DEXTER-CQA/TAT-QA-corpus huggingface dataset:
|||Current assets|Fixed assets|Operating lease right-of-use asset|Other assets|Customer relationships|Order backlog|Core/developed technology|Trade name|In-process research and development*|Operating lease liabilities|Deferred revenue|Other liabilities|Goodwill|
Estimated|Fair value||$10,603|2,132|2,669|652|15,800|1,300|35,400|400|20,600|(3,317)|(6,700)|(5,414)|144,374|$218,499
Estimated|Useful Life|(in years)|N/A|N/A|N/A|N/A|5|1|4|2|N/A|N/A|N/A|N/A|Indefinite|
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.
(in millions)||Term Loan and Notes, including interest|Operating lease obligations, net|Purchase obligations|Total
|Total|$4,373.3|711.5|2,036.5|$7,121.3
|Less than 1 year|$3,227.0|88.7|545.0|$3,860.7
Payment Due by Period|1-3 years|$65.0|158.0|935.8|$1,158.8
|3-5 years|$65.0|126.9|555.7|$747.6
|More than 5 years|$1,016.3|337.9|—|$1,354.2
|||Total operating revenues|Less: Liquefaction services revenue|Less: Vessel and other management fees|Net time and voyage charter revenues|Voyage and commission expenses (i)||Calendar days less scheduled off-hire days|Average daily TCE rate (to the closest $100)
|2019||448,750|(218,096)|(21,888)|208,766|(38,381)|170,385|3,840|44,400
|2018||430,604|(127,625)|(24,209)|278,770|(104,463)|174,307|3,987|43,700
Years Ended December 31,|2017|(in thousands of U.S.$, except number of shares, per common share data, fleet and other financial data)|143,537|—|(26,576)|116,961|(48,933)|68,028|3,885|17,500
|2016||80,257|—|(14,225)|66,032|(25,291)|40,741|4,034|10,100
|2015||102,674|—|(12,547)|90,127|(23,434)|66,693|4,481|14,900
(i) "Voyage and commission expenses" is derived from the caption "Voyage, charterhire and commission expenses" and "Voyage, charterhire and commission expenses - collaborative arrangement" less (i) charterhire expenses (net of the effect of the related guarantee obligation) of $nil, $nil and $12.4 million for the years ended December 31, 2019, 2018 and 2017, respectively, which arose on the charter-back of the Golar Grand from Golar Partners, and (ii) voyage and commission expenses in relation to the Hilli Episeyo of $0.5 million, $1.4 million and $nil for the years ended December 31, 2019, 2018 and 2017, respectively.
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.
|(in thousands of $)|Total operating revenues|Vessel operating expenses|Voyage expenses, charter-hire and commission expenses|Administrative expenses|Project development expenses|Depreciation and amortization|Other operating (losses)/gains|Operating income|Equity in net losses of affiliates
|2019|218,096|(53,689)|(460)|(1,371)|(2,939)|(48,088)|(28,963)|82,586|—
December 31,|2018|127,625|(26,317)|(1,363)|175|(16,526)|(28,193)|2,749|58,150|(2,047)
|Change|90,471|(27,372)|903|(1,546)|13,587|(19,895)|(31,712)|24,436|2,047
|% Change|71%|104%|(66)%|(883)%|(82)%|71%|(1,154)%|42%|(100)%
||||Revenues|Cost of revenues|Gross profit|Operating expenses:|Selling, general and administrative (1)|Research and development|Total operating expenses|Other income (expense)|Income (loss) before income taxes|Income tax provision (benefit)|Net income (loss)|(1) Includes stock based compensation
|2019|Amount||$13.2|1.9|11.3||31.7|2.0|33.7|(0.3)|(22.7)|(6.2)|$(16.5)|$1.0
||% of Revenue||100%|14%|86%||240%|15%|225%|(2)%|(172%)|(47%)|(125)%|8%
