hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
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 $0.1 million of EBITDA in June, which we do not see as representative of the business going forward. Excluding Sigma, the underlying EBITDA margin was 24.6%. This reduced margin was the direct result of the lower non-recurring revenue, as we were able to maintain operating expenses at the same level as FY18, even after the investment in the Vietnam Development Centre.
Table:
A$ Million | FY19 | FY18 | Variance %
Operating revenue | 231.3 | 230.8 | 0.2%
Underlying EBITDA 1, 3 | 55.8 | 60.0 | (7.0%)
Underlying NPAT 3 | 24.0 | 29.5 | (18.7%)
Underlying NPATA 2, 3 | 33.7 | 38.7 | (12.9%)
Basic EPS based on underlying NPATA (cents) 2 | 17.1 | 19.8 | (13.6%)


Question: Why did the operating revenue increase?
Answer: 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.
The following changes occurred in the amount of unrecognized tax benefits (in thousands):
For the year ended December 31, 2019, 2018 and 2017, the Company has recorded income tax expense of $128,000, $143,000 and $76,000, respectively, related to uncertain tax positions. The Company’s policy is to recognize potential interest and penalties related to unrecognized tax benefits associated with uncertain tax positions, if any, in the income tax provision. At December 31, 2019, 2018 and 2017, the Company had accrued $22,000, $15,000 and $11,000 in interest and penalties related to uncertain tax positions.
The Company is subject to taxation in the United States and various states along with other foreign countries. The Company has not been notified that it is under audit by the IRS or any state or foreign taxing authorities, however, due to the presence of NOL carryforwards, all of the income tax years remain open for examination in each of these jurisdictions. The Company does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease in the next 12 months.
Deferred income taxes have not been provided for undistributed earnings of the Company’s consolidated foreign subsidiaries because of the Company’s intent to reinvest such earnings indefinitely in active foreign operations. At December 31, 2019, the Company had $0.6 million in unremitted earnings that were permanently reinvested related to its consolidated foreign subsidiaries.
Table:
 |  | Year Ended December 31 | 
 | 2019 | 2018 | 2017
Beginning balance of unrecognized tax benefits | $469 | $326 | $250
Additions for current year tax positions | 106 | 142 | 65
Reductions for prior year tax positions | — | (14) | —
Ending balance (excluding interest and penalties) | 575 | 454 | 315
Interest and penalties | 22 | 15 | 11
Total | $597 | $469 | $326


Question: In which year was Interest and penalties less than 20 thousand?
Answer: 2018, 2017
Calculation: locate and analyze Interest and Penalties in row 8
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.
Table:
(in millions) |  |  | Payment Due by Period |  | 
 | Total | Less than 1 year | 1-3 years | 3-5 years | More 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, net | 711.5 | 88.7 | 158.0 | 126.9 | 337.9
Purchase obligations | 2,036.5 | 545.0 | 935.8 | 555.7 | —
Total | $7,121.3 | $3,860.7 | $1,158.8 | $747.6 | $1,354.2


Question: What portion of term loan and notes, including interest have payment due more than 5 years?
Answer: 23.24
Calculation: 1,016.3/4,373.3
NOTE 10 – FREIGHT RECEIVABLES
As of 31 December 2019, freight receivables included receivables at a value of USD 0.0m (2018: USD 0.0m 2017: USD 0.0m) that are individually determined to be impaired to a value of USD 0.0m (2018: USD 0.0m, 2017: USD 0.0m).
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%.
Table:
USDm | 2019 | 2018 | 2017
Analysis as of 31 December of freight receivables: |  |  | 
Gross freight receivables: |  |  | 
Not yet due | 39.8 | 44.0 | 25.5
Due < 30 days | 22.5 | 18.8 | 26.0
Due between 30 and 180 days | 25.3 | 20.5 | 18.4
Due > 180 days | 6.0 | 4.4 | 2.7
Total gross | 93.6 | 87.7 | 72.6
Allowance for expected credit loss | 3.7 | 1.7 | 1.3
Total net | 89.9 | 86.0 | 71.3


