hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
ITEM 6. SELECTED FINANCIAL DATA
The selected financial data presented below has been derived from our audited consolidated financial statements. This data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data” of this Annual Report.
(1) We elected to early adopt Accounting Standards Update (“ASU”) 2016-09 “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) in 2016, which requires us, among other things, to prospectively record excess tax benefits as a reduction of the provision for income taxes in the consolidated statement of operations, whereas they were previously recognized in equity.
(2) We retrospectively adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” in 2018. As a result, we have adjusted balances for 2017 and 2016. We have not adjusted 2015 for ASU 2014-09.
Table:
(in thousands, except per share amounts) | 2019 | 2018 | 2017 | 2016 | 2015
Consolidated Statements of Operations Data (1) (2): |  |  |  |  | 
Revenue: |  |  |  |  | 
Perpetual license | $80,015 | 109,863 | 132,883 | 145,053 | 166,305
Term license | 199,433 | 178,256 | 206,411 | 152,231 | 109,283
Maintenance | 280,580 | 263,875 | 242,320 | 218,635 | 202,802
Cloud | 133,746 | 82,627 | 51,097 | 40,647 | 30,626
Consulting | 217,609 | 256,960 | 255,756 | 205,663 | 173,679
Total revenue | $911,383 | 891,581 | 888,467 | 762,229 | 682,695
(Loss) income from operations | $(134,878) | $(17,032) | $93,177 | $50,644 | $64,661
Net (loss) income | $(90,433) | $10,617 | $98,548 | $45,015 | $36,322
(Loss) earnings per share |  |  |  |  | 
Basic | $(1.14) | $0.14 | $1.27 | $0.59 | $0.47
Diluted | $(1.14) | $0.13 | $1.19 | $0.56 | $0.46
Cash dividends declared per common share | $0.12 | $0.12 | $0.12 | $0.12 | $0.12


Question: What is the percentage change in the revenue earned from term license between 2015 and 2016?
Answer: 39.3
Calculation: (152,231 - 109,283)/109,283
Investments
As of June 30, 2019, the Group’s investments consisted of the following:
As of June 30, 2019, the Group had $445.0 million of investments which were classified as short-term investments on the Group’s consolidated statements of financial position. Additionally, the Group had marketable equity securities totaling $58.9 million, non-marketable equity securities totaling $3.0 million, and certificates of deposit and time deposits totaling $3.7 million which were classified as long-term and were included in other non-current assets on the Group’s consolidated statements of financial position.
Table:
 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value
 |  | (U.S. $ in thousands) |  | 
Debt Investments |  |  |  | 
Marketable debt securities |  |  |  | 
U.S. treasury securities | $101,563 | $203 | $(7) | 101,759
Agency securities | 26,936 | 33 | (3) | 26,966
Certificates of deposit and time deposits | 24,126 | — | — | 24,126
Commercial paper | 94,035 | — | — | 94,035
Corporate debt securities | 201,552 | 292 | (24) | 201,820
Total debt investments | 448,212 | 528 | (34) | 448,706
Equity Investments |  |  |  | 
Marketable equity securities | 20,270 | 38,662 | — | 58,932
Non-marketable equity securities | 3,000 | — | — | 3,000
Total equity investments | 23,270 | 38,662 | — | 61,932
Total investments | $471,482 | $39,190 | $(34) | $510,638


Question: Based on fair value, what is the percentage constitution of U.S. treasury securities among the total debt investments?
Answer: 22.68
Calculation: 101,759/448,706
Quarterly Financial Data (Unaudited)
Quarterly sales and earnings results are normally influenced by seasonal factors. Historically, the first two fiscal quarters (three months ending September 30 and December 31) are typically the lowest principally because of annual plant vacation and maintenance shutdowns by the Company and by many of its customers. However, the timing of major changes in the general economy or the markets for certain products can alter this pattern.
During the quarter ended December 31, 2017, the Company recorded an income tax benefit. See Note 17, Income Taxes to Notes to Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data”.
Table:
($ in millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter
Results of Operations |  |  |  | 
Fiscal Year 2019 |  |  |  | 
Net sales | $572.4 | $556.5 | $609.9 | $641.4
Gross profit | $91.7 | $107.0 | $123.2 | $122.9
Operating income | $45.0 | $55.4 | $73.2 | $67.9
Net income | $31.5 | $35.5 | $51.1 | $48.9
Fiscal Year 2018 |  |  |  | 
Net sales | $479.8 | $487.8 | $572.2 | $618.0
Gross profit | $85.6 | $85.7 | $96.1 | $114.9
Operating income | $42.2 | $41.4 | $45.7 | $60.0
Net income | $23.4 | $92.1 | $30.2 | $42.8


