hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Contractual Obligations
The following summarizes our contractual obligations at June 30, 2019, and the effect such obligations are expected to have on our liquidity and cash flow in future periods (in thousands):
The contractual obligations referenced above are more specifically defined as follows:
Debt obligations relate to amounts owed under our Credit Agreement.
Inventory unconditional purchase obligations represent the purchase of long lead-time component inventory that our contract manufacturers procure in accordance with our forecast. We expect to honor the inventory purchase commitments within the next 12 months.
Contractual commitments to suppliers for future services.
Deferred payments represent Data Center Business consideration obligation of $1.0 million per quarter.
Contingent consideration for the Capital Financing Business acquisition, at fair value. Actual payments could be different
Non-cancelable operating lease obligations represent base rents and operating expense obligations.
Other liabilities include our commitments towards debt related fees and specific arrangements other than inventory.
The amounts in the table above exclude immaterial income tax liabilities related to uncertain tax positions as we are unable to reasonably estimate the timing of the settlement.
We did not have any material commitments for capital expenditures as of June 30, 2019.
Table:
 | Total   | Less than
1 Year | 1-3 years     | 3-5 years   | More than
5 years
Contractual Obligations:                         |  |  |  |  | 
Debt obligations | $180,500 | $9,500 | $28,500 | $142,500 | $—
Interest on debt obligations   | 25,582 | 8,333 | 14,952 | 2,297 | —
Inventory unconditional purchase obligations | 51,241 | 51,241 | — | — | —
Contractual commitments | 94,000 | 23,500 | 47,000 | 23,500 | —
Non-cancellable operating lease obligations | 104,678 | 22,733 | 41,854 | 23,804 | 16,287
Deferred payments for an acquisition | 15,000 | 4,000 | 8,000 | 3,000 | —
Contingent consideration for an acquisition | 6,298 | 4,236 | 2,013 | 49 | —
Other liabilities   | 379 | 124 | 249 | 6 | —
Total contractual cash obligations  | $477,678 | $123,667 | $142,568 | $195,156 | $16,287


Question: What was the difference in the total between Contractual commitments and Inventory unconditional purchase obligations?
Answer: 42759
Calculation: 94,000-51,241
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)
17. General and Administrative Expenses
An analysis of general and administrative expenses is as follows:
* Employee costs include restructuring costs of $3,975 pursuant to management’s decision to relocate more of its employees including several members of senior management to the Piraeus, Greece office.
Table:
 |  | For the year ended December 31, | 
 | 2017 | 2018 | 2019
Employee costs* | 18,789 | 20,980 | 24,863
Share-based compensation (Note 22) | 4,565 | 5,216 | 5,107
Other expenses | 16,496 | 15,797 | 17,415
Total | 39,850 | 41,993 | 47,385


Question: In which year was the general and administrative expenses recorded for?
Answer: 2017, 2018, 2019
Note 23. Defined Benefit Pension Plan and Postretirement Benefits
Defined Benefit Pension Plans
The Company sponsors non-contributory defined benefit pension plans (the “Pension Plans”) for its covered employees in the Philippines. The Pension Plans provide defined benefits based on years of service and final salary. All permanent employees meeting the minimum service requirement are eligible to participate in the Pension Plans. As of December 31, 2019, the Pension Plans were unfunded. The Company expects to make no cash contributions to its Pension Plans during 2020.
The following table provides a reconciliation of the change in the benefit obligation for the Pension Plans and the net amount recognized, included in “Other long-term liabilities,” in the accompanying Consolidated Balance Sheets (in thousands):
Table:
 | December 31, | 
 | 2019 | 2018
Balance at the beginning of the period | $3,282 | $3,642
Service cost | 405 | 448
Interest cost | 254 | 196
Actuarial (gains) losses | (108) | (783)
Benefits paid | (22) | (32)
Effect of foreign currency translation | 122 | (189)
Balance at the end of the period | $3,933 | $3,282
Unfunded status | (3,933) | (3,282)
Net amount recognized | $(3,933) | $(3,282)


Question: What was the change in interest cost in 2019 from 2018?
Answer: 58
Calculation: 254-196
10 Auditor’s Remuneration
The Group paid the following amounts to its auditor in respect of the audit of the historical financial information and for other non-audit services provided to the Group.
Table:
 | Year-ended 31 March 2019 | Year-ended 31 March 2018
 | $M | $M
Audit of the Financial Statements | 0.4 | 0.4
Subsidiary local statutory audits | 0.2 | 0.3
Total audit fees | 0.6 | 0.7
Other assurance services | 0.1 | 0.1
Total non-audit fees | 0.1 | 0.1