For the Years Ended December 31,|2018|Amount|(In millions, except percentages)|$82.3|15.3|67.0||32.2|2.1|34.3|(4.0)|28.7|8.0|$20.7|$1.6
||% of Revenue||100%|19%|81%||39%|2%|41%|(5)%|35%|10%|25%|2%
|2017|Amount||$50.5|6.0|44.5||28.6|1.5|30.1|2.2|16.6|(6.2)|$22.8|$0.8
||% of Revenue||100%|12%|88%||57%|3%|60%|4%|33%|(12)%|45%|2%
|ASSETS|Current assets:|Accounts receivable, net|Prepaid expenses and other current assets (1)|Deferred income taxes, net|Other assets (1)|LIABILITIES AND STOCKHOLDERS’ DEFICIT|Current liabilities:|Deferred revenue|Other accrued liabilities|Long-term deferred revenue|Long-term income taxes payable|Long-term deferred income taxes|Stockholders’ deficit:|Accumulated deficit (2)
As reported|||$474.3|192.1|65.3|337.8|||1,763.3|142.3|328.1|21.5|79.8||$(2,147.4)
Impact from the adoption of ASC 606 and 340-40|||$73.4|(79.4)|7.0|(17.9)|||140.6|1.7|37.2|(0.2)|(6.7)||$(189.5)
As adjusted|||$547.7|112.7|72.3|319.9|||1,903.9|144.0|365.3|21.3|73.1||$(2,336.9)
As of August 29, 2019, there were 16 million shares of Restricted Stock Awards outstanding, 14 million of which contained only service conditions. For service-based Restricted Stock Awards, restrictions generally lapse in one-fourth or one-third increments during each year of employment after the grant date. Restrictions lapse on Restricted Stock granted in 2019 with performance or market conditions over a three-year period if conditions are met. At the end of the performance period, the number of actual shares to be awarded will vary between 0% and 200% of target amounts, depending upon the achievement level. Restricted Stock Awards activity for 2019 is summarized as follows:
Brand names and trademark assets are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Chromalox £114.1m (2018: £125.4m), Gestra £28.4m (2018: £32.5m) and Thermocoax £13.6m. The remaining amortisation periods are 17.5 years, 12.3 years and 19.3 years respectively.
||Cost:|At 1st January 2019|Exchange and other adjustments||Acquisitions|At 31st December 2019|Amortisation and impairment:|At 1st January 2019|Exchange adjustments||Amortisation and impairment|At 31st December 2019|Net book value:|At 31st December 2019
Customer relationships|£m||57.1|(3.0)|54.1|34.9|89.0||25.1|(1.3)|23.8|7.1|30.9||58.1
Brand names and trademarks|£m||187.3|(7.8)|179.5|14.3|193.8||21.3|(1.1)|20.2|10.4|30.6||163.2
Manufacturing designs and core technology|£m||56.0|(2.2)|53.8|7.2|61.0||14.2|(0.6)|13.6|5.6|19.2||41.8
Non-compete undertakings and other|£m||20.2|(0.9)|19.3|3.8|23.1||15.6|(0.8)|14.8|3.7|18.5||4.6
Total acquired intangibles|£m||320.6|(13.9)|306.7|60.2|366.9||76.2|(3.8)|72.4|26.8|99.2||267.7
Manufacturing designs and core technology are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Chromalox £12.9m (2018: £15.1m), Gestra £10.8m (2018: £12.3m) and Aflex £8.5m (2018: £9.4m). The remaining amortisation period is 12.5 years for Chromalox, 12.3 years for Gestra and 10 years for Aflex.
Under the capped call transactions, the Company purchased capped call options that in the aggregate relate to the total number of shares of the Company’s common stock underlying the 2022 Notes, with an initial strike price of approximately $33.71 per share, which corresponds to the initial conversion price of the 2022 Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the 2022 Notes, and have a cap price of approximately $47.20.
