10,152 and $7,600 of revenue related to short-term time charter contracts for the years ended December 31, 2019 and 2018, respectively.
Years Ended December 31,
20192018
Time and bareboat charter revenues$263,683$213,923
Voyage charter revenues(1)33,27583,542
Contracts of affreightment revenues58,58968,698
Total shipping revenues$355,547$366,163
"} {"question": "If the Time and bareboat charter revenues in Years Ended December 31, 2019 increased to 299,971, what would be the revised average for Years Ended December 31, 2018 to 2019?", "answer": ["256947"], "context": "Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows. The following table shows the Company's shipping revenues disaggregated by nature of the charter arrangement for the years ended December 31, 2019 and 2018: (1) Voyage charter revenues include approximately $10,152 and $7,600 of revenue related to short-term time charter contracts for the years ended December 31, 2019 and 2018, respectively.
Years Ended December 31,
20192018
Time and bareboat charter revenues$263,683$213,923
Voyage charter revenues(1)33,27583,542
Contracts of affreightment revenues58,58968,698
Total shipping revenues$355,547$366,163
"} {"question": "If Voyage charter revenues in 2018 was 43,000, in which year would it be less than 50,000?", "answer": ["2019", "2018"], "context": "Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows. The following table shows the Company's shipping revenues disaggregated by nature of the charter arrangement for the years ended December 31, 2019 and 2018: (1) Voyage charter revenues include approximately $10,152 and $7,600 of revenue related to short-term time charter contracts for the years ended December 31, 2019 and 2018, respectively.
Years Ended December 31,
20192018
Time and bareboat charter revenues$263,683$213,923
Voyage charter revenues(1)33,27583,542
Contracts of affreightment revenues58,58968,698
Total shipping revenues$355,547$366,163
"} {"question": "If Total Obligations was $4,321,423(in thousands) instead, What is the Total Operating lease obligations expressed as a percentage of Total obligations?", "answer": ["7.38"], "context": "NOTE 13—GUARANTEES AND CONTINGENCIES We have entered into the following contractual obligations with minimum payments for the indicated fiscal periods as follows: (1) Includes interest up to maturity and principal payments. Please see note 10 \"Long-Term Debt\" for more details (2) Net of $30.7 million of sublease income to be received from properties which we have subleased to third parties.
Payments due between
TotalJuly 1, 2019— June 30, 2020July 1, 2020— June 30, 2022July 1, 2022— June 30, 2024July 1, 2024 and beyond
Long-term debt obligations (1)$3,408,565$147,059$292,156$1,045,567$1,923,783
Operating lease obligations (2)318,85172,853106,39459,44180,163
Purchase obligations11,2808,3642,747169—
$3,738,696$228,276$401,297$1,105,177$2,003,946
"} {"question": "If Operating lease obligations for July 1, 2024 and beyond were 123,532(in thousands) instead, In what year range(s) are Operating lease obligations more than $100,000(in thousands)?", "answer": ["July 1, 2020— June 30, 2022", "July 1, 2024 and beyond"], "context": "NOTE 13—GUARANTEES AND CONTINGENCIES We have entered into the following contractual obligations with minimum payments for the indicated fiscal periods as follows: (1) Includes interest up to maturity and principal payments. Please see note 10 \"Long-Term Debt\" for more details (2) Net of $30.7 million of sublease income to be received from properties which we have subleased to third parties.
Payments due between
TotalJuly 1, 2019— June 30, 2020July 1, 2020— June 30, 2022July 1, 2022— June 30, 2024July 1, 2024 and beyond
Long-term debt obligations (1)$3,408,565$147,059$292,156$1,045,567$1,923,783
Operating lease obligations (2)318,85172,853106,39459,44180,163
Purchase obligations11,2808,3642,747169—
$3,738,696$228,276$401,297$1,105,177$2,003,946
"} {"question": "If Total obligations was $4,134,245(in thousands), What is the total obligations of July 1, 2024 and beyond expressed as a percentage of total obligations for July 1, 2019-June 30, 2024?", "answer": ["94.07"], "context": "NOTE 13—GUARANTEES AND CONTINGENCIES We have entered into the following contractual obligations with minimum payments for the indicated fiscal periods as follows: (1) Includes interest up to maturity and principal payments. Please see note 10 \"Long-Term Debt\" for more details (2) Net of $30.7 million of sublease income to be received from properties which we have subleased to third parties.
Payments due between
TotalJuly 1, 2019— June 30, 2020July 1, 2020— June 30, 2022July 1, 2022— June 30, 2024July 1, 2024 and beyond
Long-term debt obligations (1)$3,408,565$147,059$292,156$1,045,567$1,923,783
Operating lease obligations (2)318,85172,853106,39459,44180,163
Purchase obligations11,2808,3642,747169—
$3,738,696$228,276$401,297$1,105,177$2,003,946
"} {"question": "In which year would the unrealized loss on oil derivative instrument be the highest if the loss in 2019 was (10,290) thousand?", "answer": ["2019"], "context": "In relation to the oil derivative instrument (see note 24), the fair value was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the liquefaction tolling agreement (\"LTA\"). Significant inputs used in the valuation of the oil derivative instrument include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. The changes in fair value of our oil derivative instrument is recognized in each period in current earnings in \"Realized and unrealized gain on oil derivative instrument\" as part of the consolidated statement of income. The realized and unrealized (loss)/ gain on the oil derivative instrument is as follows: The unrealized loss/gain results from movement in oil prices above a contractual floor price over term of the LTA; the realized gain results from monthly billings above the base tolling fee under the LTA. For further information on the nature of this derivative, refer to note 24.
Year Ended December 31,
(in thousands of $)201920182017
Realized gain on oil derivative instrument13,08926,737—
Unrealized (loss)/gain on oil derivative instrument(39,090)(9,970)15,100
(26,001)16,76715,100
"} {"question": "What would be the change in realized gain on oil derivative instrument from 2017 to 2018 if the gain in 2017 was 12,394 thousand?", "answer": ["14343"], "context": "In relation to the oil derivative instrument (see note 24), the fair value was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the liquefaction tolling agreement (\"LTA\"). Significant inputs used in the valuation of the oil derivative instrument include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. The changes in fair value of our oil derivative instrument is recognized in each period in current earnings in \"Realized and unrealized gain on oil derivative instrument\" as part of the consolidated statement of income. The realized and unrealized (loss)/ gain on the oil derivative instrument is as follows: The unrealized loss/gain results from movement in oil prices above a contractual floor price over term of the LTA; the realized gain results from monthly billings above the base tolling fee under the LTA. For further information on the nature of this derivative, refer to note 24.
Year Ended December 31,
(in thousands of $)201920182017
Realized gain on oil derivative instrument13,08926,737—
Unrealized (loss)/gain on oil derivative instrument(39,090)(9,970)15,100
(26,001)16,76715,100
"} {"question": "What would be the percentage change in total realized and unrealized (loss)/ gain on the oil derivative instrument from 2017 to 2018 if the amount in 2018 was 17,483 thousand?", "answer": ["15.78"], "context": "In relation to the oil derivative instrument (see note 24), the fair value was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the liquefaction tolling agreement (\"LTA\"). Significant inputs used in the valuation of the oil derivative instrument include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. The changes in fair value of our oil derivative instrument is recognized in each period in current earnings in \"Realized and unrealized gain on oil derivative instrument\" as part of the consolidated statement of income. The realized and unrealized (loss)/ gain on the oil derivative instrument is as follows: The unrealized loss/gain results from movement in oil prices above a contractual floor price over term of the LTA; the realized gain results from monthly billings above the base tolling fee under the LTA. For further information on the nature of this derivative, refer to note 24.
Year Ended December 31,
(in thousands of $)201920182017
Realized gain on oil derivative instrument13,08926,737—
Unrealized (loss)/gain on oil derivative instrument(39,090)(9,970)15,100
(26,001)16,76715,100
"} {"question": "If accounts receivable, net in 2019 was 140,000 thousands, what would be the accounts receivable, net increase / (decrease) from 2018 to 2019?", "answer": ["6864"], "context": "Contract Assets and Liabilities The following table provides information about receivables, contract assets and contract liabilities from our revenue contracts with customers: Contract assets include costs that are incremental to the acquisition of a contract. Incremental costs are those that result directly from obtaining a contract or costs that would not have been incurred if the contract had not been obtained, which primarily relate to sales commissions. These costs are deferred and amortized over the expected customer life. We determined that the expected customer life is the expected period of benefit as the commission on the renewal contract is not commensurate with the commission on the initial contract. During the years ended December 31, 2019 and 2018, the Company recognized expense of $6.3 million and $2.9 million, respectively, related to deferred contract acquisition costs. Contract liabilities include deferred revenues related to advanced payments for services and nonrefundable, upfront service activation and set-up fees, which under the new standard are generally deferred and amortized over the expected customer life as the option to renew without paying an upfront fee provides the customer with a material right. During the years ended December 31, 2019 and 2018, the Company deferred and recognized revenues of $397.5 million and $354.2 million, respectively. A receivable is recognized in the period the Company provides goods or services when the Company’s right to consideration is unconditional. Payment terms on invoiced amounts are generally 30 to 60 days.
Year Ended December 31,
(In thousands)20192018
Accounts receivable, net$120,016$133,136
Contract assets18,80412,128
Contract liabilities50,97452,966
"} {"question": "If contract assets in 2018 was 15,000 thousands, what would be the percentage increase / (decrease) in the contract assets from 2018 to 2019?", "answer": ["25.36"], "context": "Contract Assets and Liabilities The following table provides information about receivables, contract assets and contract liabilities from our revenue contracts with customers: Contract assets include costs that are incremental to the acquisition of a contract. Incremental costs are those that result directly from obtaining a contract or costs that would not have been incurred if the contract had not been obtained, which primarily relate to sales commissions. These costs are deferred and amortized over the expected customer life. We determined that the expected customer life is the expected period of benefit as the commission on the renewal contract is not commensurate with the commission on the initial contract. During the years ended December 31, 2019 and 2018, the Company recognized expense of $6.3 million and $2.9 million, respectively, related to deferred contract acquisition costs. Contract liabilities include deferred revenues related to advanced payments for services and nonrefundable, upfront service activation and set-up fees, which under the new standard are generally deferred and amortized over the expected customer life as the option to renew without paying an upfront fee provides the customer with a material right. During the years ended December 31, 2019 and 2018, the Company deferred and recognized revenues of $397.5 million and $354.2 million, respectively. A receivable is recognized in the period the Company provides goods or services when the Company’s right to consideration is unconditional. Payment terms on invoiced amounts are generally 30 to 60 days.
Year Ended December 31,
(In thousands)20192018
Accounts receivable, net$120,016$133,136
Contract assets18,80412,128
Contract liabilities50,97452,966
"} {"question": "If contract liabilities in 2019 was 53,000 thousands, what would be the average contract liabilities for 2018 and 2019?", "answer": ["52983"], "context": "Contract Assets and Liabilities The following table provides information about receivables, contract assets and contract liabilities from our revenue contracts with customers: Contract assets include costs that are incremental to the acquisition of a contract. Incremental costs are those that result directly from obtaining a contract or costs that would not have been incurred if the contract had not been obtained, which primarily relate to sales commissions. These costs are deferred and amortized over the expected customer life. We determined that the expected customer life is the expected period of benefit as the commission on the renewal contract is not commensurate with the commission on the initial contract. During the years ended December 31, 2019 and 2018, the Company recognized expense of $6.3 million and $2.9 million, respectively, related to deferred contract acquisition costs. Contract liabilities include deferred revenues related to advanced payments for services and nonrefundable, upfront service activation and set-up fees, which under the new standard are generally deferred and amortized over the expected customer life as the option to renew without paying an upfront fee provides the customer with a material right. During the years ended December 31, 2019 and 2018, the Company deferred and recognized revenues of $397.5 million and $354.2 million, respectively. A receivable is recognized in the period the Company provides goods or services when the Company’s right to consideration is unconditional. Payment terms on invoiced amounts are generally 30 to 60 days.
Year Ended December 31,
(In thousands)20192018
Accounts receivable, net$120,016$133,136
Contract assets18,80412,128
Contract liabilities50,97452,966
"} {"question": "What would be the average value of vehicles for 2018 and 2019 if the value of vehicles in 2019 decreased by 100?", "answer": ["807.5"], "context": "Note 4 – Property, Plant and Equipment, net Property, plant and equipment consisted of the following:
December 31,
20192018
Land$ 1,565$ 1,747
Buildings and improvements17,33217,520
Machinery and equipment30,67029,692
Vehicles778937
Office equipment851838
Construction in process362546
51,55851,280
Less accumulated depreciation(29,284 )(26,707 )
Total property, plant and equipment, net$ 22,274$ 24,573
"} {"question": "What would be the change in the value of land between 2018 and 2019 if the value of land in 2018 increased by $2,000? ", "answer": ["-2182"], "context": "Note 4 – Property, Plant and Equipment, net Property, plant and equipment consisted of the following:
December 31,
20192018
Land$ 1,565$ 1,747
Buildings and improvements17,33217,520
Machinery and equipment30,67029,692
Vehicles778937
Office equipment851838
Construction in process362546
51,55851,280
Less accumulated depreciation(29,284 )(26,707 )
Total property, plant and equipment, net$ 22,274$ 24,573
"} {"question": "Which year would have a higher total property, plant and equipment, net value if the value in 2019 was $30,000 instead?", "answer": ["2019"], "context": "Note 4 – Property, Plant and Equipment, net Property, plant and equipment consisted of the following:
December 31,
20192018
Land$ 1,565$ 1,747
Buildings and improvements17,33217,520
Machinery and equipment30,67029,692
Vehicles778937
Office equipment851838
Construction in process362546
51,55851,280
Less accumulated depreciation(29,284 )(26,707 )
Total property, plant and equipment, net$ 22,274$ 24,573
"} {"question": "If granted shares were 250,000, what would be the difference between the granted shares and outstanding shares as at April 1, 2018?", "answer": ["6646"], "context": "Restricted Shares We granted shares to certain of our Directors, executives and key employees under the 2016 and 2011 Plans, the vesting of which is service-based. The following table summarizes the activity during the twelve months ended March 31, 2019 for restricted shares awarded under the 2016 and 2011 Plans: The weighted-average grant date fair value of the restricted shares is determined based upon the closing price of our common shares on the grant date. During fiscal 2019, a total of 197,917 shares, net of 47,146 shares withheld from the vested restricted shares to cover the employee's minimum applicable income taxes, were issued from treasury. The shares withheld were returned to treasury shares.
