hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
A.3.8 Financial Services
Financial Services supports its customers’ investments with leasing solutions and equipment, project and structured financing in the form of debt and equity investments. Based on its comprehensive financing know-how and specialist technology expertise in
the areas of Siemens businesses, Financial Services provides financial
solutions for Siemens customers as well as other companies.
Financial Services again delivered strong earnings before taxes. While the equity business recorded higher results, the result from the debt business declined, amongst others due to higher credit hits. Total assets increased along with a growth in debt business and in part due to positive currency translation effects.
Financial Services is geared to Siemens’ industrial businesses and its markets. As such Financial Services is influenced by the business development of the markets served by our industrial businesses, among other factors. Financial Services will continue to focus its business scope on areas of intense domain know-how.
Table:
 |  | Fiscal year
(in millions of €) | 2019 | 2018
Earnings before taxes (EBT) | 632 | 633
ROE (after taxes) | 19.1 % | 19.7 %
 |  | Sep 30,
(in millions of €) | 2019 | 2018
Total assets | 29,901 | 27,628


Question: What is the scope of Financial services business?
Answer: Financial Services will continue to focus its business scope on areas of intense domain know-how.
Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.36 per share divided by Teradyne’s stock price on the grant date of $37.95 for the 2019 grants, $47.70 for the 2018 grants and $28.56 for the 2017 grants.
Stock compensation plan activity for the years 2019, 2018, and 2017, is as follows:
Table:
 | 2019 | 2018 | 2017
 |  | (in thousands) | 
Restricted Stock Units: |  |  | 
Non-vested at January 1 | 2,454 | 3,174 | 3,778
Awarded | 1,139 | 790 | 939
Vested | (1,237) | (1,382) | (1,434)
Forfeited | (87) | (128) | (109)
Non-vested at December31 | 2,269 | 2,454 | 3,174
Stock Options: |  |  | 
Outstanding at January 1 | 506 | 531 | 926
Granted | 102 | 69 | 111
Exercised | (280) | (94) | (501)
Forfeited | (7) | — | —
Expired | (2) | — | (5)
Outstanding at December 31 | 319 | 506 | 531
Vested and expected to vest at December 31 | 319 | 506 | 531
Exercisable at December 31 | 85 | 256 | 233


Question: How was the risk-free interest rate determined?
Answer: using the U.S. Treasury yield curve in effect at the time of grant
Defined Benefit Pension Plans
We recognize the funded status of each defined pension benefit plan as the difference between the fair value of plan assets and the projected benefit obligation of the employee benefit plans in the Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability on our Consolidated Balance Sheets. Subsequent changes in the funded status are reflected on the Consolidated Balance Sheets in unrecognized pension items, a component of AOCL, which are included in total stockholders’ deficit. The amount of unamortized pension items is recorded net of tax.
We have amortized actuarial gains or losses over the average future working lifetime (or remaining lifetime of inactive participants if there are no active participants). We have used the corridor method, where the corridor is the greater of ten percent of the projected benefit obligation or fair value of assets at year end. If actuarial gains or losses do not exceed the corridor, then there is no amortization of gain or loss.
During the year ended December 31, 2017, several of our pension plans transferred in the sale of Diversey. Two international plans were split between Diversey and Sealed Air at the close of the sale. Unless noted, the tables in this disclosure show only activity related to plans retained by Sealed Air.
The following table shows the components of our net periodic benefit cost for the three years ended December 31, for our pension plans charged to operations:
(1) The amount recorded in inventory for the years ended December 31, 2019, 2018 and 2017 was not material.
Table:
 |  | Year Ended December 31, | 
(In millions) | 2019 | 2018 | 2017
Net periodic benefit (income) cost: |  |  | 
U.S. and international net periodic benefit cost included in cost of sales(1) | $ 1.1 | $ 0.8 | $ 1.4
U.S. and international net periodic benefit cost included in selling, general and administrative expenses | 2.8 | 3.5 | 5.6
U.S. and international net periodic benefit (income) included in other (income) expense | (4.4) | (8.4) | (6.0)
Total benefit (income) cost | (0.5 ) | (4.1 ) | $ 1.0


