hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
A non-employee director who is initially appointed after any annual meeting of stockholders will receive a restricted stock unit award or option grant on the date of his or her initial appointment to the Board of Directors equal to the pro-rated amount of the annual grant
Annual option grants and restricted stock unit awards (or any pro-rated grants for directors initially appointed between annual meetings) vest on the earlier to occur of the first anniversary of the date of grant or the next annual meeting of stockholders. No portion of an option automatically granted to a director is exercisable after the tenth anniversary after the date of option grant. Additionally, an option automatically granted to a director may be exercisable after the termination of the director’s services as described in the option agreement, generally ending three months after such termination.
The following table shows compensation information for our non-employee directors for fiscal year 2019.
2019 Director Compensation Table
(1) The amounts reflected in this column represent the aggregate grant date fair value for stock awards granted to our non-employee directors in 2019, measured in accordance with ASC 718, excluding the effect of estimated forfeitures, and do not reflect whether the recipient has actually realized a financial benefit from these awards. For the methodology of how the aggregate grant date fair value amount is calculated, please see Note 13 of the Notes to Consolidated Financial Statements included in this Form 10-K. The aggregate number of shares subject to unvested restricted stock unit awards outstanding for each non-employee director at December 31, 2019 was: Mr. Hill: 5,889; Ms. Antonellis: 5,889; Mr. Habiger: 5,889; Ms. Molina: 5,889; Mr. Riedel: 5,889 and Mr. Seams: 5,889. None of the non-employee directors held any stock options as of December 31, 2019.
Table:
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | Total($)
Richard S. Hill | $106,000 | $149,987 | — | $255,987
Darcy Antonellis | $55,333 | $149,987 | — | $205,320
David C. Habiger | $70,000 | $149,987 | — | $219,987
V. Sue Molina | $81,000 | $149,987 | — | $230,987
George A. Riedel | $68,333 | $149,987 | — | $218,320
Christopher A. Seams | $82,000 | $149,987 | — | $231,987


Question: Who has the highest compensation among all non-employee directors?
Answer: Richard S. Hill
Calculation: $255,987 is the highest
Contractual obligations
As of December 31, 2019, our contractual obligations were:
(1) See "9. Leases" in Item 8 of this Annual Report for additional information.
(2) Represents the fixed or minimum amounts due under purchase obligations for hosting services and sales and marketing programs
(3) We are unable to reasonably estimate the timing of the cash outflow due to uncertainties in the timing of the effective settlement of tax positions.
(4) Represents the maximum funding that would be expected under existing investment agreements with privately-held companies. Our investment agreements generally allow us to withhold unpaid committed funds at our discretion.
A detailed discussion and analysis of the fiscal year 2017 year-over-year changes can be found in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2018.
Table:
 |  |  | Payments due by period |  |  | 
(in thousands) | 2020 | 2021 - 2022 | 2023 - 2024 | 2025 and thereafter | Other | Total
Operating lease obligations (1) | 19,373 | 36,373 | 19,683 | 1,666 | - | $77,095
Purchase obligations (2) | $24,800 | $8,129 | $438 | $ - | $ - | $33,367
Liability for uncertain tax positions (3) | - | - | - | - | 5,386 | $5,386
Investment commitments (4) | 1,754 | 205 | - | - | - | $1,959
Total | $45,927 | $44,707 | $20,121 | $1,666 | $5,386 | $117,807