Number of SharesWeighted-Average Grant-Date Fair Value
(per share)
Outstanding at April 1, 2018243,354$10.78
Granted265,45214.66
Vested(197,917)12.74
Forfeited(73,743)11.3
Outstanding at March 31, 2019237,146$13.46
"} {"question": "If Weighted-Average Grant-Date Fair Value per share for outstanding at April 1, 2018 was $20.00 instead, What would be the total Weighted-Average Grant-Date Fair Value for Outstanding at April 1, 2018?", "answer": ["4867080"], "context": "Restricted Shares We granted shares to certain of our Directors, executives and key employees under the 2016 and 2011 Plans, the vesting of which is service-based. The following table summarizes the activity during the twelve months ended March 31, 2019 for restricted shares awarded under the 2016 and 2011 Plans: The weighted-average grant date fair value of the restricted shares is determined based upon the closing price of our common shares on the grant date. During fiscal 2019, a total of 197,917 shares, net of 47,146 shares withheld from the vested restricted shares to cover the employee's minimum applicable income taxes, were issued from treasury. The shares withheld were returned to treasury shares.
Number of SharesWeighted-Average Grant-Date Fair Value
(per share)
Outstanding at April 1, 2018243,354$10.78
Granted265,45214.66
Vested(197,917)12.74
Forfeited(73,743)11.3
Outstanding at March 31, 2019237,146$13.46
"} {"question": "If vested Weighted-Average Grant-Date Fair Value were 12.00, what would be the difference between the vested and granted Weighted-Average Grant-Date Fair Value?", "answer": ["2.66"], "context": "Restricted Shares We granted shares to certain of our Directors, executives and key employees under the 2016 and 2011 Plans, the vesting of which is service-based. The following table summarizes the activity during the twelve months ended March 31, 2019 for restricted shares awarded under the 2016 and 2011 Plans: The weighted-average grant date fair value of the restricted shares is determined based upon the closing price of our common shares on the grant date. During fiscal 2019, a total of 197,917 shares, net of 47,146 shares withheld from the vested restricted shares to cover the employee's minimum applicable income taxes, were issued from treasury. The shares withheld were returned to treasury shares.
Number of SharesWeighted-Average Grant-Date Fair Value
(per share)
Outstanding at April 1, 2018243,354$10.78
Granted265,45214.66
Vested(197,917)12.74
Forfeited(73,743)11.3
Outstanding at March 31, 2019237,146$13.46
"} {"question": "What would be the change in net earnings between 2017 and 2018 if net earnings in 2018 was $300.0 million instead?", "answer": ["45.8"], "context": "(1) For a description and reconciliation of non-GAAP financial measures presented in this document, please see the Non-GAAP Financial Measures page, or visit the Black Knight Investor Relations website at https://investor.blackknightinc.com. (2) In 2019, the effect of our indirect investment in The Dun and Bradstreet Corporation was a reduction of Net earnings of $73.9 million primarily due to the effect of its purchase accounting adjustments, restructuring charges and other non-operating charges. In 2017, Net earnings includes a one-time, non-cash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”).
(in millions, except per share data)201920182017
Revenues$1,177.2$1,114.0$1,051.6
Adjusted Revenues(1)$1,177.7$1,116.5$1,056.1
Earnings before equity in losses of unconsolidated affiliates$182.8$168.5$254.2
Net earnings(2)$108.8$168.5$254.2
Net earnings margin9.2%15.1%24.2%
Net earnings attributable to Black Knight$108.8$168.5$182.3
Net earnings attributable to Black Knight, per diluted share$0.73$1.14$1.47
Adjusted Net Earnings(1)$295.4$277.9$209.6
Adjusted EPS(1)$1.99$1.87$1.38
Adjusted EBITDA(1)$583.4$542.5$505.8
Adjusted EBITDA Margin(1)49.5%48.6%47.9%
"} {"question": "What would be the percentage change in the Net earnings margin between 2017 and 2019 if the net earnings margin in 2017 was 9.0% instead?", "answer": ["0.2"], "context": "(1) For a description and reconciliation of non-GAAP financial measures presented in this document, please see the Non-GAAP Financial Measures page, or visit the Black Knight Investor Relations website at https://investor.blackknightinc.com. (2) In 2019, the effect of our indirect investment in The Dun and Bradstreet Corporation was a reduction of Net earnings of $73.9 million primarily due to the effect of its purchase accounting adjustments, restructuring charges and other non-operating charges. In 2017, Net earnings includes a one-time, non-cash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”).
(in millions, except per share data)201920182017
Revenues$1,177.2$1,114.0$1,051.6
Adjusted Revenues(1)$1,177.7$1,116.5$1,056.1
Earnings before equity in losses of unconsolidated affiliates$182.8$168.5$254.2
Net earnings(2)$108.8$168.5$254.2
Net earnings margin9.2%15.1%24.2%
Net earnings attributable to Black Knight$108.8$168.5$182.3
Net earnings attributable to Black Knight, per diluted share$0.73$1.14$1.47
Adjusted Net Earnings(1)$295.4$277.9$209.6
Adjusted EPS(1)$1.99$1.87$1.38
Adjusted EBITDA(1)$583.4$542.5$505.8
Adjusted EBITDA Margin(1)49.5%48.6%47.9%
"} {"question": "What would be the percentage change in revenues between 2018 and 2019 if revenues in 2019 was $2,000 million instead?", "answer": ["79.53"], "context": "(1) For a description and reconciliation of non-GAAP financial measures presented in this document, please see the Non-GAAP Financial Measures page, or visit the Black Knight Investor Relations website at https://investor.blackknightinc.com. (2) In 2019, the effect of our indirect investment in The Dun and Bradstreet Corporation was a reduction of Net earnings of $73.9 million primarily due to the effect of its purchase accounting adjustments, restructuring charges and other non-operating charges. In 2017, Net earnings includes a one-time, non-cash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”).
(in millions, except per share data)201920182017
Revenues$1,177.2$1,114.0$1,051.6
Adjusted Revenues(1)$1,177.7$1,116.5$1,056.1
Earnings before equity in losses of unconsolidated affiliates$182.8$168.5$254.2
Net earnings(2)$108.8$168.5$254.2
Net earnings margin9.2%15.1%24.2%
Net earnings attributable to Black Knight$108.8$168.5$182.3
Net earnings attributable to Black Knight, per diluted share$0.73$1.14$1.47
Adjusted Net Earnings(1)$295.4$277.9$209.6
Adjusted EPS(1)$1.99$1.87$1.38
Adjusted EBITDA(1)$583.4$542.5$505.8
Adjusted EBITDA Margin(1)49.5%48.6%47.9%
"} {"question": "What would be the percentage change in revenue between 2018 and 2019 if the revenue in 2019 is increased by $5,000 thousand?", "answer": ["21.23"], "context": "Note: Net loss equals to comprehensive loss for all years presented. (1) Net loss per share and weighted average shares, basic and diluted are adjusted to reflect 1-for-14 reverse stock split effected on December 23, 2019. The accompanying notes form an integral part of these Consolidated Financial Statements. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
201920182017
Statements of Operations:
Revenue$10,310$12,629$12,149
Cost of revenue4,4056,2956,627
Gross profit5,9056,3345,522
Operating expenses:
Research and development12,3509,9489,572
Selling, general and administrative8,9189,9829,900
Loss from operations(15,363)(13,596)(13,950)
Interest expense(350)(108)(115)
Interest income and other expense, net1897721
Loss before income taxes(15,524)(13,627)(14,044)
(Benefit from) Provision for income taxes(80)15287
Net loss$(15,444)$(13,779)$(14,131)
Net loss per share: (1)
Basic and diluted$(2.02)$(2.16)$(2.56)
Weighted average shares:
Basic and diluted7,6636,3655,521
"} {"question": "What would be the percentage change in cost of revenue between 2018 and 2019 if the cost of revenue in 2019 is doubled?", "answer": ["39.95"], "context": "Note: Net loss equals to comprehensive loss for all years presented. (1) Net loss per share and weighted average shares, basic and diluted are adjusted to reflect 1-for-14 reverse stock split effected on December 23, 2019. The accompanying notes form an integral part of these Consolidated Financial Statements. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
201920182017
Statements of Operations:
Revenue$10,310$12,629$12,149
Cost of revenue4,4056,2956,627
Gross profit5,9056,3345,522
Operating expenses:
Research and development12,3509,9489,572
Selling, general and administrative8,9189,9829,900
Loss from operations(15,363)(13,596)(13,950)
Interest expense(350)(108)(115)
Interest income and other expense, net1897721
Loss before income taxes(15,524)(13,627)(14,044)
(Benefit from) Provision for income taxes(80)15287
Net loss$(15,444)$(13,779)$(14,131)
Net loss per share: (1)
Basic and diluted$(2.02)$(2.16)$(2.56)
Weighted average shares:
Basic and diluted7,6636,3655,521
"} {"question": "What would be the percentage change in gross profit between 2018 and 2019 if the gross profit in 2019 increased by 10%?", "answer": ["2.55"], "context": "Note: Net loss equals to comprehensive loss for all years presented. (1) Net loss per share and weighted average shares, basic and diluted are adjusted to reflect 1-for-14 reverse stock split effected on December 23, 2019. The accompanying notes form an integral part of these Consolidated Financial Statements. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
201920182017
Statements of Operations:
Revenue$10,310$12,629$12,149
Cost of revenue4,4056,2956,627
Gross profit5,9056,3345,522
Operating expenses:
Research and development12,3509,9489,572
Selling, general and administrative8,9189,9829,900
Loss from operations(15,363)(13,596)(13,950)
Interest expense(350)(108)(115)
Interest income and other expense, net1897721
Loss before income taxes(15,524)(13,627)(14,044)
(Benefit from) Provision for income taxes(80)15287
Net loss$(15,444)$(13,779)$(14,131)
Net loss per share: (1)
Basic and diluted$(2.02)$(2.16)$(2.56)
Weighted average shares:
Basic and diluted7,6636,3655,521
"} {"question": "Which year would have the dividends receivable from associate higher if the amount was 790 thousand in 2019?", "answer": ["2018"], "context": "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) 21. Related Party Transactions The Group had the following balances with related parties which have been included in the consolidated statements of financial position: Current Assets Dividends receivable and other amounts due from related parties On June 28, 2019, GasLog transferred to Golar its 100 shares of the common capital stock of the Cool Pool Limited (Note 1). As of December 31, 2019, the receivable balance from the Cool Pool is nil.
As of December 31,
20182019
Dividends receivable from associate (Note 5)885450
Due from The Cool Pool Limited32,397—
Other receivables113123
Total33,395573
"} {"question": "What would be the change in other receivables from 2018 to 2019 if the amount was 120 thousand in 2018?", "answer": ["3"], "context": "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) 21. Related Party Transactions The Group had the following balances with related parties which have been included in the consolidated statements of financial position: Current Assets Dividends receivable and other amounts due from related parties On June 28, 2019, GasLog transferred to Golar its 100 shares of the common capital stock of the Cool Pool Limited (Note 1). As of December 31, 2019, the receivable balance from the Cool Pool is nil.
As of December 31,
20182019
Dividends receivable from associate (Note 5)885450
Due from The Cool Pool Limited32,397—
Other receivables113123
Total33,395573
"} {"question": "What would be the percentage change in total from 2018 to 2019 if the total amount in 2019 was 34,992 thousand?", "answer": ["4.78"], "context": "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) 21. Related Party Transactions The Group had the following balances with related parties which have been included in the consolidated statements of financial position: Current Assets Dividends receivable and other amounts due from related parties On June 28, 2019, GasLog transferred to Golar its 100 shares of the common capital stock of the Cool Pool Limited (Note 1). As of December 31, 2019, the receivable balance from the Cool Pool is nil.
As of December 31,
20182019
Dividends receivable from associate (Note 5)885450
Due from The Cool Pool Limited32,397—
Other receivables113123
Total33,395573
"} {"question": "What would be the difference between the balance in September 2018 for contract assets and contract liabilities if contract liabilities were $700,000 thousand instead?", "answer": ["108384"], "context": "18. Revenue Effective September 1, 2018, the Company adopted ASU 2014-09, Revenue Recognition (Topic 606). The new standard is a comprehensive new revenue recognition model that requires the Company to recognize revenue in a manner which depicts the transfer of goods or services to its customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Prior to the adoption of the new standard, the Company recognized substantially all of its revenue from contracts with customers at a point in time, which was generally when the goods were shipped to or received by the customer, title and risk of ownership had passed, the price to the buyer was fixed or determinable and collectability was reasonably assured (net of estimated returns). Under the new standard, the Company recognizes revenue over time for the majority of its contracts with customers which results in revenue for those customers being recognized earlier than under the previous guidance. Revenue for all other contracts with customers continues to be recognized at a point in time, similar to recognition prior to the adoption of the standard. Additionally, the new standard impacts the Company’s accounting for certain fulfillment costs, which include upfront costs to prepare for manufacturing activities that are expected to be recovered. Under the new standard, such upfront costs are recognized as an asset and amortized on a systematic basis consistent with the pattern of the transfer of control of the products or services to which to the asset relates. The Company adopted ASU 2014-09 using the modified retrospective method by applying the guidance to all open contracts upon adoption and recorded a cumulative effect adjustment as of September 1, 2018, net of tax, effect adjustment (in thousands): (1) Differences primarily relate to the timing of revenue recognition for over time customers and certain balance sheet reclassifications. (2) Differences primarily relate to the timing of recognition and recovery of fulfillment costs and certain balance sheet reclassifications. (3) Included within accrued expenses on the Consolidated Balance Sheets. (4) Differences included in contract liabilities as of September 1, 2018.
