hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Adjusted EBITDA. Adjusted EBITDA represents our net loss before interest and investment income, net and interest expense, provision for income taxes, depreciation and amortization expense, loss on extinguishment of convertible notes and stock-based compensation expense. We do not consider these items to be indicative of our core operating performance. The items that are non-cash include depreciation and amortization expense and stock-based compensation expense.
Adjusted EBITDA is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans, make strategic decisions regarding the allocation of capital and invest in initiatives that are focused on cultivating new markets for our solutions. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis.
Adjusted EBITDA is not a measure calculated in accordance with GAAP. We believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Nevertheless, use of adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP.
Some of these limitations are: (1) although depreciation and amortization are non-cash charges, the capitalized software that is amortized will need to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (2) adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
(3) adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (4) adjusted EBITDA does not reflect tax payments or receipts that may represent a reduction or increase in cash
available to us; and (5) other companies, including companies in our industry, may calculate adjusted EBITDA or similarly titled measures
differently, which reduces the usefulness of the metric as a comparative measure.
Because of these and other limitations, you should consider adjusted EBITDA alongside our other GAAP-based financial performance measures, net loss and our other GAAP financial results. The following table presents a reconciliation of adjusted EBITDA to net loss, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Net loss | $(52,250) | $(47,515) | $(19,634)
Interest and investment (income) expense, net | 2,979 | 4,504 | 216
Provision for income taxes | 425 | 796 | 47
Depreciation and amortization | 19,671 | 13,693 | 10,207
Loss on extinguishment of convertible notes | 1,406 | — | —
Stock-based compensation | 33,489 | 25,825 | 9,299
Adjusted EBITDA | $5,720 | $(2,697) | $135


Question: What was the Net Loss in 2019, 2018 and 2017 respectively?
Answer: (52,250), (47,515), (19,634)
Income (loss) before expense (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 is as follows:
Income (loss) before expense (benefit) for income taxes for international entities reflects income (loss) based on statutory transfer pricing agreements. This amount does not correlate to consolidated international revenue, many of which occur from our U.S. entity.
Table:
(In thousands) | 2019 | 2018 | 2017
U.S. entities | $(29,829) | $(74,131) | $26,552
International entities | 5,052 | 40,760 | 18,135
Total | $(24,777) | $(33,371) | $44,687


Question: What was the income for U.S. entities in 2019?
Answer: $(29,829)
1. Description of the business and summary of significant accounting policies: (Continued)
Shares of restricted stock are included in the computation of basic EPS as they vest and are included in diluted EPS, to the extent they are dilutive, determined using the treasury stock method.
The following details the determination of the diluted weighted average shares:
Table:
 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017
Weighted average common shares—basic | 45,542,315 | 45,280,161 | 44,855,263
Dilutive effect of stock options | 32,222 | 33,134 | 31,534
Dilutive effect of restricted stock | 505,858 | 467,659 | 297,406
 | 46,080,395 | 45,780,954 | 45,184,203


Question: What is the average number of basic weighted average common shares in 2018 and 2019?
Answer: 45411238
Calculation: (45,542,315 + 45,280,161)/2
Class A
As of December 31, 2019 and 2018, there were no weighted average shares of unvested Class A restricted common stock shares considered to be participating securities.
The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities.
As of December 31, 2019, there were 1,718,865 shares of Class A restricted stock units and 1,478,756 Class A stock options outstanding and considered to be potentially dilutive securities. As of December 31, 2018, there were 912,315 shares of Class A restricted stock units and 866,011 Class A stock options outstanding and considered to be potentially dilutive securities.
The components of the calculation of basic earnings per share and diluted earnings per share are as follows:
For annual earnings per share calculations, there were 407,120 and 651,154 dilutive equity awards outstanding for the years ended December 31, 2019 and 2018. Awards of 920,845 and 469,112 shares of common stock for 2019 and 2018, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.
Table:
 | Years Ended December 31, | 
 | 2019 | 2018
Net income | $8,675 | $13,489
Weighted average common shares outstanding: |  | 
Class A common stock - basic | 89,251,818 | 88,394,580
Class A common stock - diluted | 89,658,938 | 89,045,734