Question: What was the change in Total audit fees in 2019 from 2018?
Answer: -0.1
Calculation: 0.6-0.7
Equity Compensation Plan Information
The following table summarizes share and exercise price information for our equity compensation plans as of December 31, 2019.
(1) Includes 105,000 shares of our common stock issuable upon exercise of outstanding stock options and 340,000 shares issuable upon vesting of outstanding restricted stock units.
(2) Represents an individual option grant to our Chairman and Chief Executive Officer outside of, and prior to the establishment of, the 2013 Stock Incentive Plan in October 2013 referred to in the above table. The option agreement pertaining to such option grant contain customary anti-dilution provisions.
(3) Does not take into account outstanding restricted stock units as these awards have no exercise price.
Our 2013 Stock Incentive Plan (“2013 Plan”) provides for the grant of any or all of the following types of awards: (a) stock options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted stock units. Awards under the 2013 Plan may be granted singly, in combination, or in tandem. Subject to standard anti-dilution adjustments as provided in the 2013 Plan, the 2013 Plan provides for an aggregate of 2,600,000 shares of our common stock to be available for distribution pursuant to the 2013 Plan. The Compensation Committee (or the Board of Directors) will generally have the authority to administer the 2013 Plan, determine participants who will be granted awards under the 2013 Plan, the size and types of awards, the terms and conditions of awards and the form and content of the award agreements representing awards. Awards under the 2013 Plan may be granted to our employees, directors and consultants. As of December 31, 2019, there were options to purchase an aggregate of 605,000 shares of common stock outstanding and 340,000 shares issuable upon vesting of outstanding restricted stock units granted under the 2013 Plan, and a balance of 1,780,505 shares of common stock are reserved for issuance under the 2013 Plan.
Table:
 | Number of securities to be issued upon exercise of outstanding options and rights | Weighted-average exercise price of outstanding options and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a))
 | (a) | (b) | (c)
Equity compensation plans approved by security holders | 445,000(1) | $2.34(3) | 1,780,505
Equity compensation plans not approved by security holders | 500,000(2) | $1.19 | —
Total | 945,000 | $1.39(3) | 1,780,505


Question: Which parties may be granted Awards under the 2013 plan?
Answer: Awards under the 2013 Plan may be granted to our employees, directors and consultants.
Stock Options—Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a period of 3 to 5 years from the grant date and expire 10 years after the grant date. The Company recorded $32.0, $23.2, and $18.3 of compensation expense relating to outstanding options during 2019, 2018 and 2017, respectively, as a component of general and administrative expenses at Corporate.
The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2019, 2018 and 2017 were calculated using the following weighted-average assumptions:
Table:
 | 2019 | 2018 | 2017
Weighted-average fair value ($) | 68.05 | 57.75 | 40.87
Risk-free interest rate (%) | 2.37 | 2.65 | 2.03
Average expected option life (years) | 5.42 | 5.32 | 5.26
Expected volatility (%) | 19.22 | 18.05 | 18.74
Expected dividend yield (%) | 0.58 | 0.59 | 0.67


Question: What was the weighted-average fair value of options granted in 2017, 2018, and 2019, respectively?
Answer: 40.87, 57.75, 68.05
Contract Assets and Liabilities
Contract assets represent the Company’s rights to consideration in exchange for services transferred to a customer that have not been billed as of the reporting date. While the Company’s rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears, generally within one month of the services being rendered.
At the inception of a contract, the Company generally expects the period between when it transfers its services to its customers and when the customer pays for such services will be one year or less.
Contract liabilities relate to advance consideration received or the right to consideration that is unconditional from customers for which revenue is recognized when the performance obligation is satisfied and control transferred to the customer.
The table below sets forth the Company’s contract assets and contract liabilities from contracts with customers.
The increase in the contract assets balance during the period was primarily due to $203 million of revenue recognized that was not billed, in accordance with the terms of the contracts, as of December 31, 2019, offset by $193 million of contract assets included in the December 31, 2018 balance that were invoiced to Nielsen’s clients and therefore transferred to trade receivables.
The decrease in the contract liability balance during the period was primarily due to $326 million of advance consideration received or the right to consideration that is unconditional from customers for which revenue was not recognized during the period, offset by $337 million of revenue recognized during the period that had been included in the December 31, 2018 contract liability balance.
Table:
(IN MILLIONS) | Year Ended December 31, | 
 | 2019 | 2018
Contract assets | $218 | $210
Contract liabilities | $346 | $359