Question: For which years were the gross freight receivables recorded in?
Answer: 2019, 2018, 2017
Income Taxes
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For fiscal 2018, the effective tax rate was different than the statutory rate due primarily to the impact of the Tax Act reform. The Company recorded a benefit of approximately $3.3 million resulting from the effect of a reduction in the deferred rate and the ability to offset indefinite lived deferred tax liabilities with certain deferred tax assets, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, certain foreign and state tax effects including a benefit of $0.4 million related to a settlement with the California Franchise Tax Board and other U.S. permanent book to tax differences. At March 31, 2018, we had $198.7 million of a federal net operating loss carryforward that expires, if unused, in fiscal years 2031 to 2038.
For fiscal 2017, the effective tax rate was different than the statutory rate due primarily to the recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, state taxes and other U.S. permanent book to tax differences.
Although the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months a reduction in unrecognized tax benefits may occur in the range of zero to $0.1 million of tax and zero to $0.2 million of interest based on the outcome of tax examinations and as a result of the expiration of various statutes of limitations. We are routinely audited; due to the ongoing nature of current examinations in multiple jurisdictions, other changes could occur in the amount of gross unrecognized tax benefits during the next 12 months which cannot be estimated at this time.
Because of our losses in prior periods, we have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets generated prior to Tax Act reform depends on the generation of future taxable income during the periods in which those temporary differences are deductible. Because of our losses in prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences.
Table:
 | Year ended March 31, |  | (Unfavorable) favorable | 
(Dollars in thousands) | 2018 | 2017 | $ | %
Income tax (benefit) expense | $ (3,251) | $ 236 | $ 3,487 | nm
Effective tax rate | (28.0)% | (2.1)% |  | 


Question: What was the average income tax (benefit) expense for 2017 and 2018?
Answer: -1507.5
Calculation: (-3,251 + 236) / 2
Share-Based Payment Expense
The expense recognised for employee services received during the year is as follows:
The cash-settled expense comprises cash-based awards together with certain social security taxes. The carrying value of the liability as at 31 March 2019 was $1.6M (2018: $3.1M).
Table:
 | Year-ended 31 March 2019 | Year-ended 31 March 2018
 | $M | $M
Cash-settled transactions | 1.9 | 2.7
Equity-settled transactions | 35.0 | 39.6
Total share-based payment expense | 36.9 | 42.3


Question: What was the change in Cash-settled transactions in 2019 from 2018?
Answer: -0.8
Calculation: 1.9-2.7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)
We expect to make $493 of contributions to the U.S. plans and $261 of contributions to the non-U.S. plans during 2020.
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Table:
 | U.S. Pension Plans | Non-U.S. Pension Plans | Post-Retirement Life Insurance Plan
2020 | $15,514 | $46 | $393
2021 | 15,399 | 54 | 377
2022 | 15,218 | 82 | 362
2023 | 14,983 | 69 | 347
2024 | 14,706 | 84 | 332
2025-2029 | 68,594 | 715 | 1,468
Total | $144,414 | $1,050 | $3,279


Question: How much does the company expect to pay for U.S. Pension Plans in 2021?
Answer: 15,399
The fair value of the Company’s service-based RSUs was calculated based on fair market value of the Company’s stock at the date of grant, discounted for dividends.
The fair value of the Company’s market-based PRSUs granted during fiscal years 2019, 2018, and 2017 was calculated using a Monte Carlo simulation model at the date of the grant. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award:
As of June 30, 2019, the Company had $271.9 million of total unrecognized compensation expense related to all unvested RSUs granted which is expected to be recognized over a weighted-average remaining period of 2.2 years.
Table:
 |  | YearEnded | 
 | June 30, 2019 | June 24, 2018 | June 25, 2017
Expected volatility | 32.65% | 34.07% | 27.48%
Risk-free interest rate | 2.52% | 2.35% | 1.55%
Expected term (years) | 2.92 | 2.92 | 2.92
Dividend yield | 2.49% | 1.05% | 1.50%