Question: What is the percentage constitution of purchase obligations among the total contractual obligations in 2020?
Answer: 54
Calculation: (24,800/45,927) * 100
The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands):
Franchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019.
Table:
 | 2019 | 2018
Franchise rental revenues | $272,815 | $259,047
Royalties | 163,047 | 155,939
Franchise fees and other | 6,764 | 6,646
Franchise royalties and other | 169,811 | 162,585
Franchise contributions for advertising and other services | 170,674 | —
Total franchise revenues | $613,300 | $421,632
 |  | 
Franchise occupancy expenses (excluding depreciation and amortization) | $166,584 | $158,319
Franchise support and other costs | 12,110 | 11,593
Franchise advertising and other services expenses | 178,093 | —
Total franchise costs | $356,787 | $169,912
Franchise costs as a % of total franchise revenues | 58.2% | 40.3%
 |  | 
Average number of franchise restaurants | 2,081 | 2,028
% increase | 2.6% | 
Franchised restaurant sales | $3,167,920 | $3,018,067
Franchise restaurant AUV | $1,523 | $1,488
Increase in franchise-operated same-store sales | 1.3% | 0.1%
Royalties as a percentage of total franchise restaurant sales | 5.1% | 5.2%


Question: How much additional rental revenue was contributed by the refranchising strategy in 2019?
Answer: $12.4 million
Available Liquidity
The following table sets forth our available liquidity for the periods indicated (in thousands):
The decrease in total liquidity is primarily attributable to $239.0 million of outstanding revolving credit facility borrowings and $48.0 million of payments to purchase property and equipment and software and distribution rights, partially offset by positive operating cash flows.
The Company and Official Payments Corporation, a wholly owned subsidiary, maintain a $140.0 million uncommitted overdraft facility with Bank of America, N.A. The overdraft facility acts as a secured loan under the terms of the Credit Agreement to provide an additional funding mechanism for timing differences that can occur in the bill payment settlement process. As of December 31, 2019, $138.5 million was available.
Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. As of December 31, 2019, we had $121.4 million in cash and cash equivalents, of which $49.2 million was held by our foreign subsidiaries. If these funds were needed for our operations in the U.S., we may potentially be required to pay foreign and U.S. state income taxes to repatriate these funds. As of December 31, 2019, only the earnings in our Indian foreign subsidiaries are indefinitely reinvested. The earnings of all other foreign entities are no longer indefinitely reinvested. We are also permanently reinvested for outside book/tax basis differences related to foreign subsidiaries. These outside basis differences could reverse through sales of the foreign subsidiaries, as well as various other events, none of which are considered probable as of December 31, 2019.
Table:
 | December 31, | 
 | 2019 | 2018
Cash and cash equivalents | $121,398 | $148,502
Availability under revolving credit facility | 261,000 | 500,000
Total liquidity | $382,398 | $648,502


Question: What was the cash and cash equivalents in 2019?
Answer: $121,398
Liquidity risk
Our policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.
Our liquidity needs are affected by many factors, some of which are based on the normal on-going operations of the business, and others that relate to the uncertainties of the global economy and the semiconductor industry. Although our cash requirements fluctuate based on the timing and extent of these factors, we believe that cash generated from operations, together with our principal sources of liquidity are sufficient to satisfy our current requirements, including our expected capital expenditures in 2020.
We intend to return cash to our shareholders on a regular basis in the form of dividend payments and, subject to our actual and anticipated liquidity requirements and other relevant factors, share buybacks.
The following table summarizes the Company’s contractual and other obligations as at December 31, 2019.
Total short-term lines of credit amounted to €150 million at December 31, 2019. The amount outstanding at December 31, 2019 was nil and the undrawn portion totaled €150 million. The standby revolving credit facility of €150 million with a consortium of banks will be available through December 16, 2023.
For the majority of purchase commitments, the Company has flexible delivery schedules depending on the market conditions, which allows the Company, to a certain extent, to delay delivery beyond originally planned delivery schedules.
Table:
 | Total | Less than 1 year | 1-5 years | More than 5 years
Accounts payable | 119,712 | 119,712 | — | —
Income tax payable | 34,599 | 34,599 | — | —
Accrued expenses and other payables | 149,843 | 149,843 | — | —
Lease liabilities | 24,261 | 6,977 | 14,726 | 2,558
Pension liabilities | 7,734 | 333 | 2,544 | 4,857
Purchase obligations: |  |  |  | 
Purchase commitments to suppliers | 100,694 | 99,546 | 1,148 | —
Capital expenditure and other commitments | 43,692 | 40,745 | 2,947 | —
Total contractual obligations | 480,535 | 451,755 | 21,365 | 7,415