Question: Was there weighted average shares of unvested Class A restricted common stock shares considered to be participating securities as of December 31, 2019 and 2018?
Answer: As of December 31, 2019 and 2018, there were no weighted average shares of unvested Class A restricted common stock shares considered to be participating securities.
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)
8. Cash and Cash Equivalents
Cash and cash equivalents consist of the following:
Ship management client accounts represent amounts provided by the clients of GasLog LNG Services Ltd. in order to enable the Group to cover obligations of vessels under management. A compensating balance is held as a current liability.
Table:
 | As of December 31, | 
 | 2018 | 2019
Current accounts | 220,089 | 113,655
Time deposits (with original maturities of three months or less). | 121,925 | 149,491
Ship management client accounts | 580 | 601
Total | 342,594 | 263,747


Question: What does ship management client accounts represent?
Answer: Ship management client accounts represent amounts provided by the clients of GasLog LNG Services Ltd. in order to enable the Group to cover obligations of vessels under management.
Reconciliation of Bookings
The following table reconciles total bookings to total revenue, its most directly comparable GAAP financial measure:
(1) Change in deferred revenue also includes the impact of realized gains or losses from the hedging of bookings in foreign currencies.
Table:
 | Year Ended December 31, |  |  |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
Total Bookings: | (unaudited; in millions) |  |  |  | 
Total revenue | $2,988.1 | $2,660.1 | $2,231.9 | $1,847.9 | $1,607.3
Change in deferred revenue(1) | 180.5 | 163.2 | 214.4 | 163.5 | 165.9
Net refunds | 233.4 | 192.6 | 170.0 | 141.9 | 137.8
Other | (0.8) | (4.4) | 1.9 | 2.2 | 3.2
Total bookings | $3,401.2 | $3,011.5 | $2,618.2 | $2,155.5 | $1,914.2


Question: What is the average total revenue for 2018 and 2019?
Answer: 2824.1
Calculation: (2,988.1+2,660.1)/2
Cubic Global Defense
Sales: CGD sales decreased 2% to $317.9 million in 2019 compared to $325.2 million in 2018. The timing of sales recognition was impacted by the adoption of ASC 606. Under ASC 606, a number of our CGD contracts, most significantly in air combat training and ground live training, for which revenue was historically recorded upon delivery of products to the customer, are now accounted for on the percentage-of-completion cost-to-cost method of revenue recognition. For fiscal 2019, sales were lower from air combat training systems, simulation product development contracts, and international services contracts, partially offset by higher sales from ground combat training systems. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in a decrease in CGD sales of $3.2 million for 2019 compared to 2018.
Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CGD results amounted to $0.6 million in 2019 and $1.1 million in 2018.
Operating Income: CGD operating income increased by 39% to $23.0 million in 2019 compared to $16.6 million in 2018. For fiscal 2019, operating profits improved primarily due to the results of cost reduction efforts, including headcount reductions designed to optimize our cost position, and reduced R&D expenditures. Operating profits were higher from increased sales of ground combat training system sales but were lower on decreased sales from air combat training systems, simulation product development contracts, and international services contracts. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar had no significant impact on CGD operating income between 2018 and 2019.
Adjusted EBITDA: CGD Adjusted EBITDA was $32.8 million in 2019 compared to $26.3 million in 2018. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above. Adjusted EBITDA for CGD increased by $3.1 million in 2019 as a result of the adoption of the new revenue recognition standard.
Table:
 | Fiscal 2019 | Fiscal 2018 | % Change
 |  | (in millions) | 
Sales | $  317.9 | $  325.2 | (2)%
Operating income | 23.0 | 16.6 | 39
Adjusted EBITDA | 32.8 | 26.3 | 25