Balance as of August 31, 2018Adjustments due to adoption of ASU 2014-09Balance as of September 1, 2018
Assets
Contract assets(1)$—$591,616$591,616
Inventories, net(1)$3,457,706$(461,271)$2,996,435
Prepaid expenses and other current assets(1)(2)$1,141,000$(37,271)$1,103,729
Deferred income taxes(1)(2)$218,252$(8,325)$209,927
Liabilities
Contract liabilities(2)(3)$—$690,142$690,142
Deferred income(2)(3)(4)$691,365$(691,365)$—
Other accrued expenses(3)(4)$1,000,979$40,392$1,041,371
Deferred income taxes(1)$114,385$2,977$117,362
Equity
Retained earnings(1)(2)$1,760,097$42,602$1,802,699
"} {"question": "What would be the percentage change for Other accrued expenses due to adjustments by the new standard if the balance of other accrued expenses in August was $1,060,000 thousand instead?", "answer": ["5.9"], "context": "18. Revenue Effective September 1, 2018, the Company adopted ASU 2014-09, Revenue Recognition (Topic 606). The new standard is a comprehensive new revenue recognition model that requires the Company to recognize revenue in a manner which depicts the transfer of goods or services to its customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Prior to the adoption of the new standard, the Company recognized substantially all of its revenue from contracts with customers at a point in time, which was generally when the goods were shipped to or received by the customer, title and risk of ownership had passed, the price to the buyer was fixed or determinable and collectability was reasonably assured (net of estimated returns). Under the new standard, the Company recognizes revenue over time for the majority of its contracts with customers which results in revenue for those customers being recognized earlier than under the previous guidance. Revenue for all other contracts with customers continues to be recognized at a point in time, similar to recognition prior to the adoption of the standard. Additionally, the new standard impacts the Company’s accounting for certain fulfillment costs, which include upfront costs to prepare for manufacturing activities that are expected to be recovered. Under the new standard, such upfront costs are recognized as an asset and amortized on a systematic basis consistent with the pattern of the transfer of control of the products or services to which to the asset relates. The Company adopted ASU 2014-09 using the modified retrospective method by applying the guidance to all open contracts upon adoption and recorded a cumulative effect adjustment as of September 1, 2018, net of tax, effect adjustment (in thousands): (1) Differences primarily relate to the timing of revenue recognition for over time customers and certain balance sheet reclassifications. (2) Differences primarily relate to the timing of recognition and recovery of fulfillment costs and certain balance sheet reclassifications. (3) Included within accrued expenses on the Consolidated Balance Sheets. (4) Differences included in contract liabilities as of September 1, 2018.
Balance as of August 31, 2018Adjustments due to adoption of ASU 2014-09Balance as of September 1, 2018
Assets
Contract assets(1)$—$591,616$591,616
Inventories, net(1)$3,457,706$(461,271)$2,996,435
Prepaid expenses and other current assets(1)(2)$1,141,000$(37,271)$1,103,729
Deferred income taxes(1)(2)$218,252$(8,325)$209,927
Liabilities
Contract liabilities(2)(3)$—$690,142$690,142
Deferred income(2)(3)(4)$691,365$(691,365)$—
Other accrued expenses(3)(4)$1,000,979$40,392$1,041,371
Deferred income taxes(1)$114,385$2,977$117,362
Equity
Retained earnings(1)(2)$1,760,097$42,602$1,802,699
"} {"question": "What would be the percentage change in the balance of retained earnings due to adjustments by the new standard if the balance for retained earnings in September was $2,000,000 thousand instead?", "answer": ["13.63"], "context": "18. Revenue Effective September 1, 2018, the Company adopted ASU 2014-09, Revenue Recognition (Topic 606). The new standard is a comprehensive new revenue recognition model that requires the Company to recognize revenue in a manner which depicts the transfer of goods or services to its customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Prior to the adoption of the new standard, the Company recognized substantially all of its revenue from contracts with customers at a point in time, which was generally when the goods were shipped to or received by the customer, title and risk of ownership had passed, the price to the buyer was fixed or determinable and collectability was reasonably assured (net of estimated returns). Under the new standard, the Company recognizes revenue over time for the majority of its contracts with customers which results in revenue for those customers being recognized earlier than under the previous guidance. Revenue for all other contracts with customers continues to be recognized at a point in time, similar to recognition prior to the adoption of the standard. Additionally, the new standard impacts the Company’s accounting for certain fulfillment costs, which include upfront costs to prepare for manufacturing activities that are expected to be recovered. Under the new standard, such upfront costs are recognized as an asset and amortized on a systematic basis consistent with the pattern of the transfer of control of the products or services to which to the asset relates. The Company adopted ASU 2014-09 using the modified retrospective method by applying the guidance to all open contracts upon adoption and recorded a cumulative effect adjustment as of September 1, 2018, net of tax, effect adjustment (in thousands): (1) Differences primarily relate to the timing of revenue recognition for over time customers and certain balance sheet reclassifications. (2) Differences primarily relate to the timing of recognition and recovery of fulfillment costs and certain balance sheet reclassifications. (3) Included within accrued expenses on the Consolidated Balance Sheets. (4) Differences included in contract liabilities as of September 1, 2018.
Balance as of August 31, 2018Adjustments due to adoption of ASU 2014-09Balance as of September 1, 2018
Assets
Contract assets(1)$—$591,616$591,616
Inventories, net(1)$3,457,706$(461,271)$2,996,435
Prepaid expenses and other current assets(1)(2)$1,141,000$(37,271)$1,103,729
Deferred income taxes(1)(2)$218,252$(8,325)$209,927
Liabilities
Contract liabilities(2)(3)$—$690,142$690,142
Deferred income(2)(3)(4)$691,365$(691,365)$—
Other accrued expenses(3)(4)$1,000,979$40,392$1,041,371
Deferred income taxes(1)$114,385$2,977$117,362
Equity
Retained earnings(1)(2)$1,760,097$42,602$1,802,699
"} {"question": "Between June 30, 2019 and June 30, 2018, which year end would have higher net receivables if June 30, 2019 net receivables was $315,000?", "answer": ["2018"], "context": "Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers. Contract assets primarily result from revenue being recognized when or as control of a solution or service is transferred to the customer, but where invoicing is delayed until the completion of other performance obligations or payment terms differ from the provisioning of services. The current portion of contract assets is reported within prepaid expenses and other in the consolidated balance sheet, and the non-current portion is included in other non-current assets. Contract liabilities (deferred revenue) primarily relate to consideration received from customers in advance of delivery of the related goods and services to the customer. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company analyzes contract language to identify if a significant financing component does exist, and would adjust the transaction price for any material effects of the time value of money if the timing of payments provides either party to the contract with a significant benefit of financing the transaction. During the fiscal years ended June 30, 2019, 2018, and 2017, the Company recognized revenue of $265,946, $269,593, and $264,517, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods. Revenue recognized that related to performance obligations satisfied (or partially satisfied) in prior periods were immaterial for each period presented. These adjustments are primarily the result of transaction price adjustments and re-allocations due to changes in estimates of variable consideration.
June 30, 2019June 30, 2018
Receivables, net$310,080$297,271
Contract Assets- Current21,44614,063
Contract Assets- Non-current50,64035,630
Contract Liabilities (Deferred Revenue)- Current339,752328,931
Contract Liabilities (Deferred Revenue)- Non-current54,55440,984
"} {"question": "Would current or non-current contract assets as at June 30, 2019 be higher if current contract assets as at June 30, 2019 was $45,000?", "answer": ["Contract Assets- Non-current"], "context": "Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers. Contract assets primarily result from revenue being recognized when or as control of a solution or service is transferred to the customer, but where invoicing is delayed until the completion of other performance obligations or payment terms differ from the provisioning of services. The current portion of contract assets is reported within prepaid expenses and other in the consolidated balance sheet, and the non-current portion is included in other non-current assets. Contract liabilities (deferred revenue) primarily relate to consideration received from customers in advance of delivery of the related goods and services to the customer. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company analyzes contract language to identify if a significant financing component does exist, and would adjust the transaction price for any material effects of the time value of money if the timing of payments provides either party to the contract with a significant benefit of financing the transaction. During the fiscal years ended June 30, 2019, 2018, and 2017, the Company recognized revenue of $265,946, $269,593, and $264,517, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods. Revenue recognized that related to performance obligations satisfied (or partially satisfied) in prior periods were immaterial for each period presented. These adjustments are primarily the result of transaction price adjustments and re-allocations due to changes in estimates of variable consideration.
June 30, 2019June 30, 2018
Receivables, net$310,080$297,271
Contract Assets- Current21,44614,063
Contract Assets- Non-current50,64035,630
Contract Liabilities (Deferred Revenue)- Current339,752328,931
Contract Liabilities (Deferred Revenue)- Non-current54,55440,984
"} {"question": "What would be the average net receivables for 2018 and 2019 if 2018 net receivables was $300,000?", "answer": ["305040"], "context": "Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers. Contract assets primarily result from revenue being recognized when or as control of a solution or service is transferred to the customer, but where invoicing is delayed until the completion of other performance obligations or payment terms differ from the provisioning of services. The current portion of contract assets is reported within prepaid expenses and other in the consolidated balance sheet, and the non-current portion is included in other non-current assets. Contract liabilities (deferred revenue) primarily relate to consideration received from customers in advance of delivery of the related goods and services to the customer. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company analyzes contract language to identify if a significant financing component does exist, and would adjust the transaction price for any material effects of the time value of money if the timing of payments provides either party to the contract with a significant benefit of financing the transaction. During the fiscal years ended June 30, 2019, 2018, and 2017, the Company recognized revenue of $265,946, $269,593, and $264,517, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods. Revenue recognized that related to performance obligations satisfied (or partially satisfied) in prior periods were immaterial for each period presented. These adjustments are primarily the result of transaction price adjustments and re-allocations due to changes in estimates of variable consideration.
June 30, 2019June 30, 2018
Receivables, net$310,080$297,271
Contract Assets- Current21,44614,063
Contract Assets- Non-current50,64035,630
Contract Liabilities (Deferred Revenue)- Current339,752328,931
Contract Liabilities (Deferred Revenue)- Non-current54,55440,984
"} {"question": "What would be the change in percentage of total revenue earned in North America between 2017 and 2018 if the percentage in 2018 is actually 90%?", "answer": ["-6"], "context": "Disaggregation of revenue The following table provides information about disaggregated revenue by primary geographical markets: The Company derived over 90%, and approximately 88% and 84% of subscription revenues from RingCentral Office product for the years ended December 31, 2019, 2018 and 2017, respectively
Year ended December 31,
201920182017
Primary geographical markets
North America93%95%96%
Others7%5%4%
Total revenues100%100%100%
"} {"question": "What would be the change in percentage of total revenue earned in North America between 2018 and 2019 if the percentage in 2018 is actually 90%?", "answer": ["3"], "context": "Disaggregation of revenue The following table provides information about disaggregated revenue by primary geographical markets: The Company derived over 90%, and approximately 88% and 84% of subscription revenues from RingCentral Office product for the years ended December 31, 2019, 2018 and 2017, respectively
Year ended December 31,
201920182017
Primary geographical markets
North America93%95%96%
Others7%5%4%
Total revenues100%100%100%
"} {"question": "What would be the average percentage of revenue earned in North America between 2017 to 2019 if the percentage earned in 2019 is instead 70%?", "answer": ["87"], "context": "Disaggregation of revenue The following table provides information about disaggregated revenue by primary geographical markets: The Company derived over 90%, and approximately 88% and 84% of subscription revenues from RingCentral Office product for the years ended December 31, 2019, 2018 and 2017, respectively
Year ended December 31,
201920182017
Primary geographical markets
North America93%95%96%
Others7%5%4%
Total revenues100%100%100%
"} {"question": "How many percent of the total shares granted as at 1 January was the 25 March 2014 grant if 25 March 2014 grant was 10,000,000?", "answer": ["45.01"], "context": "The Company has adopted five share option schemes, namely, the Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II, the Post-IPO Option Scheme III and the Post-IPO Option Scheme IV. The Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II and the Post-IPO Option Scheme III expired on 31 December 2011, 23 March 2014, 16 May 2017 and 13 May 2019 respectively. As at 31 December 2019, there were a total of 20,722,380 outstanding share options granted to a director of the Company, details of which are as follows: 1. For options granted with exercisable date determined based on the grant date of options, the first 20% of the total options can be exercised 1 year after the grant date, and each 20% of the total options will become exercisable in each subsequent year. 2. For options granted with exercisable date determined based on the grant date of options, the first 25% of the total options can be exercised 1 year after the grant date, and each 25% of the total options will become exercisable in each subsequent year. 3. The closing price immediately before the date on which the options were granted on 4 April 2019 was HKD378. 4. No options were cancelled or lapsed during the year.