|Year to 31 March|Adjusted a revenue|Adjusted a operating costs|Adjusted a EBITDA|Depreciation & amortisation|Adjusted a operating profit|Capital expenditure|Normalised free cash flow b
2019 (IFRS 15)|£m|4,735|4,230|505|370|135|245|296
2018 (IAS 18)|£m|5,013|4,579|434|424|10|278|118
Change|£m|(278)|(349)|71|(54)|125|(33)|178
|%|(6)|(8)|16|(13)|1,250|(12)|151
Both reported and adjusted revenue fell by 1% as growth in our Consumer business, was more than offset by regulated price reductions in Openreach and declines in our enterprise businesses in particular in fixed voice and also reflecting our strategy to reduce low margin activity such as equipment sales. Excluding the negative impact of £35m from foreign exchange movements, underlying revenue fell 0.9% (2017/18: fell 1%), which exceeds our expectation of down around 2%.
|Year ended 31 March|Revenue|Operating costs a|Depreciation and amortisation|Operating profit|Net finance expense|Associates and joint ventures|Profit before tax|Tax|Profit for the period
2019|£m|23,428|(16,461)|(3,546)|3,421|(756)|1|2,666|(507)|2,159
2018|£m|23,723|(16,828)|(3,514)|3,381|(764)|(1)|2,616|(584)|2,032
2017|£m|24,062|(17,323)|(3,572)|3,167|(804)|(9)|2,354|(446)|1,908
||Basic:|Net earnings attributable to Black Knight|Shares used for basic net earnings per share:|Weighted average shares of common stock outstanding|Basic net earnings per share|Diluted:|Earnings before income taxes and equity in losses of unconsolidated affiliates|Income tax benefit excluding the effect of noncontrolling interests|Net earnings|Net earnings attributable to Black Knight|Shares used for diluted net earnings per share:|Weighted average shares of common stock outstanding|Dilutive effect of unvested restricted shares of common|stock|Weighted average shares of BKFS Class B common stock outstanding|Weighted average shares of common stock, diluted|Diluted net earnings per share
|2019||$108.8||147.7|$0.74|||||$108.8||147.7||0.9|—|148.6|$0.73
Year ended December 31,|2018||$168.5||147.6|$1.14|||||$168.5||147.6||0.6|—|148.2|$1.14
|2017||$182.3||88.7|$2.06||$192.4|(32.2)|$224.6|||88.7||0.6|63.1|152.4|$1.47
|Bell Wireless|Bell Wireline|Bell Media|Inter-segment eliminations|Total BCE operating revenues
2019|9,142|12,356|3,217|(751)|23,964
2018|8,818|12,267|3,121|(738)|23,468
$ CHANGE|324|89|96|(13)|496
% CHANGE|3.7%|0.7%|3.1%|(1.8%)|2.1%
BCE operating revenues grew by 2.1% in 2019, compared to last year, driven by growth across all three of our segments. Total operating revenues consisted of service revenues of $20,737 million and product revenues of $3,227 million in 2019, up 1.4% and 6.6%, respectively, year over year. Wireless operating revenues grew by 3.7% in 2019, driven by product revenue growth of 6.6% and service revenue growth of 2.5%. Wireline operating revenues grew by 0.7% in 2019 attributable to service revenue growth of 0.4% from higher data revenue, moderated by lower voice revenue, and also reflected higher product revenue of 7.2%. Bell Media revenues increased by 3.1% in 2019 reflecting both higher subscriber and advertising revenues
USDm|Cost:|Balance as of 1 January|Adjustment on transition to IFRS 16|Additions|Disposals|Balance as of 31 December|Depreciation:|Balance as of 1 January|Disposals|Depreciation for the year|Balance as of 31 December|Carrying amount as of 31 December
Vessels and capitalized dry-docking||43.3|-|1.8|-2.7|42.4||13.4|-2.7|4.8|15.5|26.9
Land and buildings||-|9.9|0.5|-|10.4||-|-|2.3|2.3|8.1
Other plant and operating equipment||-|0.3|0.4|-0.1|0.6||-|-|0.2|0.2|0.4
The recoverable amount of the Home loans CGU as at 31 December 2018 was determined at $5.6m based on a value-in-use calculation using cash flow projections from financial budgets approved by Senior Management covering a five-year period. The projected cash flows were updated to reflect a change in Senior Management and their initial views as part of a strategic review undertaken. The pre-tax discount rate applied to cash flow projections was 13% (30 June 2018: 25%) and cash flows beyond the five-year period were extrapolated using a 3% growth rate (30 June 2018: 3%). As a result of this analysis, management recognised an impairment charge of $4,450,000 against goodwill and capitalised software development costs. No other impairment was identified for the CGUs to which goodwill or brand names are allocated.