Question: What are Quarterly sales and earnings results normally influenced by?
Answer: seasonal factors
COMMON SHARES AND CLASS B SHARES
BCE’s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares, all without par value. The common shares and the Class B shares rank equally in the payment of dividends and in the distribution of assets if BCE is liquidated, dissolved or wound up, after payments due to the holders of preferred shares. No Class B shares were outstanding at December 31, 2019 and 2018.
The following table provides details about the outstanding common shares of BCE.
In Q1 2018, BCE repurchased and canceled 3,085,697 common shares for a total cost of $175 million through a NCIB. Of the total cost, $69 million represents stated capital and $3 million represents the reduction of the contributed surplus attributable to these common shares. The remaining $103 million was charged to the deficit.
CONTRIBUTED SURPLUS
Contributed surplus in 2019 and 2018 includes premiums in excess of par value upon the issuance of BCE common shares and share-based compensation expense net of settlements.
Table:
 |  | 2019 |  | 2018 | 
 | NOTE | NUMBER OF SHARES | STATED CAPITAL | NUMBER OF SHARES | STATED CAPITAL
Outstanding, January 1 |  | 898,200,415 | 20,036 | 900,996,640 | 20,091
Shares issued for the acquisition of AlarmForce | 34 | – | – | 22,531 | 1
Shares issued under employee stock option plan | 28 | 4,459,559 | 251 | 266,941 | 13
Repurchase of common shares |  | – | – | (3,085,697) | (69)
Shares issued under ESP |  | 1,231,479 | 75 | – | –
Shares issued under DSP |  | 16,729 | 1 | – | –
Outstanding, December 31 |  | 903,908,182 | 20,363 | 898,200,415 | 20,036


Question: What is the percentage of the value charged to the deficit expressed as a percentage of total cost of common shares?
Answer: 58.86
Calculation: 103/175
2017 ESPP
In May 2017, we adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each 6 month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31, or the next business day if such date is not a business day. Shares are purchased on the last day of the purchase period.
The table below sets forth the weighted average assumptions used to measure the fair value of 2017 ESPP rights:
We recognize share-based compensation expense associated with the 2017 ESPP over the duration of the purchase period. We recognized$0.3 million, $0.3 million, and $0.1 million of share-based compensation expense associated with the 2017 ESPP during 2019, 2018, and 2017, respectively. At December 27, 2019, there was no unrecognized share-based compensation expense.
Table:
 | Year Ended |  | 
 | December 27, 2019 | December 28, 2018 | December 29, 2017
Weighted average expected term | 0.5 years | 0.5 years | 0.4 years
Risk-free interest rate | 2.3% | 1.9% | 1.1%
Dividend yield | 0.0% | 0.0% | 0.0%
Volatility | 56.0% | 52.7% | 47.8%


Question: When are shares purchased?
Answer: Shares are purchased on the last day of the purchase period.
The Company estimates the fair values of stock options using the Black-Scholes option-pricing model on the date of grant.For the years ended December 31, 2019 and 2018, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:
The risk-free interest rate is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. The volatility is a measure of the amount by which the Company’s share price has fluctuated or is expected to fluctuate; the Company used its common stock volatility along with the average of historic volatilities of comparative companies. The dividend yield is zero as the Company has not made any dividend payment and has no plans to pay dividends in the foreseeable future. The Company determines the expected term of its stock option awards by using the simplified method, which assumes each vesting tranche of the award has a term equal to average of the contractual term and the vesting period.
As of December 31, 2019, total compensation cost not yet recognized related to unvested stock options was approximately $0.8 million, which is expected to be recognized over a weighted-average period of 2.3 years.
Table:
 | 2019 | 2018
 | Employee Grants | Employee Grants
Weighted-average Black-Scholes option pricing model assumptions: |  | 
Volatility | 73.01% | 82.00%
Expected term (in years) | 6 | 6
Risk-free rate | 2.22% | 2.24%
Expected dividend yield | 0.0% | 0.0%
Weighted average grant date fair value per share | $2.10 | $2.22