Number of share options
Name of directorDate of grantAs at 1 January 2019Granted during the yearExercised during the yearAs at 31 December 2019Exercise priceExercise period
HKD
Lau Chi Ping Martin25 March 20145,000,000--5,000,000114.5225 March 2015 to 24 March 2021 (Note 2)
21 March 20163,750,000--3,750,000158.1021 March 2017 to 20 March 2023 (Note 2)
24 March 20175,250,000--5,250,000225.4424 March 2018 to 23 March 2024 (Note 2)
9 April 20183,215,800--3,215,800410.009 April 2019 to 8 April 2025 (Note 2)
4 April 2019-3,506,580 (Note 3)-3,506,580376.004 April 2020 to 3 April 2026 (Note 2)
Total:17,215,8003,506,580-20,722,380
"} {"question": "How many percent of the total shares granted as at 1 January was the 21 March 2016 grant if the 21 March 2016 grant was 4,000,000?", "answer": ["22.9"], "context": "The Company has adopted five share option schemes, namely, the Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II, the Post-IPO Option Scheme III and the Post-IPO Option Scheme IV. The Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II and the Post-IPO Option Scheme III expired on 31 December 2011, 23 March 2014, 16 May 2017 and 13 May 2019 respectively. As at 31 December 2019, there were a total of 20,722,380 outstanding share options granted to a director of the Company, details of which are as follows: 1. For options granted with exercisable date determined based on the grant date of options, the first 20% of the total options can be exercised 1 year after the grant date, and each 20% of the total options will become exercisable in each subsequent year. 2. For options granted with exercisable date determined based on the grant date of options, the first 25% of the total options can be exercised 1 year after the grant date, and each 25% of the total options will become exercisable in each subsequent year. 3. The closing price immediately before the date on which the options were granted on 4 April 2019 was HKD378. 4. No options were cancelled or lapsed during the year.
Number of share options
Name of directorDate of grantAs at 1 January 2019Granted during the yearExercised during the yearAs at 31 December 2019Exercise priceExercise period
HKD
Lau Chi Ping Martin25 March 20145,000,000--5,000,000114.5225 March 2015 to 24 March 2021 (Note 2)
21 March 20163,750,000--3,750,000158.1021 March 2017 to 20 March 2023 (Note 2)
24 March 20175,250,000--5,250,000225.4424 March 2018 to 23 March 2024 (Note 2)
9 April 20183,215,800--3,215,800410.009 April 2019 to 8 April 2025 (Note 2)
4 April 2019-3,506,580 (Note 3)-3,506,580376.004 April 2020 to 3 April 2026 (Note 2)
Total:17,215,8003,506,580-20,722,380
"} {"question": "How many percent of the total shares granted as at 1 January was the 9 April 2018 grant if the 9 April 2018 grant was 3,300,000?", "answer": ["19.08"], "context": "The Company has adopted five share option schemes, namely, the Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II, the Post-IPO Option Scheme III and the Post-IPO Option Scheme IV. The Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II and the Post-IPO Option Scheme III expired on 31 December 2011, 23 March 2014, 16 May 2017 and 13 May 2019 respectively. As at 31 December 2019, there were a total of 20,722,380 outstanding share options granted to a director of the Company, details of which are as follows: 1. For options granted with exercisable date determined based on the grant date of options, the first 20% of the total options can be exercised 1 year after the grant date, and each 20% of the total options will become exercisable in each subsequent year. 2. For options granted with exercisable date determined based on the grant date of options, the first 25% of the total options can be exercised 1 year after the grant date, and each 25% of the total options will become exercisable in each subsequent year. 3. The closing price immediately before the date on which the options were granted on 4 April 2019 was HKD378. 4. No options were cancelled or lapsed during the year.
Number of share options
Name of directorDate of grantAs at 1 January 2019Granted during the yearExercised during the yearAs at 31 December 2019Exercise priceExercise period
HKD
Lau Chi Ping Martin25 March 20145,000,000--5,000,000114.5225 March 2015 to 24 March 2021 (Note 2)
21 March 20163,750,000--3,750,000158.1021 March 2017 to 20 March 2023 (Note 2)
24 March 20175,250,000--5,250,000225.4424 March 2018 to 23 March 2024 (Note 2)
9 April 20183,215,800--3,215,800410.009 April 2019 to 8 April 2025 (Note 2)
4 April 2019-3,506,580 (Note 3)-3,506,580376.004 April 2020 to 3 April 2026 (Note 2)
Total:17,215,8003,506,580-20,722,380
"} {"question": "Which year would have a higher income tax if the income tax was (1,030) thousand in 2019?", "answer": ["2018"], "context": "Other non-operating results The following details our other consolidated results for the years ended December 31, 2019 and 2018: Interest expense: Interest expense increased by $1.2 million to $103.1 million for the year ended December 31, 2019 compared to $101.9 million for the same period in 2018. The increase in interest expense was primarily due to: • $28.9 million lower capitalized interest on borrowing costs in relation to our investment in the Hilli FLNG conversion following acceptance of the vessel by the charterer in May 2018; and • $1.5 million interest on the term loan facility, drawn in September 2019. This was partially offset by reduced interest costs due to lower LIBOR rates, resulting in: • $12.4 million decrease in interest expense arising on the loan facilities of our consolidated lessor VIEs; • $8.7 million capitalized interest on borrowing costs in relation to our investments; • $6.5 million decrease in interest expense incurred on the deposits received from Golar Partners following application of the deposit to the Hilli acquisition price and the conversion of the Hilli shareholder loans to equity following the Hilli Disposal in July 2018; and • $1.0 million decrease in interest expense on the Hilli letter of credit, due to a contractual step down in the Hilli letter of credit from $300 million to $250 million in May 2019, and a further step down to $125 million in November 2019. Losses on derivative instruments: Losses on derivative instruments increased by $7.5 million to a loss of $38.0 million for the year ended December 31, 2019 compared to a loss of $30.5 million for the same period in 2018. The movement was primarily due to: Net unrealized and realized (losses)/gains on interest rate swap agreements: As of December 31, 2019, we have an interest rate swap portfolio with a notional amount of $737.5 million, none of which are designated as hedges for accounting purposes. Net unrealized losses on the interest rate swaps increased to a loss of $16.5 million for the year ended December 31, 2019 compared to a gain of $0.6 million for the same period in 2018, due to a decline in the long-term swap rates, partially offset by the decreased notional value of our swap portfolio over the period. Realized gains on our interest rate swaps decreased to a gain of $6.4 million for the year ended December 31, 2019, compared to a gain of $8.1 million for the same period in 2018. The decrease was primarily due to lower LIBOR rates for the year ended December 31, 2019. Unrealized losses on Total Return Swap: In December 2014, we established a three month facility for a Stock Indexed Total Return Swap Programme or Equity Swap Line with DNB Bank ASA in connection with a share buyback scheme. In November 2019, we repurchased 1.5 million shares underlying the equity swap. The remaining facility has been extended to March 2020. The equity swap derivatives mark-to-market adjustment resulted in a net loss of $30.5 million recognized in the year ended December 31, 2019 compared to a loss of $30.7 million for the same period in 2018. The losses in 2019 and 2018 are due to the decline in our share price. Unrealized mark-to-market losses on Earn-Out Units: This relates to the mark-to-market movement on the Earn-Out Units issuable in connection with the IDR reset transaction in October 2016, which we recognize as a derivative asset in our consolidated financial statements. The decrease in Golar Partners' quarterly distribution to $0.4042 per common unit on October 24, 2018 resulted in the contingent Earn-Out Units arising out of the IDR reset transaction in October 2016 not crystallizing and, accordingly, we recognized a mark-to-market loss of $7.4 million for the year ended December 31, 2018, effectively reducing the derivative asset to $nil at December 31, 2018. There was no comparative movement for the year ended December 31, 2019. Other financial items, net: Other financial items, net decreased by $4.0 million to a loss of $5.5 million for the year ended December 31, 2019 compared to $1.5 million for the same period in 2018 primarily as a result of consolidating our lessor VIEs. Net income attributable to non-controlling interests: Net income attributable to non-controlling interests increased by $26.4 million to $89.6 million for the year ended December 31, 2019 compared to $63.2 million for the same period in 2018 mainly due to the completion of the Hilli Disposal in July 2018. The non-controlling interest in relation to the Hilli Disposal for the year ended December 31, 2019 amounted to $61.7 million, compared to $31.3 million for the same period in 2018. The net income attributable to non-controlling interests comprises of: • $36.5 million and $19.7 million in relation to the non-controlling shareholders who hold interests in Hilli LLC for the year ended December 31, 2019 and 2018, respectively; • $0.5 million in relation to the non-controlling shareholders who hold interests in Gimi MS Corporation for the year ended December 31, 2019, following the subscription of 30% equity interest by First FLNG Holdings in April 2019; and • $28.3 million and $31.9 million in relation to the equity interests in our remaining lessor VIEs for the year ended December 31, 2019 and 2018, respectively.
December 31,
(in thousands of $)20192018Change% Change
Interest income10,47910,1333463%
Interest expense(103,124)(101,908)(1,216)1%
Losses on derivative instruments(38,044)(30,541)(7,503)25%
Other financial items, net(5,522)(1,481)(4,041)100%
Income taxes(1,024)(1,267)243(19)%
Net income attributable to non-controlling interests(89,581)(63,214)(26,367)42%
"} {"question": "What would be the change in net unrealized losses on the interest rate swaps if the amount in 2019 was $1.2 million?", "answer": ["0.6"], "context": "Other non-operating results The following details our other consolidated results for the years ended December 31, 2019 and 2018: Interest expense: Interest expense increased by $1.2 million to $103.1 million for the year ended December 31, 2019 compared to $101.9 million for the same period in 2018. The increase in interest expense was primarily due to: • $28.9 million lower capitalized interest on borrowing costs in relation to our investment in the Hilli FLNG conversion following acceptance of the vessel by the charterer in May 2018; and • $1.5 million interest on the term loan facility, drawn in September 2019. This was partially offset by reduced interest costs due to lower LIBOR rates, resulting in: • $12.4 million decrease in interest expense arising on the loan facilities of our consolidated lessor VIEs; • $8.7 million capitalized interest on borrowing costs in relation to our investments; • $6.5 million decrease in interest expense incurred on the deposits received from Golar Partners following application of the deposit to the Hilli acquisition price and the conversion of the Hilli shareholder loans to equity following the Hilli Disposal in July 2018; and • $1.0 million decrease in interest expense on the Hilli letter of credit, due to a contractual step down in the Hilli letter of credit from $300 million to $250 million in May 2019, and a further step down to $125 million in November 2019. Losses on derivative instruments: Losses on derivative instruments increased by $7.5 million to a loss of $38.0 million for the year ended December 31, 2019 compared to a loss of $30.5 million for the same period in 2018. The movement was primarily due to: Net unrealized and realized (losses)/gains on interest rate swap agreements: As of December 31, 2019, we have an interest rate swap portfolio with a notional amount of $737.5 million, none of which are designated as hedges for accounting purposes. Net unrealized losses on the interest rate swaps increased to a loss of $16.5 million for the year ended December 31, 2019 compared to a gain of $0.6 million for the same period in 2018, due to a decline in the long-term swap rates, partially offset by the decreased notional value of our swap portfolio over the period. Realized gains on our interest rate swaps decreased to a gain of $6.4 million for the year ended December 31, 2019, compared to a gain of $8.1 million for the same period in 2018. The decrease was primarily due to lower LIBOR rates for the year ended December 31, 2019. Unrealized losses on Total Return Swap: In December 2014, we established a three month facility for a Stock Indexed Total Return Swap Programme or Equity Swap Line with DNB Bank ASA in connection with a share buyback scheme. In November 2019, we repurchased 1.5 million shares underlying the equity swap. The remaining facility has been extended to March 2020. The equity swap derivatives mark-to-market adjustment resulted in a net loss of $30.5 million recognized in the year ended December 31, 2019 compared to a loss of $30.7 million for the same period in 2018. The losses in 2019 and 2018 are due to the decline in our share price. Unrealized mark-to-market losses on Earn-Out Units: This relates to the mark-to-market movement on the Earn-Out Units issuable in connection with the IDR reset transaction in October 2016, which we recognize as a derivative asset in our consolidated financial statements. The decrease in Golar Partners' quarterly distribution to $0.4042 per common unit on October 24, 2018 resulted in the contingent Earn-Out Units arising out of the IDR reset transaction in October 2016 not crystallizing and, accordingly, we recognized a mark-to-market loss of $7.4 million for the year ended December 31, 2018, effectively reducing the derivative asset to $nil at December 31, 2018. There was no comparative movement for the year ended December 31, 2019. Other financial items, net: Other financial items, net decreased by $4.0 million to a loss of $5.5 million for the year ended December 31, 2019 compared to $1.5 million for the same period in 2018 primarily as a result of consolidating our lessor VIEs. Net income attributable to non-controlling interests: Net income attributable to non-controlling interests increased by $26.4 million to $89.6 million for the year ended December 31, 2019 compared to $63.2 million for the same period in 2018 mainly due to the completion of the Hilli Disposal in July 2018. The non-controlling interest in relation to the Hilli Disposal for the year ended December 31, 2019 amounted to $61.7 million, compared to $31.3 million for the same period in 2018. The net income attributable to non-controlling interests comprises of: • $36.5 million and $19.7 million in relation to the non-controlling shareholders who hold interests in Hilli LLC for the year ended December 31, 2019 and 2018, respectively; • $0.5 million in relation to the non-controlling shareholders who hold interests in Gimi MS Corporation for the year ended December 31, 2019, following the subscription of 30% equity interest by First FLNG Holdings in April 2019; and • $28.3 million and $31.9 million in relation to the equity interests in our remaining lessor VIEs for the year ended December 31, 2019 and 2018, respectively.