Question: What does the table show?
Answer: shows the components of our net periodic benefit cost for the three years ended December 31, for our pension plans charged to operations
Openreach has a UK-wide presence which is overlapped by our competitors in around half the country. This overlap is expected to grow as alternative network providers build-out new fibre footprint. Our volume discount deal, signed with the majority of our major communications provider customers, has led to another record quarter for fibre sales. We are also rapidly expanding our fibre-to-the-premises network to provide the next generation of services for our customers. We have experienced strong demand from businesses for Ethernet circuits for the second consecutive quarter.
Adjusteda revenue decline of 4% for the year was driven by regulated price reductions predominantly on FTTC and Ethernet products, non-regulated price reductions (mainly driven by communications providers signing up for fibre volume discounts), a small decline in our physical line base and a reclassification of costs to revenue. This was partly offset by 25% growth in our fibre rental base, a 9% increase in our Ethernet rental base and the impact of adopting IFRS 15.
Adjusteda operating costs were broadly flat, with higher costs from recruiting and training engineers to support our ‘Fibre First’ programme and help improve customer experience, as well as pay inflation and business rates, offset by efficiency savings and a reclassification of costs to revenue. Adjusteda EBITDA was down 7% for the year.
Capital expenditure was £2.1bn, up 22%, driven by investment in our FTTP and Gfast network build and higher year-on-year BDUK net grant funding deferrals, partly offset by efficiency savings.
Normalised free cash flowb was down 38% due to the EBITDA decline, higher underlying capital expenditure (excluding BDUK grant funding deferrals) and timing of customer receipts.
a Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items. c Openreach comparatives have been re-presented to reflect the transfer of Northern Ireland Networks from Enterprise to Openreach.
Table:
Openreachc |  |  |  | 
Adjusteda revenue £5,075m |  |  | Adjusteda operating profit £955m | 
 | 2019 (IFRS 15) | 2018 (IAS 18) | Change | 
Year to 31 March | £m | £m | £m | %
Adjusted a revenue | 5,075 | 5,278 | (203) | (4)
Adjusted a operating costs | 2,652 | 2,663 | (11) | –
Adjusted a EBITDA | 2,423 | 2,615 | (192) | (7)
Depreciation & amortisation | 1,468 | 1,401 | 67 | 5
Adjusted a operating profit | 955 | 1,214 | (259) | (21)
Capital expenditure | 2,081 | 1,699 | 382 | 22
Normalised free cash flowb | 685 | 1,100 | (415) | (38)


Question: What was the average Adjusted EBITDA for 2018 and 2019?
Answer: 2519
Calculation: (2,423 + 2,615) / 2
14. Selected Quarterly Financial Data (Unaudited)
Selected quarterly financial data for 2019 and 2018 is as follows (in thousands, except per share amounts):
Table:
 |  | Quarter Ended |  | 
 | March 31, | June 30, | September 30, | December 31,
 | 2019 | 2019 | 2019 | 2019
Revenue | $50,290 | $49,189 | $52,833 | $60,316
Gross profit | $38,040 | $37,918 | $40,913 | $46,876
Net income (loss) | $(12,272) | $(5,771) | $173 | $51
Net loss per share-basic | $(0.16) | $(0.08) | $— | $—
Net loss per share-diluted | $(0.16) | $(0.08) | $— | $—
 |  | Quarter | Ended | 
 | March 31, | June 30, | September 30, | December 31,
 | 2018 | 2018 | 2018 | 2018
Revenue | $49,183 | $60,713 | $60,502 | $61,825
Gross profit | $37,299 | $47,526 | $47,488 | $48,014
Net loss | $(19,670) | $(4,532) | $(1,807) | $(1,608)
Net loss per share-basic | $(0.27) | $(0.06) | $(0.02) | $(0.02)
Net loss per share-diluted | $(0.27) | $(0.06) | $(0.02) | $(0.02)