Question: What are the respective expected terms of the 2018 and 2019 employee grants?
Answer: 6, 6
Seasonality
The Company’s sales, income and cash flow from operations vary between quarters, and are generally lowest in the first quarter of the from operations vary between quarters, and are generally lowest in the first quarter of the year and highest in the fourth quarter. This is mainly a result of the seasonal purchase patterns of network operators.
Table:
Most recent three-year average seasonality |  |  |  | 
 | First quarter | Second quarter | Third quarter | Fourth quarter
Sequential change, sales | -25% | 11% | 4% | 17%
Share of annual sales | 22% | 24% | 25% | 29%


Question: What is the change in sequential change of sales between second and third quarter?
Answer: 7
Calculation: 11-4
Cost of Revenues and Gross Margins
Cost of revenues consists primarily of manufacturing materials, payroll, shipping and handling costs, manufacturing-related overhead and amortization of certain intangible assets. Our manufacturing operations rely on a limited number of suppliers to provide key components and materials for our products, some of which are a sole source. We order materials and supplies based on backlog and forecasted customer orders.
Tooling and setup costs related to changing manufacturing lots at our suppliers are also included in the cost of revenues. We expense all warranty costs, inventory provisions and amortization of certain intangible assets as cost of revenues. Gross profit and gross margin by segment were as follows (dollars in thousands):
Probe Cards Gross profit in the Probe Cards segment increased in fiscal 2019 compared to fiscal 2018 primarily due to increased sales, offset by higher variable costs and by less favorable product mix.
Systems Gross profit and gross margin in the Systems segment increased in fiscal 2019 compared to fiscal 2018 due to increased sales.
Corporate and Other Corporate and Other includes unallocated expenses relating to amortization of intangible assets, share-based compensation, restructuring charges, net, and acquisition-related costs, including charges related to inventory stepped up to fair value and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments.
Overall Gross profit and gross margin fluctuate with revenue levels, product mix, selling prices, factory loading and material costs. For fiscal 2019 compared to fiscal 2018, gross profit increased due to increased sales while gross margins remained relatively consistent with fluctuations in product mix.
Stock-based compensation expense included in gross profit for fiscal 2019 and 2018 was $4.1 million and $3.5 million, respectively.
Table:
 |  | Fiscal 2019 |  | 
 | Probe Cards | Systems | Corporate and Other | Total
Gross profit | $211,382 | $50,927 | $(24,813) | $237,496
Gross margin | 43.0 % | 51.9 % | — % | 40.3 %
Fiscal 2018 |  |  |  | 
 | Probe Cards | Systems | Corporate and Other | Total
Gross profit | $187,320 | $47,074 | $(24,055) | $210,339
Gross margin | 43.1 % | 49.3 % | — % | 39.7 %
Fiscal 2017 |  |  |  | 
 | Probe Cards | Systems | Corporate and Other | Total
Gross profit | $195,903 | $46,647 | $(26,953) | $215,597
Gross margin | 43.1 % | 49.8 % | — % | 39.3 %