December 31,
(in thousands of $)20192018Change% Change
Interest income10,47910,1333463%
Interest expense(103,124)(101,908)(1,216)1%
Losses on derivative instruments(38,044)(30,541)(7,503)25%
Other financial items, net(5,522)(1,481)(4,041)100%
Income taxes(1,024)(1,267)243(19)%
Net income attributable to non-controlling interests(89,581)(63,214)(26,367)42%
"} {"question": "What would be the percentage change in net income attributable in relation to the non-controlling shareholders who hold interests in Hilli LLC if the amount in 2019 is $28.3 million?", "answer": ["43.65"], "context": "Other non-operating results The following details our other consolidated results for the years ended December 31, 2019 and 2018: Interest expense: Interest expense increased by $1.2 million to $103.1 million for the year ended December 31, 2019 compared to $101.9 million for the same period in 2018. The increase in interest expense was primarily due to: • $28.9 million lower capitalized interest on borrowing costs in relation to our investment in the Hilli FLNG conversion following acceptance of the vessel by the charterer in May 2018; and • $1.5 million interest on the term loan facility, drawn in September 2019. This was partially offset by reduced interest costs due to lower LIBOR rates, resulting in: • $12.4 million decrease in interest expense arising on the loan facilities of our consolidated lessor VIEs; • $8.7 million capitalized interest on borrowing costs in relation to our investments; • $6.5 million decrease in interest expense incurred on the deposits received from Golar Partners following application of the deposit to the Hilli acquisition price and the conversion of the Hilli shareholder loans to equity following the Hilli Disposal in July 2018; and • $1.0 million decrease in interest expense on the Hilli letter of credit, due to a contractual step down in the Hilli letter of credit from $300 million to $250 million in May 2019, and a further step down to $125 million in November 2019. Losses on derivative instruments: Losses on derivative instruments increased by $7.5 million to a loss of $38.0 million for the year ended December 31, 2019 compared to a loss of $30.5 million for the same period in 2018. The movement was primarily due to: Net unrealized and realized (losses)/gains on interest rate swap agreements: As of December 31, 2019, we have an interest rate swap portfolio with a notional amount of $737.5 million, none of which are designated as hedges for accounting purposes. Net unrealized losses on the interest rate swaps increased to a loss of $16.5 million for the year ended December 31, 2019 compared to a gain of $0.6 million for the same period in 2018, due to a decline in the long-term swap rates, partially offset by the decreased notional value of our swap portfolio over the period. Realized gains on our interest rate swaps decreased to a gain of $6.4 million for the year ended December 31, 2019, compared to a gain of $8.1 million for the same period in 2018. The decrease was primarily due to lower LIBOR rates for the year ended December 31, 2019. Unrealized losses on Total Return Swap: In December 2014, we established a three month facility for a Stock Indexed Total Return Swap Programme or Equity Swap Line with DNB Bank ASA in connection with a share buyback scheme. In November 2019, we repurchased 1.5 million shares underlying the equity swap. The remaining facility has been extended to March 2020. The equity swap derivatives mark-to-market adjustment resulted in a net loss of $30.5 million recognized in the year ended December 31, 2019 compared to a loss of $30.7 million for the same period in 2018. The losses in 2019 and 2018 are due to the decline in our share price. Unrealized mark-to-market losses on Earn-Out Units: This relates to the mark-to-market movement on the Earn-Out Units issuable in connection with the IDR reset transaction in October 2016, which we recognize as a derivative asset in our consolidated financial statements. The decrease in Golar Partners' quarterly distribution to $0.4042 per common unit on October 24, 2018 resulted in the contingent Earn-Out Units arising out of the IDR reset transaction in October 2016 not crystallizing and, accordingly, we recognized a mark-to-market loss of $7.4 million for the year ended December 31, 2018, effectively reducing the derivative asset to $nil at December 31, 2018. There was no comparative movement for the year ended December 31, 2019. Other financial items, net: Other financial items, net decreased by $4.0 million to a loss of $5.5 million for the year ended December 31, 2019 compared to $1.5 million for the same period in 2018 primarily as a result of consolidating our lessor VIEs. Net income attributable to non-controlling interests: Net income attributable to non-controlling interests increased by $26.4 million to $89.6 million for the year ended December 31, 2019 compared to $63.2 million for the same period in 2018 mainly due to the completion of the Hilli Disposal in July 2018. The non-controlling interest in relation to the Hilli Disposal for the year ended December 31, 2019 amounted to $61.7 million, compared to $31.3 million for the same period in 2018. The net income attributable to non-controlling interests comprises of: • $36.5 million and $19.7 million in relation to the non-controlling shareholders who hold interests in Hilli LLC for the year ended December 31, 2019 and 2018, respectively; • $0.5 million in relation to the non-controlling shareholders who hold interests in Gimi MS Corporation for the year ended December 31, 2019, following the subscription of 30% equity interest by First FLNG Holdings in April 2019; and • $28.3 million and $31.9 million in relation to the equity interests in our remaining lessor VIEs for the year ended December 31, 2019 and 2018, respectively.
December 31,
(in thousands of $)20192018Change% Change
Interest income10,47910,1333463%
Interest expense(103,124)(101,908)(1,216)1%
Losses on derivative instruments(38,044)(30,541)(7,503)25%
Other financial items, net(5,522)(1,481)(4,041)100%
Income taxes(1,024)(1,267)243(19)%
Net income attributable to non-controlling interests(89,581)(63,214)(26,367)42%
"} {"question": "What would be the company's percentage change in foreign loss between 2018 and 2019 if the loss in 2019 is increased by 50,000?", "answer": ["15.21"], "context": "NOTE 11 – INCOME TAXES The components of loss before income taxes are as follows:
20192018
Domestic(1,698,689)(2,468,805)
Foreign(52,222)(88,726)
Loss before income taxes(1,750,911)(2,557,531)
"} {"question": "What would be the change in the total loss before income taxes between 2018 and 2019 if the loss in 2019 increased by 30%?", "answer": ["-281346.7"], "context": "NOTE 11 – INCOME TAXES The components of loss before income taxes are as follows:
20192018
Domestic(1,698,689)(2,468,805)
Foreign(52,222)(88,726)
Loss before income taxes(1,750,911)(2,557,531)
"} {"question": "What would be the change in the domestic losses between 2018 and 2019 if the loss in 2019 is doubled and then increased by 2,000?", "answer": ["930573"], "context": "NOTE 11 – INCOME TAXES The components of loss before income taxes are as follows:
20192018
Domestic(1,698,689)(2,468,805)
Foreign(52,222)(88,726)
Loss before income taxes(1,750,911)(2,557,531)
"} {"question": "If Unrecognized tax benefit, beginning balance in 2019 was 20,000 thousand, what would be the change from 2018 to 2019?", "answer": ["1704"], "context": "Unrecognized Tax Benefits We recognize the benefits of tax return positions if we determine that the positions are “more-likely-than-not” to be sustained by the taxing authority. Interest and penalties accrued on unrecognized tax benefits are recorded as tax expense in the period incurred. The following table reflects changes in the unrecognized tax benefits (in thousands): Of the unrecognized tax benefits at December 28, 2019, $13.4 million would impact the effective tax rate if recognized. The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities which might result in proposed assessments. Our estimate for the potential outcome for any uncertain tax issue is judgmental in nature. However, we believe we have adequately provided for any reasonably foreseeable outcome related to those matters. Our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. As of December 28, 2019, changes to our uncertain tax positions in the next 12 months that are reasonably possible are not expected to have a significant impact on our financial position or results of operations. At December 28, 2019, our tax years 2016 through 2019, 2015 through 2019 and 2014 through 2019, remain open for examination in the federal, state and foreign jurisdictions, respectively. However, to the extent allowed by law, the taxing authorities may have the right to examine prior periods where net operating losses and credits were generated and carried forward, and make adjustments up to the net operating loss and credit carryforward amounts.
Fiscal Year Ended
December 28, 2019December 29, 2018December 30, 2017
Unrecognized tax benefit, beginning balance$25,224$18,296$17,978
Additions based on tax positions related to the current year3,6791,677694
Additions based on tax positions from prior years—5,332—
Reductions for tax positions of prior years(5)(7)—
Reductions due to lapse of the applicable statute of limitations(98)(74)(376)
Unrecognized tax benefit, ending balance$28,800$25,224$18,296
Interest and penalties recognized as a component of Provision (benefit) for income taxes$59$71$67
Interest and penalties accrued at period end212230218
"} {"question": "If Additions based on tax positions related to the current year in 2019 was 2,000 thousand, what would be the average value from 2017-2019?", "answer": ["1457"], "context": "Unrecognized Tax Benefits We recognize the benefits of tax return positions if we determine that the positions are “more-likely-than-not” to be sustained by the taxing authority. Interest and penalties accrued on unrecognized tax benefits are recorded as tax expense in the period incurred. The following table reflects changes in the unrecognized tax benefits (in thousands): Of the unrecognized tax benefits at December 28, 2019, $13.4 million would impact the effective tax rate if recognized. The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities which might result in proposed assessments. Our estimate for the potential outcome for any uncertain tax issue is judgmental in nature. However, we believe we have adequately provided for any reasonably foreseeable outcome related to those matters. Our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. As of December 28, 2019, changes to our uncertain tax positions in the next 12 months that are reasonably possible are not expected to have a significant impact on our financial position or results of operations. At December 28, 2019, our tax years 2016 through 2019, 2015 through 2019 and 2014 through 2019, remain open for examination in the federal, state and foreign jurisdictions, respectively. However, to the extent allowed by law, the taxing authorities may have the right to examine prior periods where net operating losses and credits were generated and carried forward, and make adjustments up to the net operating loss and credit carryforward amounts.
Fiscal Year Ended
December 28, 2019December 29, 2018December 30, 2017
Unrecognized tax benefit, beginning balance$25,224$18,296$17,978
Additions based on tax positions related to the current year3,6791,677694
Additions based on tax positions from prior years—5,332—
Reductions for tax positions of prior years(5)(7)—
Reductions due to lapse of the applicable statute of limitations(98)(74)(376)
Unrecognized tax benefit, ending balance$28,800$25,224$18,296
Interest and penalties recognized as a component of Provision (benefit) for income taxes$59$71$67
Interest and penalties accrued at period end212230218
"} {"question": "Which year would have the highest Unrecognized tax benefit, ending balance if the value in 2019 was $26,000 thousand instead?", "answer": ["2019"], "context": "Unrecognized Tax Benefits We recognize the benefits of tax return positions if we determine that the positions are “more-likely-than-not” to be sustained by the taxing authority. Interest and penalties accrued on unrecognized tax benefits are recorded as tax expense in the period incurred. The following table reflects changes in the unrecognized tax benefits (in thousands): Of the unrecognized tax benefits at December 28, 2019, $13.4 million would impact the effective tax rate if recognized. The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities which might result in proposed assessments. Our estimate for the potential outcome for any uncertain tax issue is judgmental in nature. However, we believe we have adequately provided for any reasonably foreseeable outcome related to those matters. Our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. As of December 28, 2019, changes to our uncertain tax positions in the next 12 months that are reasonably possible are not expected to have a significant impact on our financial position or results of operations. At December 28, 2019, our tax years 2016 through 2019, 2015 through 2019 and 2014 through 2019, remain open for examination in the federal, state and foreign jurisdictions, respectively. However, to the extent allowed by law, the taxing authorities may have the right to examine prior periods where net operating losses and credits were generated and carried forward, and make adjustments up to the net operating loss and credit carryforward amounts.
Fiscal Year Ended
December 28, 2019December 29, 2018December 30, 2017
Unrecognized tax benefit, beginning balance$25,224$18,296$17,978
Additions based on tax positions related to the current year3,6791,677694
Additions based on tax positions from prior years—5,332—
Reductions for tax positions of prior years(5)(7)—
Reductions due to lapse of the applicable statute of limitations(98)(74)(376)
Unrecognized tax benefit, ending balance$28,800$25,224$18,296
Interest and penalties recognized as a component of Provision (benefit) for income taxes$59$71$67
Interest and penalties accrued at period end212230218
"} {"question": "Which of the 3 years from 2017 to 2019 had the highest revenue for Intelligent Cloud, if the revenue for 2019 was now 30,985 million?", "answer": ["2018"], "context": "Revenue and costs are generally directly attributed to our segments. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. Cost of revenue is allocated in certain cases based on a relative revenue methodology. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin. In addition, certain costs incurred at a corporate level that are identifiable and that benefit our segments are allocated to them. These allocated costs include costs of: legal, including settlements and fines; information technology; human resources; finance; excise taxes; field selling; shared facilities services; and customer service and support. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated. Certain corporate-level activity is not allocated to our segments, including restructuring expenses. Segment revenue and operating income were as follows during the periods presented: Corporate and Other operating loss comprised restructuring expenses.
(In millions)
Year Ended June 30,201920182017
Revenue
Productivity and Business Processes$ 41,160$ 35,865$ 29,870
Intelligent Cloud38,98532,21927,407
More Personal Computing45,69842,27639,294
Total$ 125,843$ 110,360$ 96,571
Operating Income (Loss)
Productivity and Business Processes$ 16,219$ 12,924$ 11,389
Intelligent Cloud13,92011,5249,127
More Personal Computing12,82010,6108,815
Corporate and Other00(306)
Total$ 42,959$ 35,058$ 29,025
"} {"question": "How many items are there for operating income (loss), if there is no item called \"Corporate and Other\"?", "answer": ["3"], "context": "Revenue and costs are generally directly attributed to our segments. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. Cost of revenue is allocated in certain cases based on a relative revenue methodology. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin. In addition, certain costs incurred at a corporate level that are identifiable and that benefit our segments are allocated to them. These allocated costs include costs of: legal, including settlements and fines; information technology; human resources; finance; excise taxes; field selling; shared facilities services; and customer service and support. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated. Certain corporate-level activity is not allocated to our segments, including restructuring expenses. Segment revenue and operating income were as follows during the periods presented: Corporate and Other operating loss comprised restructuring expenses.