Question: What is the change in gross profit between the second and third quarter of 2018?
Answer: 0.08
Calculation: ($47,526 - $47,488)/$47,488
Note 4 – Fair Value Measurements
Assets and Liabilities Measured at Fair Value
The Company’s contingent earn-out liabilities are measured at fair value. These liabilities were estimated using Level 3 inputs. The fair value of contingent consideration was determined based on a probability-based approach which includes projected results, percentage probability of occurrence and the application of a discount rate to present value the payments. A significant change in projected results, discount rate, or probabilities of occurrence could result in a significantly higher or lower fair value measurement. Changes in the fair value of contingent earn-out liabilities are reflected in operating expenses on the Company’s consolidated statements of operations.
The following table presents the changes in Level 3 contingent earn-out liabilities:
In May 2019, the Company fully settled its Del Monte earn-out liability for $200. The long-term portion of contingent earn-out liabilities was $7,957 and $2,792 as of December 27, 2019 and December 28, 2018, respectively, and are reflected as other liabilities and deferred credits on the Company’s consolidated balance sheets. The remaining short-term portion of earn-out liabilities are reflected as accrued liabilities on the Company’s consolidated balance sheets. Contingent earn-out liability payments in excess of the acquisition date fair value of the underlying contingent earn-out liability are classified as operating activities on the Company’s consolidated statements of cash flows and all other such payments are classified as financing activities.
Table:
 | Del Monte  | Fells Point  | Bassian  | Other Acquisitions | Total
Balance December 29, 2017 | $649 | $4,579 | $— | $— | $5,228
Acquisition value | — | — | — | 1,414 | 1,414
Cash payments | — | (3,000) | — | — | (3,000)
Changes in fair value | (649) | 2,070 | — | 27 | 1,448
Balance December 28, 2018 | — | 3,649 | — | 1,441 | 5,090
Acquisition value | — | — | 7,450 | 479 | 7,929
Cash payments | (200) | (3,000) | — | (1,000) | (4,200)
Changes in fair value | 200 | 3,895 | 507 | 1,277 | 5,879
Balance December 27, 2019 | $— | $4,544 | $7,957 | $2,197 | $14,698


Question: What is the change in long-term portion of contingent earn-out liabilities for 2018 and 2019?
Answer: 5165
Calculation: 7,957-2,792
5. Earnings Per Common Share
Basic earnings per common share ("EPS") is based upon the weighted-average number of common shares outstanding during the period.  Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, or conversion of preferred stock, but only to the extent that they are considered dilutive.
The following table shows the computation of basic and diluted EPS:
In conjunction with the acquisition of Hawaiian Telcom in the third quarter of 2018, the Company issued 7.7 million Common Shares as a part of the acquisition consideration. In addition, the Company granted 0.1 million time-based restricted stock units to certain Hawaiian Telcom employees under the Hawaiian Telcom 2010 Equity Incentive Plan
For the years ended December 31, 2019 and December 31, 2018, the Company had a net loss available to common shareholders and, as a result, all common stock equivalents were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive.  For the year ended December 31, 2017, awards under the Company’s stock-based compensation plans for common shares of 0.2 million, were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive.  For all periods presented, preferred stock convertible into 0.9 million common shares was excluded as it was anti-dilutive.
Table:
Year Ended December 31, |  |  | 
(in millions, except per share amounts) | 2019 | 2018 | 2017
Numerator: |  |  | 
Net (loss) income | $(66.6) | $(69.8) | $40.0
Preferred stock dividends | 10.4 | 10.4 | 10.4
Net (loss) income applicable to common shareowners - basic and diluted | $(77.0) | $(80.2) | $29.6
Denominator: |  |  | 
Weighted-average common shares outstanding - basic | 50.4 | 46.3 | 42.2
Stock-based compensation arrangements | — | — | 0.2
Weighted-average common shares outstanding - diluted | 50.4 | 46.3 | 42.4
Basic and diluted net (loss) earnings per common share | ($1.53) | ($1.73) | $0.70