Question: How was the fair value of the Company’s service-based RSUs calculated?
Answer: based on fair market value of the Company’s stock at the date of grant, discounted for dividends
Deferred income taxes reflect the net tax effects of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes as well as carryforwards. Deferred tax assets and liabilities consist of the following:
We assess positive and negative evidence for each jurisdiction to determine whether it is more likely than not that existing deferred tax assets will be realized. As of August 29, 2019, and August 30, 2018, we had a valuation allowance of $277 million and $228 million, respectively, against our net deferred tax assets, primarily related to net operating loss carryforwards in Japan. Changes in 2019 in the valuation allowance were due to adjustments based on management's assessment of tax credits and net operating losses that are more likely than not to be realized.
Table:
As of | 2019 | 2018
Deferred tax assets |  | 
Net operating loss and tax credit carryforwards | $1,045 | $1,417
Accrued salaries, wages, and benefits | 122 | 163
Property, plant, and equipment | 80 | —
Other | 110 | 115
Gross deferred tax assets | 1,357 | 1,695
Less valuation allowance | (277) | (228)
Deferred tax assets, net of valuation allowance | 1,080 | 1,467
Deferred tax liabilities |  | 
Product and process technology | (138) | (62)
Property, plant, and equipment | — | (173)
Other | (109) | (213)
Deferred tax liabilities | (247) | (448)
Net deferred tax assets | $833 | $1,019
Reported as |  | 
Deferred tax assets | $837 | $1,022
Deferred tax liabilities (included in other noncurrent liabilities) | (4) | (3)
Net deferred tax assets | $833 | $1,019


Question: What is the ratio of the amount of net deferred tax liabilities in 2018 over 2019?
Answer: 1.81
Calculation: -448/-247
Contractual Obligations
Presented below is information about our material contractual obligations and the periods in which those future payments are due as of December 31, 2019. Future events could cause actual payments to differ from these estimates. As of December 31, 2019, the following table summarizes our contractual obligations and the effect such obligations are expected to have on our liquidity and cash flow in future periods (in thousands):
(1) The 2017 Facility incurs interest at a variable rate. The projected variable interest payments assume no change in the Eurodollar Base Rate, or LIBOR, from December 31, 2019.
(2) Represents the current portion of our expected cash payments for our liability to repurchase subsidiary unit awards for our professional residential property management and vacation rental management subsidiary.
(3) Represents amounts due under multi-year, non-cancelable contracts with third-party vendors, as well as other commitments.
The commitment amounts in the table above are associated with contracts that are enforceable and legally binding and that specify all significant terms, including fixed or minimum services to be used, fixed, minimum or variable price provisions, and the approximate timing of the actions under the contracts. The table does not include obligations under agreements that we can cancel without a significant penalty.
As of December 31, 2019, we had no outstanding letters of credit under our 2017 Facility.
Table:
Contractual Obligations | 1 Year | 2 to 3 Years | 4 to 5 Years | More Than 5 Years | Total
Debt: |  |  |  |  | 
Principal payments | $— | $63,000 | $— | $— | $63,000
Interest payments1 | 2,206 | 3,876 | — | — | 6,082
Unused line fee payments | 126 | 222 | — | — | 348
Operating lease commitments | 9,818 | 18,823 | 15,840 | 10,893 | 55,374
Subsidiary unit award liabilities2 | 141 | — | — | — | 141
Other long-term liabilities | — | 4,375 | 2,513 | 601 | 7,489
Other commitments 3 | 624 | 290 | — | — | 914
Total contractual obligations | $12,915 | $90,586 | $18,353 | $11,494 | $133,348


Question: What was the Total contractual obligations across all periods?
Answer: $133,348
Backlog
At December 31, 2019 and 2018, our backlog of unfilled orders in our four reportable segments was as follows:
Customers may delay delivery of products or cancel orders suddenly and without advanced notice, subject to possible cancellation penalties. Due to possible customer changes in delivery schedules and cancellation of orders, our backlog at any particular date is not necessarily indicative of the actual sales for any succeeding period. Delays in delivery schedules or cancellations of backlog during any particular period could have a material adverse effect on our business, financial condition or results of operations.
Table:
 | 2019 | 2018
 | (in millions) | 
Semiconductor Test | $543.2 | $367.5
System Test | 206.0 | 149.5
Wireless Test | 42.9 | 32.0
Industrial Automation | 17.9 | 19.7
 | $810.0 | $568.7