(In millions)
Year Ended June 30,201920182017
Revenue
Productivity and Business Processes$ 41,160$ 35,865$ 29,870
Intelligent Cloud38,98532,21927,407
More Personal Computing45,69842,27639,294
Total$ 125,843$ 110,360$ 96,571
Operating Income (Loss)
Productivity and Business Processes$ 16,219$ 12,924$ 11,389
Intelligent Cloud13,92011,5249,127
More Personal Computing12,82010,6108,815
Corporate and Other00(306)
Total$ 42,959$ 35,058$ 29,025
"} {"question": "How many of the 3 years from 2017 to 2019 had operating income of less than $14,000 million for productivity and business processes, if the operating income for productivity and business processes in 2019 was $13,219 million?", "answer": ["3"], "context": "Revenue and costs are generally directly attributed to our segments. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. Cost of revenue is allocated in certain cases based on a relative revenue methodology. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin. In addition, certain costs incurred at a corporate level that are identifiable and that benefit our segments are allocated to them. These allocated costs include costs of: legal, including settlements and fines; information technology; human resources; finance; excise taxes; field selling; shared facilities services; and customer service and support. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated. Certain corporate-level activity is not allocated to our segments, including restructuring expenses. Segment revenue and operating income were as follows during the periods presented: Corporate and Other operating loss comprised restructuring expenses.
(In millions)
Year Ended June 30,201920182017
Revenue
Productivity and Business Processes$ 41,160$ 35,865$ 29,870
Intelligent Cloud38,98532,21927,407
More Personal Computing45,69842,27639,294
Total$ 125,843$ 110,360$ 96,571
Operating Income (Loss)
Productivity and Business Processes$ 16,219$ 12,924$ 11,389
Intelligent Cloud13,92011,5249,127
More Personal Computing12,82010,6108,815
Corporate and Other00(306)
Total$ 42,959$ 35,058$ 29,025
"} {"question": "If revenue in three months ended August 31, 2019 was 600,000 thousands, what was the increase / (decrease) from three months ended August 31, 2018 to 2019?", "answer": ["33816"], "context": "OPERATING AND FINANCIAL RESULTS (1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
Three months ended August 31,2019 (1)2018 (2)ChangeChange in constant currencyForeign exchange impact
(in thousands of dollars, except percentages)$$%%$
Revenue583,673566,1843.12.72,427
Operating expenses302,833297,9771.61.11,441
Management fees – Cogeco Inc.5,2304,7969.09.0-
Adjusted EBITDA275,610263,4114.64.3986
Adjusted EBITDA margin47.2%46.5%
"} {"question": "If operating expenses in three months ended August 31, 2019 were 250,000 thousands, what was the average from three months ended August 31, 2018 to 2019?", "answer": ["273988.5"], "context": "OPERATING AND FINANCIAL RESULTS (1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
Three months ended August 31,2019 (1)2018 (2)ChangeChange in constant currencyForeign exchange impact
(in thousands of dollars, except percentages)$$%%$
Revenue583,673566,1843.12.72,427
Operating expenses302,833297,9771.61.11,441
Management fees – Cogeco Inc.5,2304,7969.09.0-
Adjusted EBITDA275,610263,4114.64.3986
Adjusted EBITDA margin47.2%46.5%
"} {"question": "If Adjusted EBITDA margin in three months ended August 31, 2019 was 50.0%, what was the increase / (decrease) from three months ended August 31, 2018 to 2019?", "answer": ["3.5"], "context": "OPERATING AND FINANCIAL RESULTS (1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
Three months ended August 31,2019 (1)2018 (2)ChangeChange in constant currencyForeign exchange impact
(in thousands of dollars, except percentages)$$%%$
Revenue583,673566,1843.12.72,427
Operating expenses302,833297,9771.61.11,441
Management fees – Cogeco Inc.5,2304,7969.09.0-
Adjusted EBITDA275,610263,4114.64.3986
Adjusted EBITDA margin47.2%46.5%
"} {"question": "What would be the difference in the value of money market funds and foreign debt as of December 31, 2019 if the value of money market funds increased by $1,000 thousand?", "answer": ["379498"], "context": "11. Fair Value Measurements The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis: Cash Equivalents. At December 31, 2019 and 2018, our cash equivalents consisted of money market funds. We value our cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics, and accordingly, we classify the valuation techniques that use these inputs as Level 1. Marketable Securities and Restricted Investments. At December 31, 2019 and 2018, our marketable securities consisted of foreign debt, foreign government obligations, U.S. debt, and time deposits, and our restricted investments consisted of foreign and U.S. government obligations. We value our marketable securities and restricted investments using observable inputs that reflect quoted prices for securities with identical characteristics or quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties’ credit standing in these fair value measurements. Derivative Assets and Liabilities. At December 31, 2019 and 2018, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies and interest rate swap contracts involving major interest rates. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify the valuation techniques as Level 2. In evaluating credit risk, we consider the effect of our counterparties’ and our own credit standing in the fair value measurements of our derivative assets and liabilities, respectively. At December 31, 2019 and 2018, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands):
Fair Value Measurements at Reporting Date Using
December 31, 2019Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds .$7,322$7,322$ —$ —
Marketable securities:
Foreign debt387,820—387,820—
Foreign government obligations22,011—22,011—
U.S. debt .66,134—66,134—
Time deposits .335,541335,541——
Restricted investments .223,785—223,785—
Derivative assets .1,338—1,338—
Total assets .$ 1,043,951$ 342,863$ 701,088$ —
Liabilities:
Derivative liabilities$ 10,021$ —$ 10,021$ —
"} {"question": "What would be the percentage constitution of money market funds among the total assets as of December 31, 2019 if the value of money market funds was $200,000 thousand instead while the total assets remains constant?", "answer": ["19.16"], "context": "11. Fair Value Measurements The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis: Cash Equivalents. At December 31, 2019 and 2018, our cash equivalents consisted of money market funds. We value our cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics, and accordingly, we classify the valuation techniques that use these inputs as Level 1. Marketable Securities and Restricted Investments. At December 31, 2019 and 2018, our marketable securities consisted of foreign debt, foreign government obligations, U.S. debt, and time deposits, and our restricted investments consisted of foreign and U.S. government obligations. We value our marketable securities and restricted investments using observable inputs that reflect quoted prices for securities with identical characteristics or quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties’ credit standing in these fair value measurements. Derivative Assets and Liabilities. At December 31, 2019 and 2018, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies and interest rate swap contracts involving major interest rates. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify the valuation techniques as Level 2. In evaluating credit risk, we consider the effect of our counterparties’ and our own credit standing in the fair value measurements of our derivative assets and liabilities, respectively. At December 31, 2019 and 2018, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands):
Fair Value Measurements at Reporting Date Using
December 31, 2019Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds .$7,322$7,322$ —$ —
Marketable securities:
Foreign debt387,820—387,820—
Foreign government obligations22,011—22,011—
U.S. debt .66,134—66,134—
Time deposits .335,541335,541——
Restricted investments .223,785—223,785—
Derivative assets .1,338—1,338—
Total assets .$ 1,043,951$ 342,863$ 701,088$ —
Liabilities:
Derivative liabilities$ 10,021$ —$ 10,021$ —
"} {"question": "What would be the difference in the value of time deposits and restricted investments as of December 31, 2019 if the value of restricted investments increased by $100,000 thousand?", "answer": ["11756"], "context": "11. Fair Value Measurements The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis: Cash Equivalents. At December 31, 2019 and 2018, our cash equivalents consisted of money market funds. We value our cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics, and accordingly, we classify the valuation techniques that use these inputs as Level 1. Marketable Securities and Restricted Investments. At December 31, 2019 and 2018, our marketable securities consisted of foreign debt, foreign government obligations, U.S. debt, and time deposits, and our restricted investments consisted of foreign and U.S. government obligations. We value our marketable securities and restricted investments using observable inputs that reflect quoted prices for securities with identical characteristics or quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties’ credit standing in these fair value measurements. Derivative Assets and Liabilities. At December 31, 2019 and 2018, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies and interest rate swap contracts involving major interest rates. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify the valuation techniques as Level 2. In evaluating credit risk, we consider the effect of our counterparties’ and our own credit standing in the fair value measurements of our derivative assets and liabilities, respectively. At December 31, 2019 and 2018, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands):
Fair Value Measurements at Reporting Date Using
December 31, 2019Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds .$7,322$7,322$ —$ —
Marketable securities:
Foreign debt387,820—387,820—
Foreign government obligations22,011—22,011—
U.S. debt .66,134—66,134—
Time deposits .335,541335,541——
Restricted investments .223,785—223,785—
Derivative assets .1,338—1,338—
Total assets .$ 1,043,951$ 342,863$ 701,088$ —
Liabilities:
Derivative liabilities$ 10,021$ —$ 10,021$ —
"} {"question": "If the Contract assets in 2019 increased to 4,131,274, what would be the revised change between December 31, 2018 and 2019?", "answer": ["1371959"], "context": "Contract Balances Our contract assets consist of unbilled amounts for technology development contracts as well as custom product contracts. Also included in contract assets are royalty revenue and carrying amounts of right of returned inventory. Long-term contract assets include the fee withholding on cost reimbursable contracts that will not be billed within a year. Contract liabilities include excess billings, subcontractor accruals, warranty expense, extended warranty revenue, right of return refund, and customer deposits. The net contract (liabilities)/assets changed by $1.0 million, due primarily to increased contract liabilities in addition to a slight increase in contract assets. The increase in contract liabilities is a result of the increased number of government research programs in addition to an increase in the number of our fixed-price contracts that have reached milestones as designated in their respective contracts, but revenue has not yet been recognized. The increase in contract assets is primarily driven by the unbilled fee required by our cost-reimbursable government contracts, which cannot be fully billed until after the specific contract is complete. The following table shows the components of our contract balances as of December 31, 2019 and 2018:
December 31,
20192018
Contract assets$3,208,206$2,759,315
Contract liabilities(3,887,685)(2,486,111)
Net contract assets$(679,479)$273,204
"} {"question": "If the Contract assets in 2019 increased to 4,131,274, what would be the revised average for December 31, 2018 and 2019?", "answer": ["3445294.5"], "context": "Contract Balances Our contract assets consist of unbilled amounts for technology development contracts as well as custom product contracts. Also included in contract assets are royalty revenue and carrying amounts of right of returned inventory. Long-term contract assets include the fee withholding on cost reimbursable contracts that will not be billed within a year. Contract liabilities include excess billings, subcontractor accruals, warranty expense, extended warranty revenue, right of return refund, and customer deposits. The net contract (liabilities)/assets changed by $1.0 million, due primarily to increased contract liabilities in addition to a slight increase in contract assets. The increase in contract liabilities is a result of the increased number of government research programs in addition to an increase in the number of our fixed-price contracts that have reached milestones as designated in their respective contracts, but revenue has not yet been recognized. The increase in contract assets is primarily driven by the unbilled fee required by our cost-reimbursable government contracts, which cannot be fully billed until after the specific contract is complete. The following table shows the components of our contract balances as of December 31, 2019 and 2018:
December 31,
20192018
Contract assets$3,208,206$2,759,315
Contract liabilities(3,887,685)(2,486,111)
Net contract assets$(679,479)$273,204
"} {"question": "If contract assets in 2019 was 2,800,000, in which year would it be less than 3,000,000?", "answer": ["2018", "2019"], "context": "Contract Balances Our contract assets consist of unbilled amounts for technology development contracts as well as custom product contracts. Also included in contract assets are royalty revenue and carrying amounts of right of returned inventory. Long-term contract assets include the fee withholding on cost reimbursable contracts that will not be billed within a year. Contract liabilities include excess billings, subcontractor accruals, warranty expense, extended warranty revenue, right of return refund, and customer deposits. The net contract (liabilities)/assets changed by $1.0 million, due primarily to increased contract liabilities in addition to a slight increase in contract assets. The increase in contract liabilities is a result of the increased number of government research programs in addition to an increase in the number of our fixed-price contracts that have reached milestones as designated in their respective contracts, but revenue has not yet been recognized. The increase in contract assets is primarily driven by the unbilled fee required by our cost-reimbursable government contracts, which cannot be fully billed until after the specific contract is complete. The following table shows the components of our contract balances as of December 31, 2019 and 2018:
December 31,
20192018
Contract assets$3,208,206$2,759,315
Contract liabilities(3,887,685)(2,486,111)
Net contract assets$(679,479)$273,204
"} {"question": "What would be the company's total debt due within 3 years if the debt due within 1 year is doubled and then decreased by $5,000,000?", "answer": ["787950"], "context": "Contractual Obligations and Commitments The following table summarizes our contractual cash obligations and other commercial commitments as of December 31, 2019. (1) These amounts include interest and principal payment obligations on our €135.0 million of 2024 Notes through the maturity date of June 30, 2024, interest and principal payments on our $445.0 million of 2022 Notes through the maturity date of March 1, 2022, interest and principal payments on our $189.2 million of 2021 Notes through the maturity date of April 15, 2021 and $12.5 million due under an installment payment agreement with a vendor. (2) The amounts include principal and interest payments under our finance lease obligations. Our finance lease obligations were incurred in connection with IRUs for inter-city and intra-city dark fiber underlying substantial portions of our network. These finance leases are presented on our balance sheet at the net present value of the future minimum lease payments, or $169.8 million at December 31, 2019. These leases generally have initial terms of 15 to 20 years. (3) These amounts include amounts due under our facilities, operating leases, colocation obligations and carrier neutral data center obligations. Certain of these operating lease liabilities are presented on our balance sheet at the net present value of the future minimum lease payments, or $96.8 million at December 31, 2019. (4) These amounts include amounts due under unconditional purchase obligations including dark fiber IRU operating and finance lease agreements entered into but not delivered and accepted prior to December 31, 2019.