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.
|(in thousands)| Restaurant/Retail|   Core|Brink *|SureCheck| Total Restaurant Retail| Government|   Intelligence, surveillance, and reconnaissance|Mission Systems|Product Sales| Total Government
Year ended December 31,|2019||$78,238|41,689|3,380|$123,307||$29,541|33,513|871|$63,925
|2018||$102,877|25,189|6,003|$134,069||$30,888|35,082|1,207|$67,177
$|variance||$(24,639)|16,500|(2,623)|$(10,762)||$(1,347)|(1,569)|(336)|$(3,252)
%|variance||(24)%|66%|(44)%|(8)%||(4)%|(4)%|(28)%|(5)%
||Goodwill|Opening and closing net book value|Other intangible assets|Opening net book value|Additions|Amortisation|Closing net book value|Total intangible assets
|Notes||||||6||
2019|$'000||43,954||2,051|1,079|(584)|2,546|46,500
2018|$'000||43,954||1,582|864|(395)|2,051|46,005
||Net income (1)|Other comprehensive income (loss), net of tax:|Foreign currency translation gains (losses) (2)|Defined benefit pension plans|Defined benefit post-retirement plan adjustments|Equity interest in investee’s other comprehensive income (loss)|Foreign exchange contracts|Excluded component of fair value hedges|Other comprehensive income (loss) (2)|Total comprehensive income (1)
|2019|$206,587||(24,065)|(927)|(86)|(11)|(588)|(2,249)|(27,926)|$178,661
Fiscal Years Ended March 31,|2018|$254,127||35,271|167|(255)|5,584|(1,753)|—|39,014|$293,141
|2017|$47,157||(15,284)|163|20|1,440|3,274|—|(10,387)|$36,770
|||Research and development|Percentage of total revenues
Years ended December 31,|2019|(in thousands, except percentages)|$ 355,015|22.5 %
|2018||$ 230,674|21.5 %
|2017||$ 135,997|20.2 %
2019 vs 2018|% Change||53.9 %|
2018 vs 2017|% Change||69.6 %|
||Building and improvements|Scientific equipment|Computer hardware and software|Machinery and equipment|Land and improvements|Other personal property|Office equipment||Less: accumulated depreciation|Total property, plant and equipment, net
December 31,|2019|$1,273|597|106|274|162|70|27|2,509|(1,969)|$ 540
|2018|$1,273|598|107|275|162|70|27|2,512|(1,906)|$ 606
|METRO|METRO Germany|METRO Western Europe (excl.Germany)|METRO Russia|METRO Eastern Europe (excl.Russia)|METRO Asia|Others|METROAG|Total
2018|92,603|13,711|27,207|13,960|29,060|8,665|7,008|909|100,520
2019|89,574|13,606|27,227|12,357|28,375|8,009|7,152|880|97,606
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.