Question: In which years was the backlog of unfilled orders provided?
Answer: 2019, 2018
ITEM 6. SELECTED FINANCIAL DATA.
The following selected financial data has been derived from our audited 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 our financial statements and related notes thereto included elsewhere in this Form 10-K. Our historical results are not necessarily indicative of operating results to be expected in the future.
Table:
Selected Financial Data (in thousands, except per share data) |  |  |  |  | 
 |  |  | Year Ended September 30, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
Income Statement Data |  |  |  |  | 
Revenue | $84,590 | $63,559 | $45,390 | $34,701 | $25,367
Operating income (loss) | $(4,590) | $(7,806) | $2,769 | $1,824 | $1,892
Net income (loss) | $(724) | $(11,807) | $14,092 | $1,959 | $2,526
Net income (loss) per share—basic | $(0.02) | $(0.33) | $0.43 | $0.06 | $0.08
Net income (loss) per share—diluted | $(0.02) | $(0.33) | $0.40 | $0.06 | $0.08
Balance Sheet Data |  |  |  |  | 
Working capital | $34,082 | $17,221 | $41,342 | $31,980 | $24,005
Total assets | $135,897 | $127,150 | $71,719 | $48,385 | $38,746
Other borrowings | $556 | $810 | $— | $— | $—
Stockholders’ equity | $107,333 | $95,394 | $61,408 | $39,485 | $30,433


Question: What does the table show us?
Answer: selected financial data has been derived from our audited financial statements
GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)
Details of the Company’s deferred tax assets and liabilities are as follows:
As of December 31, 2019, the Company had net operating loss carryforwards (“NOLs”) of $4.7 million, of which approximately $3.9 million have an indefinite life. NOLs of $0.8 million will begin to expire in 2030. As of December 31, 2019, the Company had federal and state tax credit carryforwards of $0.2 million and $0.5 million, respectively, which will begin to expire in 2028 and 2038. The Company believes as of December 31, 2019, it is more likely than not that the results of future operations will generate sufficient taxable income to realize the NOLs and tax credits and, as such, no valuation allowance was recorded.
Table:
 | Year Ended December 31, | 
 | 2019 | 2018
Deferred tax assets: |  | 
Investment in partnership | $358,024 | $299,466
Net operating loss carryforwards and tax credits | 5,160 | 5,634
Other | 1,657 | 1,879
Total | 364,841 | 306,979
Valuation allowance | — | —
Total deferred tax assets | 364,841 | 306,979
Total deferred tax liabilities | — | —
Deferred tax assets, net | $364,841 | $306,979


Question: What was the Company's net operating loss carryforwards as of December 31, 2019?
Answer: 4.7
Net Profit After Tax
Net profit after tax increased by 41.1% to US$52.9 million from US$37.5 million in the previous year.
The effective tax rate for the year was 8% (2018: 6%). This reflects the tax utilisation of the deferred tax asset recognised as a result of both temporary differences arising on relocation of Altium’s core business assets to the USA. Altium will continue to utilize the tax benefits and re-evaluate the valuation of the deferred tax asset on an annual basis.
For more details on revenue, refer to Note 3 of the annual report.
Table:
 |  | Consolidated | 
 | 2019 | 2018 | Change
Product Revenue | US$’000 | US$’000 | %
Altium Designer software licenses | 62,377 | 51,309 | 22%
Altium Designer subscriptions | 58,468 | 51,522 | 13%
Octopart search advertising | 17,940 | 11,968 | 50%
TASKING software licenses | 12,293 | 8,526 | 44%
TASKING maintenance | 5,741 | 4,709 | 22%
Altium Nexus | 6,635 | 4,848 | 37%
Service revenue | 3,655 | 4,833 | (25%)
Other | 4,710 | 2,461 | 91%
Total Product Revenue | 171,819 | 140,176 | 23%


Question: Which year had a higher Total Product Revenue? 
Answer: 2019
Calculation:  171,819 > 140,176