Payments due by period
TotalLess than 1 year1 - 3 years3 - 5 yearsAfter 5 years
(in thousands)
Debt(1)903,69650,601691,748161,347—
Finance lease obligations(2)340,18825,45948,69345,311220,725
Operating leases, colocation and data center obligations(3)205,08736,11942,34426,138100,486
Unconditional purchase obligations(4)27,88512,1541,3461,30713,078
Total contractual cash obligations$1,476,856$124,333$784,131$234,103$334,289
"} {"question": "What would be the company's total finance lease obligations due within 3 years if the amount obligations due within 1 year is halved and then decreased by $300,000?", "answer": ["61122.5"], "context": "Contractual Obligations and Commitments The following table summarizes our contractual cash obligations and other commercial commitments as of December 31, 2019. (1) These amounts include interest and principal payment obligations on our €135.0 million of 2024 Notes through the maturity date of June 30, 2024, interest and principal payments on our $445.0 million of 2022 Notes through the maturity date of March 1, 2022, interest and principal payments on our $189.2 million of 2021 Notes through the maturity date of April 15, 2021 and $12.5 million due under an installment payment agreement with a vendor. (2) The amounts include principal and interest payments under our finance lease obligations. Our finance lease obligations were incurred in connection with IRUs for inter-city and intra-city dark fiber underlying substantial portions of our network. These finance leases are presented on our balance sheet at the net present value of the future minimum lease payments, or $169.8 million at December 31, 2019. These leases generally have initial terms of 15 to 20 years. (3) These amounts include amounts due under our facilities, operating leases, colocation obligations and carrier neutral data center obligations. Certain of these operating lease liabilities are presented on our balance sheet at the net present value of the future minimum lease payments, or $96.8 million at December 31, 2019. (4) These amounts include amounts due under unconditional purchase obligations including dark fiber IRU operating and finance lease agreements entered into but not delivered and accepted prior to December 31, 2019.
Payments due by period
TotalLess than 1 year1 - 3 years3 - 5 yearsAfter 5 years
(in thousands)
Debt(1)903,69650,601691,748161,347—
Finance lease obligations(2)340,18825,45948,69345,311220,725
Operating leases, colocation and data center obligations(3)205,08736,11942,34426,138100,486
Unconditional purchase obligations(4)27,88512,1541,3461,30713,078
Total contractual cash obligations$1,476,856$124,333$784,131$234,103$334,289
"} {"question": "What would be the company's unconditional purchase obligations due within 3 years if the obligations due within 1 year are decreased by 10%?", "answer": ["12284.6"], "context": "Contractual Obligations and Commitments The following table summarizes our contractual cash obligations and other commercial commitments as of December 31, 2019. (1) These amounts include interest and principal payment obligations on our €135.0 million of 2024 Notes through the maturity date of June 30, 2024, interest and principal payments on our $445.0 million of 2022 Notes through the maturity date of March 1, 2022, interest and principal payments on our $189.2 million of 2021 Notes through the maturity date of April 15, 2021 and $12.5 million due under an installment payment agreement with a vendor. (2) The amounts include principal and interest payments under our finance lease obligations. Our finance lease obligations were incurred in connection with IRUs for inter-city and intra-city dark fiber underlying substantial portions of our network. These finance leases are presented on our balance sheet at the net present value of the future minimum lease payments, or $169.8 million at December 31, 2019. These leases generally have initial terms of 15 to 20 years. (3) These amounts include amounts due under our facilities, operating leases, colocation obligations and carrier neutral data center obligations. Certain of these operating lease liabilities are presented on our balance sheet at the net present value of the future minimum lease payments, or $96.8 million at December 31, 2019. (4) These amounts include amounts due under unconditional purchase obligations including dark fiber IRU operating and finance lease agreements entered into but not delivered and accepted prior to December 31, 2019.
Payments due by period
TotalLess than 1 year1 - 3 years3 - 5 yearsAfter 5 years
(in thousands)
Debt(1)903,69650,601691,748161,347—
Finance lease obligations(2)340,18825,45948,69345,311220,725
Operating leases, colocation and data center obligations(3)205,08736,11942,34426,138100,486
Unconditional purchase obligations(4)27,88512,1541,3461,30713,078
Total contractual cash obligations$1,476,856$124,333$784,131$234,103$334,289
"} {"question": "If the Beginning balance as of January 1 in 2019 increased to 21,842 thousand, what would be the revised change between 2018 and 2019?", "answer": ["10903"], "context": "Changes in the amounts of unrecognized tax benefits were as follows: We had gross unrecognized tax benefits of $20.6 million and $19.8 million as of December 31, 2019 and 2018, respectively. If the current gross unrecognized tax benefits were recognized, the result would be an increase in our income tax benefit of $20.7 million and $19.6 million, respectively. These amounts are net of accrued interest and penalties relating to unrecognized tax benefits of $0.4 million and $0.2 million, respectively. We believe that it is reasonably possible that $0.2 million of our currently remaining unrecognized tax benefits may be recognized by the end of 2020, as a result of a lapse of the applicable statute of limitations.
Year Ended December 31,
(In thousands)201920182017
Beginning balance as of January 1$ 19,821$ 10,939$ 10,616
Increases for tax positions related to the current year1,2408,977640
Decreases for tax positions related to prior years00(146)
Increases for tax positions related to prior years95367153
Decreases relating to settlements with taxing authorities000
Increases acquired in business acquisitions05400
Foreign currency translation3(5)10
Reductions due to lapsed statute of limitations(555)(997)(334)
Ending balance as of December 31$ 20,604$ 19,821$ 10,939
"} {"question": "If the Increases for tax positions related to the current year in 2019 increased to 2,817 thousand, what would be the revised change between 2018 and 2019?", "answer": ["-6160"], "context": "Changes in the amounts of unrecognized tax benefits were as follows: We had gross unrecognized tax benefits of $20.6 million and $19.8 million as of December 31, 2019 and 2018, respectively. If the current gross unrecognized tax benefits were recognized, the result would be an increase in our income tax benefit of $20.7 million and $19.6 million, respectively. These amounts are net of accrued interest and penalties relating to unrecognized tax benefits of $0.4 million and $0.2 million, respectively. We believe that it is reasonably possible that $0.2 million of our currently remaining unrecognized tax benefits may be recognized by the end of 2020, as a result of a lapse of the applicable statute of limitations.
Year Ended December 31,
(In thousands)201920182017
Beginning balance as of January 1$ 19,821$ 10,939$ 10,616
Increases for tax positions related to the current year1,2408,977640
Decreases for tax positions related to prior years00(146)
Increases for tax positions related to prior years95367153
Decreases relating to settlements with taxing authorities000
Increases acquired in business acquisitions05400
Foreign currency translation3(5)10
Reductions due to lapsed statute of limitations(555)(997)(334)
Ending balance as of December 31$ 20,604$ 19,821$ 10,939
"} {"question": "If the Increases for tax positions related to prior years in 2019 increased to 458 thousand, what would be the revised change between 2018 and 2019?", "answer": ["91"], "context": "Changes in the amounts of unrecognized tax benefits were as follows: We had gross unrecognized tax benefits of $20.6 million and $19.8 million as of December 31, 2019 and 2018, respectively. If the current gross unrecognized tax benefits were recognized, the result would be an increase in our income tax benefit of $20.7 million and $19.6 million, respectively. These amounts are net of accrued interest and penalties relating to unrecognized tax benefits of $0.4 million and $0.2 million, respectively. We believe that it is reasonably possible that $0.2 million of our currently remaining unrecognized tax benefits may be recognized by the end of 2020, as a result of a lapse of the applicable statute of limitations.
Year Ended December 31,
(In thousands)201920182017
Beginning balance as of January 1$ 19,821$ 10,939$ 10,616
Increases for tax positions related to the current year1,2408,977640
Decreases for tax positions related to prior years00(146)
Increases for tax positions related to prior years95367153
Decreases relating to settlements with taxing authorities000
Increases acquired in business acquisitions05400
Foreign currency translation3(5)10
Reductions due to lapsed statute of limitations(555)(997)(334)
Ending balance as of December 31$ 20,604$ 19,821$ 10,939
"} {"question": "How many current executives would have a STI bonus amount greater than $500,000 if the STI bonus amount of Scott A. Trezise is $569,111?", "answer": ["4"], "context": "Actual STI Bonus Amounts Authorized. The actual amounts of the NEOs’ 2019 bonuses were calculated as follows: (1) Determined based on earned salary and applicable STI target bonus percentage during 2019 and includes pro-rations for any changes to salary and/or STI target bonus percentage described below. a) Target Bonus Opportunity for Mr. Storey reflects his salary earned during 2019 of $1,800,011 and a STI target bonus percentage of 200%. b) Target Bonus Opportunity for Mr. Dev reflects his salary earned during 2019 of $650,000 and a STI target bonus percentage of 120%. c) Target Bonus Opportunity for Mr. Goff reflects his salary earned during 2019 of $600,018 and a STI target bonus percentage of 120%. d) Target Bonus Opportunity for Mr. Trezise reflects his salary earned during 2019 with a salary increase, from $475,010 to $500,011, effective on February 23, 2019, and an increase of STI target bonus percentage from 80% to 90%, also effective on February 23, 2019. e) Target Bonus Opportunity for Mr. Andrews reflects his salary earned during 2019 with a salary increase, from $425,006 to $525,000, effective on August 21, 2019, and a STI target bonus percentage of 100%. (2) Calculated or determined as discussed above under “—2019 Performance Results.” (3) Determined based on achievement of individual performance objectives as described further above in this Subsection. Committee Discretion to Pay in Cash or Shares. The Committee may authorize the payment of annual bonuses in cash or shares of common stock. Since 2000, the Committee has paid these bonuses entirely in cash, principally to diversify our compensation mix and to conserve shares in our equity plans. Recent Actions (February 2020). In connection with establishing targets for the 2020 STI program, the Committee increased Mr. Dev’s STI Target Bonus Percentage to 125%, in light of his position to market and performance as CFO, and made no changes to the target bonus percentage for any of our other NEOs.
2019 STI Bonus Amounts
Named OfficerTarget Bonus Opportunity (1)XCompany Performance % (2)XDiscretionary Adjustment for Individual Performance(3)=STI Bonus Amount
Current Executives:
Jeffrey K. Storey$3,600,02297%100%$3,492,021
Indraneel Dev780,00097%110%832,260
Stacey W. Goff720,02197%100%698,420
Scott A. Trezise439,65497%110%469,111
Shaun C. Andrews461,44297%110%492,359
"} {"question": "What is Indraneel Dev's salary earned during 2019 expressed as a ratio of his/her STI bonus amount if the STI bonus amount is $830,000?", "answer": ["78.31"], "context": "Actual STI Bonus Amounts Authorized. The actual amounts of the NEOs’ 2019 bonuses were calculated as follows: (1) Determined based on earned salary and applicable STI target bonus percentage during 2019 and includes pro-rations for any changes to salary and/or STI target bonus percentage described below. a) Target Bonus Opportunity for Mr. Storey reflects his salary earned during 2019 of $1,800,011 and a STI target bonus percentage of 200%. b) Target Bonus Opportunity for Mr. Dev reflects his salary earned during 2019 of $650,000 and a STI target bonus percentage of 120%. c) Target Bonus Opportunity for Mr. Goff reflects his salary earned during 2019 of $600,018 and a STI target bonus percentage of 120%. d) Target Bonus Opportunity for Mr. Trezise reflects his salary earned during 2019 with a salary increase, from $475,010 to $500,011, effective on February 23, 2019, and an increase of STI target bonus percentage from 80% to 90%, also effective on February 23, 2019. e) Target Bonus Opportunity for Mr. Andrews reflects his salary earned during 2019 with a salary increase, from $425,006 to $525,000, effective on August 21, 2019, and a STI target bonus percentage of 100%. (2) Calculated or determined as discussed above under “—2019 Performance Results.” (3) Determined based on achievement of individual performance objectives as described further above in this Subsection. Committee Discretion to Pay in Cash or Shares. The Committee may authorize the payment of annual bonuses in cash or shares of common stock. Since 2000, the Committee has paid these bonuses entirely in cash, principally to diversify our compensation mix and to conserve shares in our equity plans. Recent Actions (February 2020). In connection with establishing targets for the 2020 STI program, the Committee increased Mr. Dev’s STI Target Bonus Percentage to 125%, in light of his position to market and performance as CFO, and made no changes to the target bonus percentage for any of our other NEOs.
2019 STI Bonus Amounts
Named OfficerTarget Bonus Opportunity (1)XCompany Performance % (2)XDiscretionary Adjustment for Individual Performance(3)=STI Bonus Amount
Current Executives:
Jeffrey K. Storey$3,600,02297%100%$3,492,021
Indraneel Dev780,00097%110%832,260
Stacey W. Goff720,02197%100%698,420
Scott A. Trezise439,65497%110%469,111
Shaun C. Andrews461,44297%110%492,359
"} {"question": "What would the percentage change of Scott A. Trezise's salary increase be if the new salary figure is $500,911?", "answer": ["5.45"], "context": "Actual STI Bonus Amounts Authorized. The actual amounts of the NEOs’ 2019 bonuses were calculated as follows: (1) Determined based on earned salary and applicable STI target bonus percentage during 2019 and includes pro-rations for any changes to salary and/or STI target bonus percentage described below. a) Target Bonus Opportunity for Mr. Storey reflects his salary earned during 2019 of $1,800,011 and a STI target bonus percentage of 200%. b) Target Bonus Opportunity for Mr. Dev reflects his salary earned during 2019 of $650,000 and a STI target bonus percentage of 120%. c) Target Bonus Opportunity for Mr. Goff reflects his salary earned during 2019 of $600,018 and a STI target bonus percentage of 120%. d) Target Bonus Opportunity for Mr. Trezise reflects his salary earned during 2019 with a salary increase, from $475,010 to $500,011, effective on February 23, 2019, and an increase of STI target bonus percentage from 80% to 90%, also effective on February 23, 2019. e) Target Bonus Opportunity for Mr. Andrews reflects his salary earned during 2019 with a salary increase, from $425,006 to $525,000, effective on August 21, 2019, and a STI target bonus percentage of 100%. (2) Calculated or determined as discussed above under “—2019 Performance Results.” (3) Determined based on achievement of individual performance objectives as described further above in this Subsection. Committee Discretion to Pay in Cash or Shares. The Committee may authorize the payment of annual bonuses in cash or shares of common stock. Since 2000, the Committee has paid these bonuses entirely in cash, principally to diversify our compensation mix and to conserve shares in our equity plans. Recent Actions (February 2020). In connection with establishing targets for the 2020 STI program, the Committee increased Mr. Dev’s STI Target Bonus Percentage to 125%, in light of his position to market and performance as CFO, and made no changes to the target bonus percentage for any of our other NEOs.