Question: What led to increase in Gross profit and gross margin in the Systems segment in fiscal 2019 compared to fiscal 2018?
Answer: Gross profit and gross margin in the Systems segment increased in fiscal 2019 compared to fiscal 2018 due to increased sales.
GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)
Note 18. Quarterly Consolidated Results of Operations Data (Unaudited)
The following table sets forth our quarterly consolidated results of operations data for each of the eight quarters in the period ended December 31, 2019. GS Holdings is our predecessor for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of GS Holdings and its subsidiaries. The amounts during the period from May 24, 2018 through December 31, 2018 represent those of consolidated GreenSky, Inc. and its subsidiaries. Basic and diluted earnings per share of Class A common stock is applicable only for the period from May 24, 2018 through December 31, 2018, which is the period following the Reorganization Transactions and IPO. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 for further information on our organization and see Note 2 for further information on our earnings per share.
(1) Year-to-date results may not agree to the sum of individual quarterly results due to rounding.
Table:
 |  |  | Year Ended December 31, 2019 |  | 
 | First
Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total
Total revenue | $103,700 | $138,695 | $153,415 | $133,836 | $529,646
Cost of revenue (exclusive of depreciation and
amortization) | 58,037 | 56,228 | 64,957 | 69,358 | 248,580
Total costs and expenses | 92,212 | 92,189 | 101,017 | 123,275 | 408,693
Operating profit | 11,488 | 46,506 | 52,398 | 10,561 | 120,953
Total other income (expense), net | (4,682) | (11,779) | (6,790) | (8,854) | (32,105)
Income before income tax expense (benefit) | 6,806 | 34,727 | 45,608 | 1,707 | 88,848
Net income | 7,401 | 39,193 | 44,075 | 5,304 | 95,973
Less: Net income attributable to noncontrolling
interests | 4,502 | 26,877 | 29,349 | 3,265 | 63,993
Net income attributable to GreenSky, Inc. | 2,899 | 12,316 | 14,726 | 2,039 | 31,980
Earnings per share of Class A common stock: |  |  |  |  | 
Basic | $0.05 | $0.20 | $0.24 | $0.03 | $0.52
Diluted(1) | $0.05 | $0.19 | $0.23 | $0.03 | $0.49


Question: What was the net income in the third quarter?
Answer: 44,075
Goodwill
The following table summarizes the changes in the carrying amount of goodwill during the periods presented (table in millions):
Table:
 | January 31, 2020 | February 1, 2019
Balance, beginning of the year | $7,418 | $6,660
Increase in goodwill related to business combinations | 1,911 | 784
Other adjustment | — | (26)
Balance, end of the year | $9,329 | $7,418


Question: What was the change in balance at the beginning of the year between 2019 and 2020?
Answer: 758
Calculation: 7,418-6,660
remitted to the u.s . due to foreign tax credits and exclusions that may become available at the time of remittance . at december 31 , 2010 , aon had domestic federal operating loss carryforwards of $ 56 million that will expire at various dates from 2011 to 2024 , state operating loss carryforwards of $ 610 million that will expire at various dates from 2011 to 2031 , and foreign operating and capital loss carryforwards of $ 720 million and $ 251 million , respectively , nearly all of which are subject to indefinite carryforward . unrecognized tax provisions the following is a reconciliation of the company 2019s beginning and ending amount of unrecognized tax benefits ( in millions ) : .

Table:
 | 2010 | 2009
balance at january 1 | $ 77 | $ 86
additions based on tax positions related to the current year | 7 | 2
additions for tax positions of prior years | 4 | 5
reductions for tax positions of prior years | -7 ( 7 ) | -11 ( 11 )
settlements | -1 ( 1 ) | -10 ( 10 )
lapse of statute of limitations | -5 ( 5 ) | -3 ( 3 )
acquisitions | 26 | 6
foreign currency translation | -1 ( 1 ) | 2
balance at december 31 | $ 100 | $ 77
as of december 31 , 2010 , $ 85 million of unrecognized tax benefits would impact the effective tax rate if recognized .
aon does not expect the unrecognized tax positions to change significantly over the next twelve months , except for a potential reduction of unrecognized tax benefits in the range of $ 10-$ 15 million relating to anticipated audit settlements .
the company recognizes penalties and interest related to unrecognized income tax benefits in its provision for income taxes .
aon accrued potential penalties of less than $ 1 million during each of 2010 , 2009 and 2008 .
aon accrued interest of less than $ 1 million in 2010 , $ 2 million during 2009 and less than $ 1 million in 2008 .
aon has recorded a liability for penalties of $ 5 million and for interest of $ 18 million for both december 31 , 2010 and 2009 .
aon and its subsidiaries file income tax returns in the u.s .
federal jurisdiction as well as various state and international jurisdictions .
aon has substantially concluded all u.s .
federal income tax matters for years through 2006 .
material u.s .
state and local income tax jurisdiction examinations have been concluded for years through 2002 .
aon has concluded income tax examinations in its primary international jurisdictions through 2004. .