Question: What is the purpose of the company's policy?
Answer: maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business
General and Administrative
General and administrative expenses increased $71.5 million, or 66.5%, for the year ended December 31, 2019 compared to the same period in 2018, due to an increase of $28.7 million in employee-related costs ($12.2 million of which related to stock-based compensation and related payroll taxes), a $14.9 million increase in finance costs, which include an estimated net liability for non-recurring HST payable to the Government of Canada in the amount of $8.1 million related to 2019 and prior years, sales and use and other value added taxes, insurance, and bank fees, a $9.0 million increase in Shopify Payments losses driven by increased GMV processed through Shopify Payments, a $8.6 million increase in losses and insurance related to Shopify Capital driven by an expansion of our Capital offerings and programs, a $6.9 million increase in professional services fees for legal and tax services, including those related to our international expansion and the growth of our business, a $1.8 million increase in computer and software costs, and a $1.6 million increase in general bad debt expense. General and administrative expenses increased $71.5 million, or 66.5%, for the year ended December 31, 2019 compared to the same period in 2018, due to an increase of $28.7 million in employee-related costs ($12.2 million of which related to stock-based compensation and related payroll taxes), a $14.9 million increase in finance costs, which include an estimated net liability for non-recurring HST payable to the Government of Canada in the amount of $8.1 million related to 2019 and prior years, sales and use and other value added taxes, insurance, and bank fees, a $9.0 million increase in Shopify Payments losses driven by increased GMV processed through Shopify Payments, a $8.6 million increase in losses and insurance related to Shopify Capital driven by an expansion of our Capital offerings and programs, a $6.9 million increase in professional services fees for legal and tax services, including those related to our international expansion and the growth of our business, a $1.8 million increase in computer and software costs, and a $1.6 million increase in general bad debt expense.
General and administrative expenses increased $39.7 million, or 58.7%, for the year ended December 31, 2018 compared to the same period in 2017, due to an increase of $30.3 million in employee-related costs, a $4.5 million increase in professional services fees for legal and tax services, a $4.0 million increase in finance costs, which includes insurance, sales and use and other value added taxes, and a $1.7 million increase in computer and software costs.
Table:
 | Years ended December 31, |  |  | 2019 vs 2018 | 2018 vs 2017
 | 2019 | 2018 | 2017 | % Change | % Change
 | (in thousands, except percentages) |  |  |  | 
General and administrative | $ 178,934 | $ 107,444 | $ 67,719 | 66.5 % | 58.7 %
Percentage of total revenues | 11.3 % | 10.0 % | 10.1 % |  | 


Question: What is the average general and administrative expenses for 2017 and 2018?
Answer: 87581.5
Calculation: (107,444+67,719)/2
We use a wide variety of raw materials in the manufacture of our products. Cost of sales and gross margin are subject to variability in raw material prices which continue to fluctuate for many of the raw materials we use, including copper, gold, and silver. In fiscal 2019, we purchased approximately 172 million pounds of copper, 122,000 troy ounces of gold, and 2.6 million troy ounces of silver. The following table presents the average prices incurred related to copper, gold, and silver:
In fiscal 2020, we expect to purchase approximately 170 million pounds of copper, 120,000 troy ounces of gold, and 2.4 million troy ounces of silver.
Table:
 |  |  | Fiscal
 | Measure | 2019 | 2018
Copper | Lb. | $ 2.93 | $  2.86
Gold | Troy oz. | 1,309 | 1,281
Silver | Troy oz. | 16.42 | 17.15