Question: In which year was the amount of amortization of purchased intangibles included in the CGD results larger?
Answer: 2018
Calculation: 0.6<1.1
Note 24 Post-employment benefit plans
POST-EMPLOYMENT BENEFIT PLANS COST
We provide pension and other benefits for most of our employees. These include DB pension plans, DC pension plans and OPEBs.
We operate our DB and DC pension plans under applicable Canadian and provincial pension legislation, which prescribes minimum and maximum DB funding requirements. Plan assets are held in trust, and the oversight of governance of the plans, including investment decisions, contributions to DB plans and the selection of the DC plans investment options offered to plan participants, lies with the Pension Fund Committee, a committee of our board of directors.
The interest rate risk is managed using a liability matching approach, which reduces the exposure of the DB plans to a mismatch between investment growth and obligation growth.
The longevity risk is managed using a longevity swap, which reduces the exposure of the DB plans to an increase in life expectancy.
COMPONENTS OF POST-EMPLOYMENT BENEFIT PLANS SERVICE COST
Table:
FOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018
DB pension | (193) | (213)
DC pension | (110) | (106)
OPEBs | (3) | (3)
Less: |  | 
Capitalized benefit plans cost | 59 | 56
Total post-employment benefit plans service cost included in operating costs | (247) | (266)
Other costs recognized in severance, acquisition and other costs | – | (4)
Total post-employment benefit plans service cost | (247) | (270)


Question: How is longevity risk managed?
Answer: using a longevity swap, which reduces the exposure of the DB plans to an increase in life expectancy.
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.
Table:
 | Balance at | ASC 606 | Balance at
 | February 28, 2018 | Adjustments | March 1, 2018
 | Assets |  | 
Prepaid expenses and other current assets (1) | $12,000 | 1,891 | $13,891
Deferred income tax assets | 31,581 | 532 | 32,113
Other assets (1) | 18,829 | 3,145 | 21,974
 |  |  | 
 | Liabilities and Stockholders' Equity |  | 
Deferred revenue | $17,757 | 2,156 | 19,913
Other non-current liabilities | 24,249 | 5,007 | 29,256
 |  |  | 
 | Stockholders' equity |  | 


Question: What was the balance of deferred income tax assets at February 28, 2018?
Answer: 31,581
FINANCIAL EXPENSE
(1) Fiscal 2018 was restated to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the "Discontinued operations" section.
Fiscal 2019 fourth-quarter financial expense decreased by 15.2% mainly due to: • the reimbursements of $65 million and US$35 million under the Canadian Revolving Facility during the second quarter of fiscal 2019 and of US$328 million during the third quarter of fiscal 2019 following the sale of Cogeco Peer 1; and • lower debt outstanding and interest rates on the First Lien Credit Facilities; party offset by • the appreciation of the US dollar against the Canadian dollar compared to same period of the prior year.
Table:
Three months ended August 31, | 2019 | 2018 (1) | Change
(in thousands of dollars, except percentages) | $ | $ | %
Interest on long-term debt | 41,307 | 46,127 | (10.4)
Net foreign exchange losses (gains) | (403) | 482 | —
Amortization of deferred transaction costs | 464 | 441 | 5.2
Capitalized borrowing costs | (168) | (162) | 3.7
Other | (763) | 821 | —
 | 40,437 | 47,709 | (15.2)


Question: What was the financial expense decrease in fourth-quarter 2019?
Answer: 15.2%
10. Income Taxes:
For financial reporting purposes, income before income taxes included the following components:
Table:
 |  | Fiscal Year Ended March 31 | 
 | 2017 | 2018 | 2019
Domestic | $75,659 | $85,263 | $215,573
Foreign | 99,290 | 107,050 | 117,670
Total | $174,949 | $192,313 | $333,243