Question: Which quarter of 2018 did the company grant shares to certain employees of Hawaiian Telcom?
Answer: third
the graph below shows a five-year comparison of the cumulative shareholder return on the company's common stock with the cumulative total return of the s&p smallcap 600 index and the s&p 600 electrical equipment index , all of which are published indices . comparison of five-year cumulative total return from december 31 , 2002 to december 31 , 2007 assumes $ 100 invested with reinvestment of dividends period indexed returns .

Table:
company/index | baseperiod 12/31/02 | baseperiod 12/31/03 | baseperiod 12/31/04 | baseperiod 12/31/05 | baseperiod 12/31/06 | 12/31/07
a o smith corp | 100.00 | 132.23 | 115.36 | 138.20 | 150.26 | 142.72
s&p smallcap 600 index | 100.00 | 138.79 | 170.22 | 183.30 | 211.01 | 210.39
s&p 600 electrical equipment | 100.00 | 126.12 | 152.18 | 169.07 | 228.83 | 253.33
12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 smith ( a o ) corp s&p smallcap 600 index s&p 600 electrical equipment .

Question: what was the difference in cumulative total return for the five year period ending 12/31/07 between a o smith corp and the s&p 600 electrical equipment?
Answer: -110.61%
Calculation: subtract(142.72, const_100), divide(#0, const_100), subtract(253.33, const_100), divide(#2, const_100), subtract(#1, #3)
SHARE-BASED PAYMENTS (continued)
(a) Share option schemes (continued) (iii) Fair value of option
The directors of the Company have used the Binomial Model to determine the fair value of the options as at the respective grant dates, which is to be expensed over the relevant vesting period. The weighted average fair value of options granted during the year ended 31 December 2019 was HKD123.82 per share (equivalent to approximately RMB106.09 per share) (2018: HKD127.43 per share (equivalent to approximately RMB103.46 per share)).
Other than the exercise price mentioned above, significant judgment on parameters, such as risk free rate, dividend yield and expected volatility, are required to be made by the directors in applying the Binomial Model, which are summarised as below.
Note: The expected volatility, measured as the standard deviation of expected share price returns, is determined based on the average daily trading price volatility of the shares of the Company.
Table:
 | 2019 | 2018
Weighted average share price at the grant date | HKD373.33 | HKD405.00
Risk free rate | 1.08%~2.07% | 1.77%~2.27%
Dividend yield | 0.23% | 0.24%~0.25%
Expected volatility (Note) | 30.00% | 30.00%


Question: How did the directors  determine the fair value of the options as at the respective grant dates?
Answer: Binomial Model
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 was the Gross Profit in 2019 for Probe Cards and Systems?
Answer: 43.0, 51.9
Section 6: Our investments
This section outlines our group structure and includes information about our controlled and associated entities. It provides details of changes to these investments and their effect on our financial position and performance during the financial year. It also includes the results of our associated entities.
6.1 Parent entity disclosures
The accounting policies of the parent entity, iSelect Limited, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements except for accounting for investments in subsidiaries which are measured at cost.
There are no contractual or contingent liabilities of the parent as at reporting date (2018: $nil). iSelect Limited has issued bank guarantees and letters of credit to third parties for various operational purposes. It is not expected these guarantees will be called on.
Table:
 | CONSOLIDATE | 
 | 2019 $’000 | 2018 $’000
Financial Position |  | 
Assets |  | 
Current Assets | 4,297 | 7,869
Non-Current Assets | 165,165 | 174,810
Total Assets | 169,462 | 182,679
Liabilities |  | 
Current Liabilities | 92,352 | 93,067
Total Liabilities | 92,352 | 93,067
Net Assets | 77,110 | 89,612
Equity |  | 
Contributed Equity | 111,290 | 111,066
Reserves | 3,960 | 3,198
Accumulated Losses | (38,140) | (24,652)
Total Equity | 77,110 | 89,612
Financial Performance |  | 
Loss of the parent entity | (4,812) | (163)
Total comprehensive loss of the parent entity | (4,812) | (163)