Question: what is the net change in unrecognized tax in 2010?
Answer: 23
Calculation: subtract(100, 77)
The following table includes additional fair value information on financial assets and liabilities as at December 31, 2019 and 2018:
(1) Cash equivalents primarily correspond to deposits at call with banks.
(2) The carrying amount of the senior unsecured convertible bonds as reported above corresponds to the liability component only. For the convertible bonds issued on July 3, 2017 and outstanding as at December 31, 2017, the carrying amount of the senior unsecured convertible bonds corresponds to the liability component only, since, at initial recognition, an amount of $242 million was recorded directly in shareholders’ equity as the value of the equity instrument embedded in the convertible instrument.
Table:
 | 2019 | 2019 | 2019 | 2018 | 2018
 | Level | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value
Cash equivalents (1) | 1 | 1,691 | 1,691 | 2,138 | 2,138
Long-term debt |  |  |  |  | 
– Bank loans (including current portion) | 2 | 718 | 718 | 594 | 594
– Senior unsecured convertible bonds (2) | 1 | 1,354 | 2,103 | 1,316 | 1,501


Question: What is the correspond of Cash equivalents?
Answer: Cash equivalents primarily correspond to deposits at call with banks.
The operating expense line items in our income statement include the following share-based payment expenses:
Share-Based Payment Expenses by Functional Area
In 2019, we paid €79 million in share-based payments that became fully vested because of terminations due to operational reasons in connection with our restructuring plan. These payments as well as the expense portion initially allocated to future services were classified as share-based payments and not as restructuring expenses.
Table:
€ millions | 2019 | 2018 | 2017
Cost of cloud and software | 138 | 78 | 115
Cost of services | 246 | 142 | 158
Research and development | 429 | 210 | 269
Sales and marketing | 562 | 312 | 442
General and administration | 461 | 88 | 135
Share-based payment expenses | 1,835 | 830 | 1,120
Thereof cash-settled share-based payments | 1,664 | 674 | 963
Thereof equity-settled share-based payments | 171 | 156 | 157


Question: What was the change in Cost of cloud and software in 2019 from 2018?
Answer: 60
Calculation: 138-78
american tower corporation and subsidiaries notes to consolidated financial statements the valuation allowance increased from $ 47.8 million as of december 31 , 2009 to $ 48.2 million as of december 31 , 2010 . the increase was primarily due to valuation allowances on foreign loss carryforwards . at december 31 , 2010 , the company has provided a valuation allowance of approximately $ 48.2 million which primarily relates to state net operating loss carryforwards , equity investments and foreign items . the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient taxable income to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period . valuation allowances may be reversed if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets 2019 recoverability . the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing projections based on its current operations . the projections show a significant decrease in depreciation in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period . accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions . based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized . the company 2019s deferred tax assets as of december 31 , 2010 and 2009 in the table above do not include $ 122.1 million and $ 113.9 million , respectively , of excess tax benefits from the exercises of employee stock options that are a component of net operating losses . total stockholders 2019 equity as of december 31 , 2010 will be increased by $ 122.1 million if and when any such excess tax benefits are ultimately realized . at december 31 , 2010 , the company had net federal and state operating loss carryforwards available to reduce future federal and state taxable income of approximately $ 1.2 billion , including losses related to employee stock options of $ 0.3 billion . if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .

Table:
years ended december 31, | federal | state | foreign
2011 to 2015 | $ 2014 | $ 2014 | $ 503
2016 to 2020 | 2014 | 331315 | 5509
2021 to 2025 | 774209 | 576780 | 2014
2026 to 2030 | 423398 | 279908 | 92412
total | $ 1197607 | $ 1188003 | $ 98424
in addition , the company has mexican tax credits of $ 5.2 million which if not utilized would expire in 2017. .

Question: at december 2010 what was the percent of the losses related to employee stock options included in the net federal operating loss carry forwards
Answer: 25%
Calculation: divide(0.3, 1.2)