Question: What are the raw materials used in the manufacturing of products?
Answer: Copper, Gold, Silver
The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands):
Franchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019.
Table:
 | 2019 | 2018
Franchise rental revenues | $272,815 | $259,047
Royalties | 163,047 | 155,939
Franchise fees and other | 6,764 | 6,646
Franchise royalties and other | 169,811 | 162,585
Franchise contributions for advertising and other services | 170,674 | —
Total franchise revenues | $613,300 | $421,632
 |  | 
Franchise occupancy expenses (excluding depreciation and amortization) | $166,584 | $158,319
Franchise support and other costs | 12,110 | 11,593
Franchise advertising and other services expenses | 178,093 | —
Total franchise costs | $356,787 | $169,912
Franchise costs as a % of total franchise revenues | 58.2% | 40.3%
 |  | 
Average number of franchise restaurants | 2,081 | 2,028
% increase | 2.6% | 
Franchised restaurant sales | $3,167,920 | $3,018,067
Franchise restaurant AUV | $1,523 | $1,488
Increase in franchise-operated same-store sales | 1.3% | 0.1%
Royalties as a percentage of total franchise restaurant sales | 5.1% | 5.2%


Question: What is the average in total franchise costs for 2018 and 2019?
Answer: 263349.5
Calculation: ($356,787 + $169,912)/2
NOTE 24. EARNINGS PER SHARE
Basic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect.
The calculation of basic and diluted net income per share attributable to common shareholders is based on the following data:
Table:
 | December 31, | 
 | 2018 | 2019
Net earnings used for purposes of calculating net income per common share |  | 
Net earnings from operations | 157,133 | 329,013
Basic weighted average number of shares outstanding during the year (thousands) | 52,432 | 49,418
Effect of dilutive potential common shares from stock options and restricted shares | 678 | 580
Dilutive weighted average number of shares outstanding | 53,110 | 49,999
Basic net earnings per share: from operations | 3.00 | 6.66
Diluted net earnings per share: | 2.96 | 6.58


Question: Which year had the lowest percentage difference in basic and diluted net earnings per share?
Answer: 2019
Calculation: 2018:((3.00-2.96)/2.96=1.35%) 2019:((6.66-6.58)/6.58=1.22%)
Expenditure on R&D
TCS Innovation Labs are located in India and other parts of the world. These R&D centers, as certified by Department of Scientific & Industrial Research (DSIR) function from Pune, Chennai, Bengaluru, Delhi- NCR, Hyderabad, Kolkata and Mumbai.
Expenditure incurred in the R&D centers and innovation centers during FY 2019 and FY 2018 are given below:
Table:
Expenditure on R&D and innovation | Unconsolidated |  | Consolidated | 
 | FY 2019 | FY 2018 | FY 2019 | FY 2018
a. Capital | 2 | - | 2 | -
b. Recurring | 303 | 295 | 306 | 298
c. Total R&D expenditure (a+b) | 305 | 295 | 308 | 298
d. Innovation center expenditure | 1,285 | 1,079 | 1,352 | 1,202
e. Total R&D and innovation expenditure (c+d) | 1,590 | 1,374 | 1,660 | 1,500
f. R&D and innovation expenditure as a percentage of total turnover | 1.3% | 1.4% | 1.1% | 1.2%