Question: What is the change in total income before income taxes between 2017 and 2018?
Answer: 17364
Calculation: 192,313 - 174,949
26 Operating leases
The Group earns rental income by leasing its investment properties to tenants under operating leases.
In the UK the standard shopping centre lease is for a term of 10 to 15 years. Standard lease provisions include service charge payments, recovery of other direct costs and review every five years to market rent. Standard turnover-based leases have a turnover percentage agreed with each lessee which is applied to a retail unit’s annual sales and any excess between the resulting turnover rent and the minimum rent is receivable by the Group and recognised as income in the period in which it arises.
The Group’s secure rental income profile is underpinned by long lease lengths (as mentioned above), high occupancy and upward only rent reviews.
The future minimum lease amounts receivable by the Group under non-cancellable operating leases for continuing operations are as follows:
The income statement includes £12.7 million (2018: £14.4 million) recognised in respect of contingent rents calculated by reference to tenants’ turnover.
Table:
£m | 2019 | 2018
Not later than one year | 322.6 | 374.6
Later than one year and not later than five years | 788.3 | 987.2
Later than five years | 657.3 | 973.5
 | 1,768.2 | 2,335.3


Question: What is the amount of contingent rents calculated by reference to tenants' turnover in 2018?
Answer: £14.4 million
Cubic Global Defense
Sales: CGD sales decreased 2% to $317.9 million in 2019 compared to $325.2 million in 2018. The timing of sales recognition was impacted by the adoption of ASC 606. Under ASC 606, a number of our CGD contracts, most significantly in air combat training and ground live training, for which revenue was historically recorded upon delivery of products to the customer, are now accounted for on the percentage-of-completion cost-to-cost method of revenue recognition. For fiscal 2019, sales were lower from air combat training systems, simulation product development contracts, and international services contracts, partially offset by higher sales from ground combat training systems. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in a decrease in CGD sales of $3.2 million for 2019 compared to 2018.
Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CGD results amounted to $0.6 million in 2019 and $1.1 million in 2018.
Operating Income: CGD operating income increased by 39% to $23.0 million in 2019 compared to $16.6 million in 2018. For fiscal 2019, operating profits improved primarily due to the results of cost reduction efforts, including headcount reductions designed to optimize our cost position, and reduced R&D expenditures. Operating profits were higher from increased sales of ground combat training system sales but were lower on decreased sales from air combat training systems, simulation product development contracts, and international services contracts. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar had no significant impact on CGD operating income between 2018 and 2019.
Adjusted EBITDA: CGD Adjusted EBITDA was $32.8 million in 2019 compared to $26.3 million in 2018. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above. Adjusted EBITDA for CGD increased by $3.1 million in 2019 as a result of the adoption of the new revenue recognition standard.
Table:
 | Fiscal 2019 | Fiscal 2018 | % Change
 |  | (in millions) | 
Sales | $  317.9 | $  325.2 | (2)%
Operating income | 23.0 | 16.6 | 39
Adjusted EBITDA | 32.8 | 26.3 | 25


Question: For which fiscal year(s) is the amount of amortization of purchased intangibles included in the CGD results recorded?
Answer: 2019, 2018
The ESPP provides for annual increases in the number of shares available for issuance under the ESPP on the first day of each fiscal year beginning in fiscal 2014, equal to the least of: (i) 1% of the outstanding shares of all classes of common stock on the last day of the immediately preceding year; (ii) 1,250,000 shares; or (iii) such other amount as may be determined by the board of directors. During the year ended December 31, 2019, a total of 810,459 shares of Class A common stock were added to the ESPP Plan in connection with the annual increase provision. At December 31, 2019, a total of 3,918,712 shares were available for issuance under the ESPP.
The weighted-average assumptions used to value ESPP rights under the Black-Scholes-Merton option-pricing model and the resulting offering grant date fair value of ESPP rights granted in the periods presented were as follows:
As of December 31, 2019 and 2018, there was approximately $2.3 million and $1.5 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to ESPP, which will be recognized on a straight-line basis over the remaining weighted-average vesting periods of approximately 0.4 years, respectively
Table:
 |  | Year ended December 31, | 
 | 2019 | 2018 | 2017
Expected term (in years) | 0.5 | 0.5 | 0.5
Expected volatility | 47% | 42% | 34%
Risk-free interest rate | 2.01% | 2.31% | 1.20%
Expected dividend yield | 0% | 0% | 0%
Offering grant date fair value of ESPP rights | $33.66 | $18.07 | $9.52