Question: What is the percentage change in the total comprehensive loss of the parent entity from 2018 to 2019?
Answer: 2852.15
Calculation: (4,812-163)/163
Employee Stock Purchase Plan
The weighted average estimated fair value, as defined by the amended authoritative guidance, of rights issued pursuant to the Company’s ESPP during 2019, 2018 and 2017 was $4.28, $5.18 and $6.02, respectively. Sales under the ESPP were 24,131 shares of common stock at an average price per share of $9.76 for 2019, 31,306 shares of common stock at an average price per share of $15.40 for 2018, and 38,449 shares of common stock at an average price per share of $12.04 for 2017.
As of December 29, 2019, 62,335 shares under the 2009 ESPP remained available for issuance. The Company recorded compensation expenses related to the ESPP of $60,000, $205,000 and $153,000 in 2019, 2018 and 2017, respectively.
The fair value of rights issued pursuant to the Company’s ESPP was estimated on the commencement date of each offering period using the following weighted average assumptions:
The methodologies for determining the above values were as follows:
• Expected term: The expected term represents the length of the purchase period contained in the ESPP.
• Risk-free interest rate: The risk-free interest rate assumption is based upon the risk-free rate of a Treasury Constant Maturity bond with a maturity appropriate for the term of the purchase period.
• Volatility: The Company determines expected volatility based on historical volatility of the Company’s common stock for the term of the purchase period.
• Dividend Yield: The expected dividend assumption is based on the Company’s intent not to issue a dividend under its dividend policy.
Table:
 | Fiscal Years |  | 
 | 2019 | 2018 | 2017
Expected life (months) | 6.0 | 6.0 | 6.1
Risk-free interest rate | 2.37% | 2.26% | 1.22%
Volatility | 54% | 50% | 53%


Question: What is the average risk-free interest rate of the company's ESPP in 2017 and 2018?
Answer: 1.74
Calculation: (1.22 + 2.26)/2
Financing receivables primarily consist of client loan and installment payment receivables (loans), investment in sales-type and direct financing leases, and commercial financing receivables. Client loan and installment payment receivables (loans) are provided primarily to clients to finance the purchase of hardware, software and services.
Payment terms on these financing arrangements are generally for terms up to seven years. Client loans and installment payment financing contracts are priced independently at competitive market rates. Investment in sales-type and direct financing leases relates principally to the company’s Systems products and are for terms ranging generally from two to six years.
Commercial financing receivables relate primarily to inventory and accounts receivable financing for dealers and remarketers of IBM and OEM products. Payment terms for inventory and accounts receivable financing generally range from 30 to 90 days.
Table:
($ in millions) |  |  |  | 
At December 31, 2019: | Investment in Sales-Type and Direct Financing Leases | Commercial Financing Receivables | Client Loan and Installment Payment Receivables/ (Loans) | Total
Financing receivables, gross | $6,077 | $3,836 | $13,592 | $23,504
Unearned income | (509) | (4) | (570) | (1,083)
Recorded investment | $5,567 | $3,831 | $13,022 | $22,421
Allowance for credit losses | (72) | (11) | (138) | (221)
Unguaranteed residual value | 652 | — | — | 652
Guaranteed residual value | 53 | — | — | 53
Total financing receivables, net | $6,199 | $3,820 | $12,884 | $22,904
Current portion | $2,334 | $3,820 | $ 8,037 | $14,192
Noncurrent portion | $3,865 | $      — | $ 4,847 | $ 8,712


Question: What is the average of Unearned income?
Answer: 361
Calculation: 1,083/ 3