Question: What is the change in consolidated total R&D expenditure from FY 2018 to FY 2019?
Answer: 10
Calculation: 308 - 298
Significant components of Teradyne’s deferred tax assets (liabilities) as of December 31, 2019 and 2018 were as follows:
As of December 31, 2019 and 2018, Teradyne evaluated the likelihood that it would realize deferred income taxes to offset future taxable income and concluded that it is more likely than not that a substantial majority of its deferred tax assets will be realized through consideration of both the positive and negative evidence. At December 31, 2019 and 2018, Teradyne maintained a valuation allowance for certain deferred tax assets of $77.2 million and $69.9 million, respectively, primarily related to state net operating losses and state tax credit carryforwards, due to the uncertainty regarding their realization. Adjustments could be required in the future if Teradyne estimates that the amount of deferred tax assets to be realized is more or less than the net amount recorded.
Table:
 | 2019 | 2018
 | (in thousands) | 
Deferred tax assets |  | 
Tax credits | $79,480 | $69,091
Accruals | 25,424 | 23,449
Pension liabilities | 24,459 | 20,826
Inventory valuations | 18,572 | 18,514
Deferred revenue | 7,622 | 9,130
Equity compensation | 7,042 | 7,190
Vacation accrual | 4,768 | 4,772
Investment impairment | 3,292 | —
Net operating loss carryforwards | 2,705 | 3,658
Marketable securities | — | 962
Other | 1,472 | 685
Gross deferred tax assets | 174,836 | 158,277
Less: valuation allowance | (77,177) | (69,852)
Total deferred tax assets | $97,659 | $88,425
Deferred tax liabilities: |  | 
Depreciation | $(18,238) | $(14,028)
Intangible assets | (16,705) | (24,211)
Marketable securities | (1,601) | —
Total deferred tax liabilities | $(36,544) | $(38,239)
Net deferred assets | $61,115 | $50,186


Question: What was the valuation allowance for certain deferred tax assets in 2019?
Answer: $77.2 million
The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands):
Franchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019.
Table:
 | 2019 | 2018
Franchise rental revenues | $272,815 | $259,047
Royalties | 163,047 | 155,939
Franchise fees and other | 6,764 | 6,646
Franchise royalties and other | 169,811 | 162,585
Franchise contributions for advertising and other services | 170,674 | —
Total franchise revenues | $613,300 | $421,632
 |  | 
Franchise occupancy expenses (excluding depreciation and amortization) | $166,584 | $158,319
Franchise support and other costs | 12,110 | 11,593
Franchise advertising and other services expenses | 178,093 | —
Total franchise costs | $356,787 | $169,912
Franchise costs as a % of total franchise revenues | 58.2% | 40.3%
 |  | 
Average number of franchise restaurants | 2,081 | 2,028
% increase | 2.6% | 
Franchised restaurant sales | $3,167,920 | $3,018,067
Franchise restaurant AUV | $1,523 | $1,488
Increase in franchise-operated same-store sales | 1.3% | 0.1%
Royalties as a percentage of total franchise restaurant sales | 5.1% | 5.2%


Question: What is the percentage constitution of franchise rental revenues among the total franchise revenues in 2019?
Answer: 44.48
Calculation: ($272,815/$613,300 ) * 100
The primary components of the deferred tax assets and liabilities are as follows, for the periods indicated below:
We believe that sufficient uncertainty exists regarding the realization of certain deferred tax assets that a valuation allowance is required. We continue to evaluate our taxable position quarterly and consider factors by taxing jurisdiction, including but not limited to factors such as estimated taxable income, any historical experience of losses for tax purposes and the future growth of OpenText.
Table:
 | June 30, | 
 | 2019 | 2018
Deferred tax assets |  | 
Non-capital loss carryforwards | $161,119 | $129,436
Capital loss carryforwards | 155 | 417
Undeducted scientific research and development expenses | 137,253 | 123,114
Depreciation and amortization | 683,777 | 829,369
Restructuring costs and other reserves | 17,845 | 17,202
Deferred revenue | 53,254 | 62,726
Other | 59,584 | 57,461
Total deferred tax asset | $1,112,987 | $1,219,725
Valuation Allowance | $(77,328) | $(80,924)
Deferred tax liabilities |  | 
Scientific research and development tax credits | $(14,482) | $(13,342)
Other | (72,599) | (82,668)
Deferred tax liabilities | $(87,081) | $(96,010)
Net deferred tax asset | $948,578 | $1,042,791
Comprised of: |  | 
Long-term assets | 1,004,450 | 1,122,729
Long-term liabilities | (55,872) | (79,938)
 | $948,578 | $1,042,791


Question: What is the percentage change of total assets from fiscal year 2018 to 2019?
Answer: -9.03
Calculation: ((948,578-1,042,791)/1,042,791) * 100