Question: What is the percentage change in the offering grant date fair value of ESPP rights between 2018 and 2019?
Answer: 86.28
Calculation: (33.66 - 18.07)/18.07
Cloud & Cognitive Software revenue increased in 2018 compared to the prior year with growth in all three lines of business, as reported and adjusted for currency. Within Cognitive Applications, the increase was driven by strong double-digit growth in security services, while growth in Cloud & Data Platforms was led by analytics platforms and integration offerings. Transaction Processing Platforms grew with improved revenue performance sequentially in the fourth-quarter 2018 versus the third-quarter 2018 reflecting clients’ commitment to the company’s platform for the long term and the value it provides in managing mission-critical workloads. Within Cloud & Cognitive Software, cloud revenue of $3.0 billion grew 10 percent as reported and adjusted for currency compared to the prior year.
* Recast to reflect segment changes.
Gross margin in Cloud & Cognitive Software was impacted by an increased mix toward SaaS, a mix toward security services and increased royalty costs associated with IP licensing agreements compared to the prior year. Pre-tax income improvement year to year was primarily driven by operational efficiencies and mix.
Table:
($ in millions) |  |  | 
For the year ended December 31: | 2018* | 2017* | Yr.-to-Yr. Percent/ Margin Change
Cloud & Cognitive Software |  |  | 
External gross profit | $17,224 | $16,986 | 1.4%
External gross profit margin | 77.6% | 78.1% | (0.5)pts.
Pre-tax income | $8,882 | $8,068 | 10.1%
Pre-tax margin | 35.0% | 32.4% | 2.6pts.


Question: What impacted the Gross margin in Cloud & Cognitive Software?
Answer: impacted by an increased mix toward SaaS, a mix toward security services and increased royalty costs associated with IP licensing agreements compared to the prior year
measurement point december 31 booking holdings nasdaq composite index s&p 500 rdg internet composite .

Table:
measurement pointdecember 31 | booking holdings inc . | nasdaqcomposite index | s&p 500index | rdg internetcomposite
2012 | 100.00 | 100.00 | 100.00 | 100.00
2013 | 187.37 | 141.63 | 132.39 | 163.02
2014 | 183.79 | 162.09 | 150.51 | 158.81
2015 | 205.51 | 173.33 | 152.59 | 224.05
2016 | 236.31 | 187.19 | 170.84 | 235.33
2017 | 280.10 | 242.29 | 208.14 | 338.52
sales of unregistered securities between october 1 , 2017 and december 31 , 2017 , we issued 103343 shares of our common stock in connection with the conversion of $ 196.1 million principal amount of our 1.0% ( 1.0 % ) convertible senior notes due 2018 .
the conversions were effected in accordance with the indenture , which provides that the principal amount of converted notes be paid in cash and the conversion premium be paid in cash and/or shares of common stock at our election .
in each case , we chose to pay the conversion premium in shares of common stock ( fractional shares are paid in cash ) .
the issuances of the shares were not registered under the securities act of 1933 , as amended ( the "act" ) pursuant to section 3 ( a ) ( 9 ) of the act. .

Question: at the measurement point december 312016 what was the ratio of the booking holdings inc . to the nasdaqcomposite index
Answer: 1.26
Calculation: divide(236.31, 187.19)