|||Selected Statement of Income Data|Revenue|Cost of sales|Gross profit|Administrative costs|Operating profit before exceptional item|Impairment loss|Operating profit/(loss)|Net finance costs|Other gains/(losses), net|Profit/(loss) before tax|Income tax|Profit/(loss) for the year (1)|(Loss)/Earnings per share (cents)|Basic (loss)/earnings per share|Diluted (loss)/earnings per share|Weighted average number of ordinary shares|Basic|Diluted|Other non-GAAP measures|Gross Revenue (2)|EBITDA (3)|Adjusted EBITDA (3)|Gross Adjusted EBITDA (3)
|2019|||$270,126|(155,396)|114,730|(87,134)|27,596|(423,335)|(395,739)|(7,674)|288|(403,125)|(7,328)|$(410,453)||(599.5)|(599.5)||70,707|72,170||$304,593|$(393,188)|$103,845|$234,000
|2018|||$261,253|(134,708)|126,545|(68,029)|58,516|—|58,516|(17,813)|(41,321)|(618)|(9,127)|$(9,745)||(36.3)|(36.3)||62,151|63,482||$268,069|$20,186|$82,955|$198,240
Year ended March 31,|2017|(in thousands, except (Loss)/Earnings per share)||$252,994|(164,240)|88,754|(63,309)|25,445|—|25,445|(17,156)|14,205|22,494|(11,039)|$11,455||6.4|5.1||59,410|60,943||$252,994|$42,548|$55,664|$190,980
|2016|||$274,428|(172,764)|101,664|(64,019)|37,645|—|37,645|(8,010)|(3,636)|25,999|(12,711)|$13,288||6.6|5.2||57,732|59,036||$274,428|$36,294|$70,852|$199,155
|2015|||$284,175|(155,777)|128,398|(49,546)|78,852|—|78,852|(5,861)|(10,483)|62,508|(13,178)|$49,330||74.3|72.4||54,278|54,969||$284,175|$70,066|$101,150|$218,404
The Company has Federal tax credit carryforwards of $5.4 million that expire in various tax years from 2028 to 2038. The Company has a Federal operating loss carryforward of $24.5 million expiring from 2029 through 2037 and a Federal operating loss carryforward of $17.9 million with an unlimited carryforward period. The Company also has state tax credit carryforwards of $0.3 million and state operating loss carryforwards of $43.3 million, which vary by jurisdiction and expire in various tax years through 2039.
|||Deferred tax (liabilities) assets:|Subordinated debt|Indefinite lived intangibles|Right of use assets|Software development costs|Acquired intangible assets|Depreciation on property, plant and equipment|Gross deferred tax liabilities|Allowances for bad debts and inventory|Capitalized inventory costs|Intangible assets|Employee benefit accruals|Interest Limitation|Lease liabilities|Federal net operating loss carryforward|State net operating loss carryforward|Tax credit carryforwards|Depreciation on property, plant and equipment|Other|Gross deferred tax assets|Less valuation allowance|Net deferred tax liabilities
December 31,|(in thousands)|2019||$(3,659)|(64)|(756)|(1,219)|(446)|(352)|(6,496)|3,013|141|117|2,427|1,248|772|8,563|2,317|5,777|—|912|25,287|(18,855)|$(64)
||2018||$—|—|—|(1,954)|(676)|—|(2,630)|2,785|116|420|1,742|—|—|6,512|2,112|6,176|373|722|20,958|(18,328)|$—
||Current|Trade receivables|Prepayments|Deferral of contract acquisition costs|Other receivables|Total current trade and other receivables|Non-current|Deferral of contract acquisition costs|Other receivables|Total non-current trade and other receivables
31 March 2019|$M||128.7|26.9|31.5|8.2|195.3||15.1|1.3|16.4
31 March 2018 Restated See note 2|$M||151.8|23.1|29.5|6.4|210.8||16.2|1.3|17.5
(2) Reflects the aggregate number of shares of Class A common stock underlying RSUs and RSAs that vested in 2018. Of the amount shown for Messrs. Daswani and Murphy and Mses. Friar, Henry, Reses and Whiteley, 20,132, 6,741, 44,857, 59,014, 91,306 and 17,217 shares, respectively, of Class A common stock were withheld to cover tax withholding obligations upon vesting.