Question: What was the cause of the decrease in contract liability balance?
Answer: due to $326 million of advance consideration received or the right to consideration that is unconditional from customers for which revenue was not recognized during the period, offset by $337 million of revenue recognized during the period that had been included in the December 31, 2018 contract liability balance
NOTE 9 – CONTINGENT PURCHASE PRICE
Our purchase of CareSpeak Communications contains a contingent element that will be paid only if the Company achieves certain patient engagement revenues in 2019 and 2020. The total contingent payment may be up to $3.0 million. The target patient engagement revenues were achieved in 2019 and are expected to be achieved in 2020. The calculated fair value of the contingent payment was $2,365,000 at December 31, 2018 and $3,000,000 at December 31, 2019.
Our purchase of RMDY Health, Inc. also contains a contingent element that will be paid only if the Company achieves certain revenues in 2020 and 2021 related to the RMDY business. The total contingent payment may be up to $30.0 million. The minimum payment is $1.0 million in each of the two years. The calculated fair value of the contingent payment was $3,720,000 at December 31, 2019. We determined the fair value of the Contingent Purchase Price Payable at December 31, 2019 using a Geometric-Brownian motion analysis of the expected revenue and resulting earnout payment using inputs that include the spot price, a risk free rate of return of 1.4%, a term of 2 years, and volatility of 40%. Changes in the inputs could result in a different fair value measurement.
The total fair value of contingent purchase price payable at December 31, 2019 is as follows.
Table:
 | Current | Long-Term   | Total 
CareSpeak Communications, Inc.  | $1,500,000 | $1,500,000 | $3,000,000
RMDY Health, Inc.   | - | 3,720,000 | 3,720,000
Total  | $1,500,000 | $5,220,000 | $6,720,000


Question: How did the company determine the fair value of the Contingent Purchase Price Payable on December 31, 2019?
Answer: using a Geometric-Brownian motion analysis of the expected revenue and resulting earnout payment using inputs that include the spot price, a risk free rate of return of 1.4%, a term of 2 years, and volatility of 40%
Long-term state receivables include receivables related to funding and receivables related to tax refund. Funding are mainly public grants to be received from governmental agencies in Italy and France as part of longterm research and development, industrialization and capital investment projects. Long-term receivables related to tax refund correspond to tax benefits claimed by the Company in certain of its local tax jurisdictions, for which collection is expected beyond one year.
In 2019 and 2018, the Company entered into a factoring transaction to accelerate the realization in cash of some non-current assets. As at December 31, 2019, $131 million of the non-current assets were sold without recourse, compared to $122 million as at December 31, 2018, with a financial cost of less than $1 million for both periods.
Other non-current assets consisted of the following:
Table:
 | December 31, 2019 | December 31, 2018
Equity securities | 23 | 19
Long-term state receivables | 358 | 391
Deposits and other non-current assets | 56 | 42
Total | 437 | 452


Question: How many non-current assets were sold without recourse as of December 31, 2018?
Answer: $122 million
Cash Flows
The following table sets forth summary cash flow data for the periods indicated (in thousands).
Cash Flow from Operating Activities
Net cash flows provided by operating activities for the year ended December 31, 2019, were $137.6 million as compared to $183.9 million during the same period in 2018. Net cash provided by operating activities primarily consists of net income adjusted to add back depreciation, amortization, and stock-based compensation. Cash flows provided by operating activities were $46.3 million lower for the year ended December 31, 2019, compared to the same period in 2018, due to the timing of working capital. Our current policy is to use our operating cash flow primarily for funding capital expenditures, lease payments, stock repurchases, and acquisitions.
Cash Flow from Investing Activities
During the year ended December 31, 2019, we paid $753.9 million, net of $0.1 million in cash acquired, to acquire Speedpay. We also used cash of $18.5 million to invest in a payment technology and services company in India and $7.0 million to acquire the technology assets of RevChip, LLC and TranSend Integrated Technologies Inc. In addition, we used cash of $48.0 million to purchase software, property and equipment, as compared to $43.9 million during the same period in 2018.
Cash Flow from Financing Activities
Net cash flows provided by financing activities for the year ended December 31, 2019, were $667.2 million, as compared to net cash flows used by financing activities of $57.7 million during the same period in 2018. During 2019, we received proceeds of $500.0 million from our Delayed Draw Term Loan and $280.0 million from our Revolving Credit Facility to fund our purchase of Speedpay and stock repurchases, and we repaid $28.9 million on the Initial Term Loan and $41.0 million on the Revolving Credit Facility. In addition, we received proceeds of $16.6 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $4.0 million for the repurchase of stock-based compensation awards for tax withholdings. During 2019, we also used $35.6 million to repurchase common stock. During 2018, we received proceeds of $400.0 million from the issuance of the 2026 Notes. We used $300.0 million of the proceeds to redeem, in full, our outstanding 6.375% Senior Notes due 2020 and repaid $109.3 million on the Initial Term Loan. In addition, during 2018, we received proceeds of $22.8 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $2.6 million for the repurchase of restricted share awards ("RSAs") for tax withholdings. During 2018, we also used $54.5 million to repurchase common stock.
Table:
 | Years Ended December 31, | 
 | 2019 | 2018
Net cash provided by (used in): |  | 
Operating activities | $137,649 | $183,932
Investing activities | -830,481 | -45,360
Financing activities | 667,223 | -57,704