2019 STI Bonus Amounts
Named OfficerTarget Bonus Opportunity (1)XCompany Performance % (2)XDiscretionary Adjustment for Individual Performance(3)=STI Bonus Amount
Current Executives:
Jeffrey K. Storey$3,600,02297%100%$3,492,021
Indraneel Dev780,00097%110%832,260
Stacey W. Goff720,02197%100%698,420
Scott A. Trezise439,65497%110%469,111
Shaun C. Andrews461,44297%110%492,359
"} {"question": "What would be the difference between percentage change in average selling prices of DRAM and NAND in 2019 from 2018 if the percentage change for DRAM is -35%?", "answer": ["9"], "context": "Volatility in average selling prices for our semiconductor memory and storage products may adversely affect our business. We have experienced significant volatility in our average selling prices, including dramatic declines as noted in the table below, and may continue to experience such volatility in the future. In some prior periods, average selling prices for our products have been below our manufacturing costs and we may experience such circumstances in the future. Average selling prices for our products that decline faster than our costs could have a material adverse effect on our business, results of operations, or financial condition.
DRAMNAND
(percentage change in average selling prices)
2019 from 2018(30)%(44)%
2018 from 201737%(8)%
2017 from 201619%(7)%
2016 from 2015(35)%(19)%
2015 from 2014(11)%(15)%
"} {"question": "What would be the ratio of percentage change in average selling prices of DRAM in '2017 from 2016' to '2018 from 2017' if the percentage change in average selling prices of DRAM in '2017 from 2016' is 5%?", "answer": ["0.14"], "context": "Volatility in average selling prices for our semiconductor memory and storage products may adversely affect our business. We have experienced significant volatility in our average selling prices, including dramatic declines as noted in the table below, and may continue to experience such volatility in the future. In some prior periods, average selling prices for our products have been below our manufacturing costs and we may experience such circumstances in the future. Average selling prices for our products that decline faster than our costs could have a material adverse effect on our business, results of operations, or financial condition.
DRAMNAND
(percentage change in average selling prices)
2019 from 2018(30)%(44)%
2018 from 201737%(8)%
2017 from 201619%(7)%
2016 from 2015(35)%(19)%
2015 from 2014(11)%(15)%
"} {"question": "What would be the highest percentage change in average selling prices of DRAM from 2015 to 2019 if the percentage increase in average selling prices of DRAM in 2015 from 2014 is 40%?", "answer": ["40"], "context": "Volatility in average selling prices for our semiconductor memory and storage products may adversely affect our business. We have experienced significant volatility in our average selling prices, including dramatic declines as noted in the table below, and may continue to experience such volatility in the future. In some prior periods, average selling prices for our products have been below our manufacturing costs and we may experience such circumstances in the future. Average selling prices for our products that decline faster than our costs could have a material adverse effect on our business, results of operations, or financial condition.
DRAMNAND
(percentage change in average selling prices)
2019 from 2018(30)%(44)%
2018 from 201737%(8)%
2017 from 201619%(7)%
2016 from 2015(35)%(19)%
2015 from 2014(11)%(15)%
"} {"question": "What would be the average value of the 2018 and 2019 fair value of the company's cash and cash equivalents if the value in 2019 is doubled?", "answer": ["73510.5"], "context": "16. FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES The majority of NAT and its subsidiaries’ transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company’s cash flows. The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets. - The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value. - The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates. The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows: * The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.
All figures in USD ‘000Fair Value Hierarchy Level2019 Fair Value2019 Carrying Value2018 Fair Value2018 Carrying Value
Recurring:
Cash and Cash Equivalents148,84748,84749,32749,327
Restricted Cash112,79112,791--
Credit Facility2--(313,400)(313,400)
2019 Senior Secured Credit Facility*2(291,798)(291,798)--
Investment Securities18258254,1974,197
Vessel financing 2018 Newbuildings*2(119,867)(119,867)(127,140)(127,140)
"} {"question": "What would be the average value of the 2018 and 2019 fair value of the company's investment securities if the value in 2019 is decreased by $500,000?", "answer": ["2261"], "context": "16. FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES The majority of NAT and its subsidiaries’ transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company’s cash flows. The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets. - The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value. - The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates. The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows: * The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.
All figures in USD ‘000Fair Value Hierarchy Level2019 Fair Value2019 Carrying Value2018 Fair Value2018 Carrying Value
Recurring:
Cash and Cash Equivalents148,84748,84749,32749,327
Restricted Cash112,79112,791--
Credit Facility2--(313,400)(313,400)
2019 Senior Secured Credit Facility*2(291,798)(291,798)--
Investment Securities18258254,1974,197
Vessel financing 2018 Newbuildings*2(119,867)(119,867)(127,140)(127,140)
"} {"question": "What would be the average value of the 2018 and 2019 fair value of the company's vessel financing 2018 newbuildings if the 2019 value is decreased by 15%?", "answer": ["114513.48"], "context": "16. FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES The majority of NAT and its subsidiaries’ transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company’s cash flows. The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets. - The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value. - The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates. The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows: * The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.
All figures in USD ‘000Fair Value Hierarchy Level2019 Fair Value2019 Carrying Value2018 Fair Value2018 Carrying Value
Recurring:
Cash and Cash Equivalents148,84748,84749,32749,327
Restricted Cash112,79112,791--
Credit Facility2--(313,400)(313,400)
2019 Senior Secured Credit Facility*2(291,798)(291,798)--
Investment Securities18258254,1974,197
Vessel financing 2018 Newbuildings*2(119,867)(119,867)(127,140)(127,140)
"} {"question": "What would be the change in total provision between 2018 and 2019 if the total provision in 2019 increased by $100 thousand?", "answer": ["-11020"], "context": "13. Income Taxes On December 22, 2017, the legislation commonly known as the Tax Cuts and Jobs Act (the “TCJA” or the “Act”) was enacted into law. The Act made comprehensive changes to the U.S. tax code, including, but not limited to: (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) changing rules related to uses and limitations of net operating loss carry-forwards created in tax years beginning after December 31, 2017 as well as the repeal of the current carryback provisions for net operating losses arising in tax years ending after December 31, 2017; (3) immediate full expensing of certain qualified property; (4) creating a new limitation on deductible interest expense; (5) eliminating the corporate alternative minimum tax; (6) repeal of the deduction for income attributable to domestic production activities; and (7) changes in the manner in which international operations are taxed in the U.S. including a mandatory one- time transition tax on the accumulated untaxed earnings of foreign subsidiaries of U.S. shareholders. In response to the TCJA, the U.S. Securities and Exchange Commission (“SEC”) staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of TCJA. The purpose of SAB 118 was to address any uncertainty or diversity of view in applying ASC Topic 740, Income Taxes in the reporting period in which the TCJA was enacted. SAB 118 addresses situations where the accounting is incomplete for certain income tax effects of the TJCA upon issuance of a company’s financial statements for the reporting period which include the enactment date. SAB 118 allows for a provisional amount to be recorded if it is a reasonable estimate of the impact of the TCJA. Additionally, SAB 118 allows for a measurement period to finalize the impacts of the TCJA, not to extend beyond one year from the date of enactment. For the year ended April 30, 2018, the Company recorded a provisional decrease in its deferred tax assets and liabilities for the reduction in the federal tax rate with a corresponding adjustment to the valuation allowance. During the year ended April 30, 2019, the Company completed the accounting for the tax effects of the TCJA with no material changes to the provisional estimate recorded in prior periods. The TCJA also established the Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets on foreign corporations. The Company does not anticipate being subject to GILTI due to the sale of Gillam in Fiscal 2018 and the treatment of FEI-Asia as a disregarded entity for U.S. tax purposes. The provision for income taxes consisted of the following (in thousands):
20192018
Current:
Federal$8$ (869)
Foreign196-
State99(124)
Current provision303(993)
Deferred:
Federal-10,702
Foreign(247 )267
State-1,200
Deferred (benefit) tax(247 )12,169
Total provision$56$11,176
"} {"question": "What would be the average current provision for 2018 and 2019 if the current provision in 2019 decreased by 10 thousand?", "answer": ["-350"], "context": "13. Income Taxes On December 22, 2017, the legislation commonly known as the Tax Cuts and Jobs Act (the “TCJA” or the “Act”) was enacted into law. The Act made comprehensive changes to the U.S. tax code, including, but not limited to: (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) changing rules related to uses and limitations of net operating loss carry-forwards created in tax years beginning after December 31, 2017 as well as the repeal of the current carryback provisions for net operating losses arising in tax years ending after December 31, 2017; (3) immediate full expensing of certain qualified property; (4) creating a new limitation on deductible interest expense; (5) eliminating the corporate alternative minimum tax; (6) repeal of the deduction for income attributable to domestic production activities; and (7) changes in the manner in which international operations are taxed in the U.S. including a mandatory one- time transition tax on the accumulated untaxed earnings of foreign subsidiaries of U.S. shareholders. In response to the TCJA, the U.S. Securities and Exchange Commission (“SEC”) staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of TCJA. The purpose of SAB 118 was to address any uncertainty or diversity of view in applying ASC Topic 740, Income Taxes in the reporting period in which the TCJA was enacted. SAB 118 addresses situations where the accounting is incomplete for certain income tax effects of the TJCA upon issuance of a company’s financial statements for the reporting period which include the enactment date. SAB 118 allows for a provisional amount to be recorded if it is a reasonable estimate of the impact of the TCJA. Additionally, SAB 118 allows for a measurement period to finalize the impacts of the TCJA, not to extend beyond one year from the date of enactment. For the year ended April 30, 2018, the Company recorded a provisional decrease in its deferred tax assets and liabilities for the reduction in the federal tax rate with a corresponding adjustment to the valuation allowance. During the year ended April 30, 2019, the Company completed the accounting for the tax effects of the TCJA with no material changes to the provisional estimate recorded in prior periods. The TCJA also established the Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets on foreign corporations. The Company does not anticipate being subject to GILTI due to the sale of Gillam in Fiscal 2018 and the treatment of FEI-Asia as a disregarded entity for U.S. tax purposes. The provision for income taxes consisted of the following (in thousands):
20192018
Current:
Federal$8$ (869)
Foreign196-
State99(124)
Current provision303(993)
Deferred:
Federal-10,702
Foreign(247 )267
State-1,200
Deferred (benefit) tax(247 )12,169
Total provision$56$11,176
"} {"question": "In 2019, what would be the percentage constitution of the current provision for foreign taxes among the total current provision if the total current provision increased by $100 thousand while the provision for foreign taxes remains the same?", "answer": ["48.64"], "context": "13. Income Taxes On December 22, 2017, the legislation commonly known as the Tax Cuts and Jobs Act (the “TCJA” or the “Act”) was enacted into law. The Act made comprehensive changes to the U.S. tax code, including, but not limited to: (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) changing rules related to uses and limitations of net operating loss carry-forwards created in tax years beginning after December 31, 2017 as well as the repeal of the current carryback provisions for net operating losses arising in tax years ending after December 31, 2017; (3) immediate full expensing of certain qualified property; (4) creating a new limitation on deductible interest expense; (5) eliminating the corporate alternative minimum tax; (6) repeal of the deduction for income attributable to domestic production activities; and (7) changes in the manner in which international operations are taxed in the U.S. including a mandatory one- time transition tax on the accumulated untaxed earnings of foreign subsidiaries of U.S. shareholders. In response to the TCJA, the U.S. Securities and Exchange Commission (“SEC”) staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of TCJA. The purpose of SAB 118 was to address any uncertainty or diversity of view in applying ASC Topic 740, Income Taxes in the reporting period in which the TCJA was enacted. SAB 118 addresses situations where the accounting is incomplete for certain income tax effects of the TJCA upon issuance of a company’s financial statements for the reporting period which include the enactment date. SAB 118 allows for a provisional amount to be recorded if it is a reasonable estimate of the impact of the TCJA. Additionally, SAB 118 allows for a measurement period to finalize the impacts of the TCJA, not to extend beyond one year from the date of enactment. For the year ended April 30, 2018, the Company recorded a provisional decrease in its deferred tax assets and liabilities for the reduction in the federal tax rate with a corresponding adjustment to the valuation allowance. During the year ended April 30, 2019, the Company completed the accounting for the tax effects of the TCJA with no material changes to the provisional estimate recorded in prior periods. The TCJA also established the Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets on foreign corporations. The Company does not anticipate being subject to GILTI due to the sale of Gillam in Fiscal 2018 and the treatment of FEI-Asia as a disregarded entity for U.S. tax purposes. The provision for income taxes consisted of the following (in thousands):
20192018
Current:
Federal$8$ (869)
Foreign196-
State99(124)
Current provision303(993)
Deferred:
Federal-10,702
Foreign(247 )267
State-1,200
Deferred (benefit) tax(247 )12,169
Total provision$56$11,176
"}