|Name|Mr. Dorsey|Ms. Friar|Ms. Henry|Ms. Reses|Ms. Whiteley|Mr. Daswani|Mr. Murphy
Option Awards|Number of Shares Acquired on Exercise (#)|—|1,082,343|200,000|—|20,625|—|—
|Number of Value Realized on Exercise ($)(1)|—|54,631,297|13,187,645|—|989,821|—|—
Stock Awards|Shares Acquired on Vesting of RSUs and RSAs (#) (2)|—|95,889|124,498|189,577|38,156|45,310|18,024
|Value Realized on Vesting of RSUs and RSAs ($) (3)|—|5,788,657|7,475,787|11,284,454|2,375,984|3,106,268|1,120,072
Transaction-based revenue for the year ended December 31, 2018, increased by $551.3 million, or 29%, compared to the year ended December 31, 2017. This increase was attributable to the growth in GPV processed of $19.3 billion, or 30%, to $84.7 billion from $65.3 billion. We continued to benefit from growth in processed volumes from our existing sellers, in addition to meaningful contributions from new sellers. Additionally, GPV from larger sellers, which we define as all sellers that generate more than $125,000 in annualized GPV, represented 51% of our GPV in the fourth quarter of 2018, an increase from 47% in the fourth quarter of 2017. We continued to see ongoing success with attracting and enabling large seller growth, which we believe will help drive strong GPV growth as we scale.
Subscription and services-based revenue for the year ended December 31, 2018 increased by $339.0 million, or 134%, compared to the year ended December 31, 2017. Growth was driven primarily by Instant Deposit, Caviar, Cash Card, and Square Capital, as well as acquisitions completed in the second quarter. Subscription and services-based revenue grew to 18% of total net revenue in the year ended December 31, 2018, up from 11% in the year ended December 31, 2017.
Bitcoin revenue for the year ended December 31, 2018, increased by $166.5 million compared to the year ended December 31, 2017. During the fourth quarter of 2017, we started offering our Cash App customers the ability to purchase bitcoin from us. Bitcoin revenue comprises the total sale amount we receive from bitcoin sales to customers and is recorded upon transfer of bitcoin to the customer’s account. The sale amount generally includes a small margin added to the price we pay to purchase bitcoin and accordingly, the amount of bitcoin revenue will fluctuate depending on the volatility of market bitcoin prices and customer demand.
||Transaction-based revenue|Starbucks transaction-based revenue|Subscription and services-based revenue|Hardware revenue|Bitcoin revenue|Total net revenue
|2018|$2,471,451|—|591,706|68,503|166,517|$3,298,177
Year Ended December 31,|2017|$1,920,174|—|252,664|41,415|—|$2,214,253
|2016|$1,456,160|78,903|129,351|44,307|—|$1,708,721
2017 to 2018|% Change|29%|NM|134%|65%|NM|49%
2016 to 2017|% Change|32%|(100)%|95%|(7)%|NM|30%
||Segment Revenues|Net revenues from external customers|Intersegment net revenues (1)|Segment net revenues|Segment operating income
|Activision||$2,458|—|$2,458|$1,011
|Blizzard||$2,238|53|$2,291|$685
|King||$2,086|—|$2,086|$750
For the Year Ended December 31, 2018|Total||$6,782|53|$6,835|$2,446
On June 24, 2019, the Partnership Agreement was amended, effective June 30, 2019, to eliminate the IDRs in exchange for the issuance by the Partnership to GasLog of 2,532,911 common units and 2,490,000 Class B units (of which 415,000 are Class B-1 units, 415,000 are Class B-2 units, 415,000 are Class B-3 units, 415,000 are Class B-4 units, 415,000 are Class B-5 units and 415,000 are Class B-6 units), issued on June 30, 2019. The Class B units have all of the rights and obligations attached to the common units, except for voting rights and participation in distributions until such time as GasLog exercises its right to convert the Class B units to common units. The Class B units will become eligible for conversion on a one-for-one basis into common units at GasLog’s option on July 1, 2020, July 1, 2021, July 1, 2022, July 1, 2023, July 1, 2024 and July 1, 2025 for the Class B-1 units, Class B-2 units, Class B-3 units, Class B-4 units, Class B-5 units and the Class B-6 units, respectively. Following the IDR elimination, the allocation of GasLog Partners’ profit to the non-controlling interests is based on the revised distribution policy for available cash stated in the Partnership Agreement as amended, effective June 30, 2019, and under which 98% of the available cash is distributed to the common unitholders and 2% is distributed to the general partner. The updated earnings allocation applies to the total GasLog Partners’ profit for the three months ended June 30, 2019 and onwards.