Question: What was the net cash from operating activities in 2019?
Answer: $137,649
Long-term obligations consist of the following (in thousands):
(1) Net of debt issuance costs of $6.4 million and $11.2 million at September 28, 2019 and September 29, 2018, respectively.
Table:
 | Fiscal year-end | 
 | 2019 | 2018
Euro Term Loan due 2024(1) | $385,208 | $411,661
1.3% Term loan due 2024 | 5,466 | 7,242
1.0% State of Connecticut term loan due 2023 | 1,028 | 1,406
Capital lease obligations | 536 | 402
Total long-term obligations | $392,238 | $420,711


Question: What does the Euro Term Loan due 2024 consist of?
Answer: Net of debt issuance costs of $6.4 million and $11.2 million at September 28, 2019 and September 29, 2018, respectively.
Asset position
In financial year 2018/19, total assets of continuing and discontinued operations decreased by €709 million to €14.5 billion (30/9/2018: €15.2 billion).
In financial year 2018/19, non-current assets from continuing operations decreased by €141 million to €6.7 billion (30/9/2018: €6.9 billion), primarily relating to property, plant and equipment. In addition to cost-efficient investment activities, this was mainly due to individual property sales, while currency effects increased the carrying amount.
1 Adjustment of previous year according to explanation in notes.
2 Adjusted for effects of the discontinued business segment.
For more information about the development of non-current assets, see the notes to the consolidated financial statements in the numbers listed in the table.
Table:
€ million | Note no. | 30/9/2018 1 | 30/9/2018 adjusted2 | 30/9/2019
Non-current assets |  | 7,503 | 6,877 | 6,736
Goodwill | 19 | 797 | 778 | 785
Other intangible assets | 20 | 499 | 496 | 562
Property, plant and equipment | 21 | 5,314 | 4,892 | 4,760
Investment properties | 22 | 97 | 97 | 82
Financial assets | 23 | 88 | 88 | 97
Investments accounted for using the equity method | 23 | 178 | 178 | 179
Other financial and other non-financial assets | 24 | 202 | 86 | 80
Deferred tax assets | 25 | 329 | 262 | 191


Question: What was the change in deferred tax assets in FY2019 from FY2018 adjusted?
Answer: -71
Calculation: 191-262
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 net refunds for each financial year shown in the table, in chronological order?
Answer: 137.8, 141.9, 170.0, 192.6, 233.4
Revenues
The following table sets forth the breakdown of revenues (in thousands) by category and segment. Travel revenue includes travel publications (Top 20, Website, Newsflash, Travelzoo Network), Getaways vouchers, and hotel platform and vacation packages. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings).
Asia Pacific
Asia Pacific revenues decreased $1.4 million or 17% in 2019 compared to 2018. This decrease was primarily due to the decrease in Travel revenues, the decrease in Local revenues and a $206,000 negative impact from foreign currency movements relative to the U.S. dollar. The decrease in Travel revenues of $887,000 was primarily due to a decrease of number of emails sent. The decrease in Local revenues of $276,000 was primarily due to the decreased number of Local Deals vouchers sold.
Europe
Europe revenues increased $749,000 or 2% in 2019 compared to 2018. This increase was primarily due to the increase in Travel revenues, the decrease in Local revenues and a $1.8 million negative impact from foreign currency movements relative to the U.S. dollar. The increase in Travel revenue of $2.9 million was primarily due to the increased number of emails sent. The decrease in Local revenues of $292,000 was primarily due to the decreased number of Local Deals vouchers sold.
North America
North America revenues increased $710,000 or 1% in 2019 compared to 2018. This increase was primarily due to the increase in Travel revenues offset by the decrease in Local revenue. The increase in Travel revenue of $1.7 million was primarily due to the increased number of emails sent. The decrease in Local revenues of $1.0 was primarily due to the decreased number of Local Deals vouchers sold.
For 2019 and 2018 , none of our customers accounted for 10% or more of our revenue.
Table:
 | Year Ended December 31, | 
 | 2019 | 2018
Asia Pacific |  | 
Travel | $6,274 | $7,351
Local | 216 | 508
Total Asia Pacific revenues | 6,490 | 7,859
Europe |  | 
Travel | 32,081 | 30,856
Local | 4,817 | 5,293
Total Europe revenues | 36,898 | 36,149
North America |  | 
Travel | 57,863 | 56,145
Local | 10,161 | 11,169
Total North America revenues | 68,024 | 67,314
Consolidated |  | 
Travel | 96,218 | 94,352
Local | 15,194 | 16,970
Total revenues | $111,412 | $111,322


Question: In 2018, which geographic region has the highest total revenue?
Answer: North America
Calculation: Look at the total revenues from the respective geographic regions in 2018 and compare